Q3 2024 Spectral AI Inc Earnings Call
Unknown Executive: Good afternoon, and welcome to the Spectral AI 3rd Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero.
Good afternoon, and welcome to the spectral AI third quarter 'twenty 'twenty four financial results conference call.
Speaker Change: All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.
Unknown Executive: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. To draw your question, please press star then 2. Please note, this event is being recorded.
Speaker Change: After today's presentation there'll be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two.
Speaker Change: Please note this event is being recorded.
Devin Sullivan: I would now like to turn the conference over to Devin Sullivan, Managing Director of the Equity Group. Please go ahead.
Speaker Change: I would now like to turn the conference over to Devin Sullivan managing director of the equity group. Please go ahead.
Devin Sullivan: Thank you, Gary.
Devin Sullivan: Thank you Gary good afternoon, everyone and thank you for joining us for spectral Ey is 2024 third quarter financial results Conference call.
Devin Sullivan: Good afternoon, everyone, and thank you for joining us for Spectral AI's 2024 third quarter financial results conference call. Our speakers for today will be Dr. Michael DeMaio, chairman of the board, and Vince Capone, the company's chief financial officer.
Speaker Change: Our speakers for today will be Dr. Michael the mile Chairman of the board and Vince Capone, the company's Chief Financial Officer.
Devin Sullivan: Before we begin, I'd like to remind everyone that during this call, certain statements may be made that constitute forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the company's strategy, plans, objectives, initiatives, and financial outlook. When used during these discussions, the words estimates, projected, expects, anticipates, forecast, plans, intends, will, should, future, propose, and variations of these words or similar expressions or the negative versions of such words or expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions, or results and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside the company's control that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statement.
Speaker Change: Before we begin I'd like to remind everyone that during this call certain statements may be made that constitute forward looking statements within the meaning of the safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the company's strategy plans objectives initiatives and financial outlook.
Speaker Change: When used during these discussions.
Speaker Change: The words estimates projected expects anticipates forecasts plans intends will should future propose and variations of these words or similar expressions or the negative versions of such words or expressions are intended to identify forward looking statements.
Speaker Change: Forward looking statements are not guarantees of future performance conditions or results and involve a number of known and unknown risks uncertainties assumptions and other important factors many of which are outside the company's control that could cause actual results or outcomes to differ materially from those discussed in the forward looking statements.
Devin Sullivan: As such, investors are cautioned not to place undue reliance on any forward-looking statements. Investors should carefully consider the foregoing factors and the other risks and uncertainties described in the risk factor sections of the company's filings with the SEC, including the registration statement and other documents filed by the company.
Speaker Change: As such investors are cautioned not to place undue reliance on any forward looking statements investors should carefully consider the foregoing factors and the other risks and uncertainties described in the risk factors sections of the company's filings with the SEC, including the registration statement and other documents filed by the company these filings identify.
Devin Sullivan: These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statement.
Speaker Change: And if I and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward looking statements.
Devin Sullivan: With that said, I'd now like to turn the call over to Dr. Michael DeMaio, Spectral AI's Chairman of the Board of Directors. Dr. DeMaio, please go ahead.
Speaker Change: With that said I'd now like to turn the call over to Dr. Michael denial spectral Ey is chairman of the board of directors. That's mile. Please go ahead.
Dr. Michael DeMaio: Good afternoon to you and everyone. I cannot tell you how happy and excited I am to be here. I am here kind of chuckling was calling a spectral AI. Some of you may know, some of you may not. I'm actually the founder of this company. We founded a spectral MD in 2009. And I represent the second largest shareholder in the company to this date. We're getting back to basics, just like our election that recently happened. We're kind of getting back. We've had a renewal and refresh of what's going on in the country, and there's a renewal and refresher going on in this company as well.
Speaker Change: Good afternoon to you and everyone.
Speaker Change: Cannot tell you how happy and excited I am to be here.
Speaker Change: I am here kind of chuckling was calling a spectral AI. Some of you may know some of you may not I'm actually the founder of this company, we founded a spectral M. D. In 2009 and I represent the second largest shareholder in the company to this date.
Speaker Change: We're getting back to basics just like our election that recently happened, we're kind of getting back we've had a renewal and refresh of what's going on in the country and there is a renewal and refresh were going on in this company as well.
Dr. Michael DeMaio: It's come full circle. I founded the company. I was the CEO for over a decade. And I'm back now as the chairman of the board and helping chair the office of the chair. We have an outstanding leadership team, one of them being Vince Capone, who's here, who is general counsel and CFO.
Speaker Change: Just coming full circle I founded the company I was the CEO for over a decade.
Speaker Change: And I'm back now as the chairman of the board and helping our share of the office of the chair we have an outstanding leadership team one of them being Vince components here, who is general counsel and CFO.
Dr. Michael DeMaio: So I want to remind everyone why I founded the company and why we're still here to this day with a focus on what we're trying to do. We are and continue to develop a revolutionary device based upon basic science research that was founded on animal studies that were done to show the best wavelengths of light that could be used to capture the most information from damaged skin. We have an outstanding partner in BARDA, the Biomedical Advanced Research Development Authority, which is a branch of the federal government, the United States federal government, which is quite a worthy sponsor for our company.
Speaker Change: So I want to remind everyone why I founded the company and why we're still here to this day with a focus on what we're trying to do we.
Speaker Change: We are continuing to develop a revolutionary device.
Speaker Change: Just on Paul Basic Science research that was founded on animal studies that were done to show the best wavelengths of light.
Speaker Change: Could be used to capture the most information from damaged skin.
Speaker Change: Before gas and we have an outstanding partner in BARDA, the biomedical advanced research and development Authority, which is a branch of the federal government the United States Federal government, which is quite a worthy sponsor for our company.
Dr. Michael DeMaio: We continue to embark arm in arm on developing a device and a product that will be able to revolutionize and treat burn and all kinds of wounds based on AI technology. We have nine wavelengths of light. as being trained by algorithms that are using truthing by Byrnes and real clinical studies with hundreds of patients and literally thousands of images. that will be able to show or tell the doctors the ability of a wound to heal or not heal. So that information, clinicians like myself can utilize that information and thus be able to triage and treat patients in a thoughtful manner.
Speaker Change: We continue to embark arm in arm on developing a device and a product that we'll be able to revolutionize and treat burn and all kinds of wounds based on AI technology.
Speaker Change: We have nine wavelengths of light.
Speaker Change: As being trained by algorithm that are using truthy by Burns in a real clinical studies with hundreds of patients and literally thousands of images.
Speaker Change: That will be able to show foretell the doctors the ability of a wound to heal or not heal.
Speaker Change: Well that information clinicians like myself.
Speaker Change: Can utilize that information and thus be able to triage and treat patients in a thoughtful manner.
Dr. Michael DeMaio: Now that I'm back. I've been grouping, regrouping the team, which is outstanding. We have a leadership team with Vince Capone, Louis Bercocco, Jeremiah Sparks. and Stan Mysek that are going to lead us to take this device to commercialization. It's quite a challenge, and as a heart and lung surgeon, I certainly welcome any challenges. I don't have any problem taking those challenges on head-on and face-on. So what I've done in resuming the command module here is to try to focus things in a very clear way. Just like going into an operation to surgery, I like to imagine, verbalize, and focus on what we're gonna do.
Speaker Change: Now that I'm back.
Speaker Change: I've been grouping regrouping the team, which is outstanding we have a leadership team with Vince Capone Lewisburg cocoa Jeremiah Sparks.
Speaker Change: And Stan my sick.
Speaker Change: Going to lead us to take this device of commercialization.
Speaker Change: It's quite a challenge and as a heart lung surgeon I certainly welcome any challenges I don't have any problem taken those challenges on head on and face on.
Speaker Change: But what I've done is resuming the command module here as you try to focus things in a very clear way.
Speaker Change: So without going into an operation to surgery I liked to.
Speaker Change: Imagine verbalized and focused on what we're going to do.
Dr. Michael DeMaio: And to that end, I've focused on the three F's. And here are the three F's. Number one is finance. Number two is focus. and number three is Spinish. By finance, I mean we have the best reliable source of revenue and support, which is BARDA. to the U.S. federal government. And another source is called EMTEC, which is Division Defense Health Agency, which is focusing on our miniaturization device.
Speaker Change: And to that in a phone.
Speaker Change: Focus on the three apps.
Speaker Change: And here the three Fs number one is finance.
Speaker Change: Number two was focus.
Speaker Change: And number three is finish.
Speaker Change: But finance I mean, we have the best reliable source of revenue and support which is BARDA.
Speaker Change: The U S federal government and.
Speaker Change: And another source is called Amtech, which the division the defense Health agency, which is focusing on our managed mineralization device.
Dr. Michael DeMaio: The second half is focused. We're regrouping and focusing to be laser-focused on completing these projects. We're focused on delivering those items that we promised to BARDA. and to the population at large. We're focusing on getting the clearance from the FDA for this technology in this device. And we're focused on the mission of doing all that in a very clear way. The company has embraced this change and embraced this focus. The team is intact, nobody is left, everybody remains excited on the mission. The third F is finished. Complete the project that BARDA has asked us to do.
Speaker Change: The second half is focus.
Speaker Change: The regrouping and focusing to be laser focused on completing these projects.
Speaker Change: Org is on delivering those items that we promised to BARDA.
Speaker Change: And to the population at large.
Speaker Change: We're focusing on getting the clearance from the F D. A.
Speaker Change: This technology and this device.
Speaker Change: And we're focused on the mission of doing all that in a very clear way.
Speaker Change: The company has embraced this change and embraced this focus.
Speaker Change: The team is intact nobody has left everybody remains excited on the mission.
Speaker Change: The third F is finished.
Speaker Change: Complete the project that BARDA has asked us to do.
Dr. Michael DeMaio: Complete the mineralization device of the MTEK device, which is for the military or the war fighters. Finish the FTA submission, get the clearance, and go forward with that to the U.S. market. finish what we started in the UK. We're in the UK now with several devices. has received a tremendous response in the UK. The burn doctors there are excited. There was a recent meeting at the ISBI when preliminary data was presented showing that this changed and improved the care of the patients with the devices that they have in the UK. We will continue that excitement, continue that push in the UK.
Speaker Change: Complete the mineralization device of the amtech device, which is for the military or the war fighters.
Speaker Change: Finished the F D. A submission get the clearance and go forward with that to the U S market.
Speaker Change: And finish what we started in the U K, where in the U K now with several devices.
Speaker Change: It's received a tremendous response and the U K the burn doctors, they're excited there was a recent meeting of the I S. B I with preliminary data was presented showing that this change to improve the care of the patients with the devices that they have in the U K we.
Speaker Change: We will continue that excitement continue that push in the U K.
Dr. Michael DeMaio: I might add at this point that it's become so exciting in the UK that the partners in Australia in addition, are looking to get the devices there. So very, very soon we have a pattern, a workflow that we're going to be sending devices to Australia. and a special access program to be able to get the doctors and the burn doctors in Australia to use the devices as well.
Speaker Change: I might add at this point that it's become so exciting in the U K that the partners in Australia.
Speaker Change: In addition are looking to get the devices there.
Speaker Change: So very very soon we have a pattern of workflow that we're gonna be sending devices to Australia.
Speaker Change: Under special access program to be able to get the doctors and the burn doctors in Australia to use the devices as well.
Dr. Michael DeMaio: With that introduction, again, I say I'm excited to be back. I'm excited to focus on the 3F. and get this company and this device and this dream that I had in 2009. with the eventual goal of commercialization and completion of this project.
Speaker Change: With that introduction again, I say I'm excited to be back.
Speaker Change: I am excited to focus on the three fs.
Speaker Change: And get this company and this device in this dream that I had in 2009.
Speaker Change: With the eventual goal of commercialization and completion of this project.
Vincent Capone: With that, I'd like to turn things over to Vince Capone, who again is our Chief Financial Officer and General Counsel, for review of our third quarter performance. Vince?
Speaker Change: With that I'd like to turn things over to Vince Capone, who again is our chief Financial Officer, and General Counsel for review of our third quarter performance.
Speaker Change: Vince.
Vincent Capone: Dr. DeMaio. And thank you all for joining us today. We recently issued our press release this afternoon, which contains additional details of our operating results. And we have filed our 10-Q with the SEC this evening as well.
Speaker Change: Doctor Tomorrow.
Speaker Change: Thank you all for joining us today.
Speaker Change: We recently issued our press release this afternoon, which contains additional details of our operating results and we have filed our 10-Q with the SEC This evening as well.
Vincent Capone: With that in mind, I will focus my remarks on select highlights and key financial metrics. For the third quarter of 2024, we are quite pleased to report that we have outstanding operating results reflecting our focus on advancing the development of our DeepView system for burn centers and the reduction of non-supported operational With that in mind, let me turn to our financial results. Research and development revenue for the third quarter rose by 138% to $8.2 million from $3.4 million in the third quarter of last year. This growth reflects an increased level of activity under the BARDA Project BioShield contract, which was awarded to us in September 2023.
Speaker Change: With that in mind I will focus my remarks on select highlights and key financial metrics.
Speaker Change: For the third quarter of 2024, we are quite pleased to report that we have.
Speaker Change: Outstanding operating results, reflecting our focus on advancing the development of our deep UV system for burn centers and the reduction of non supported operational expenses.
Speaker Change: With that in mind, let me turn to our financial results.
Speaker Change: Research and development revenue for the third quarter rose by 138% to $8 2 million from $3 4 million in the third quarter of last year.
Speaker Change: This growth reflects an increased level of activity under the BARDA project Bioshield contract, which was awarded to US in September 2023.
Vincent Capone: Gross margin also improved, and improved to 44.9% from 42.8% in last year's third quarter, reflecting both increased product development activity, as well as the higher reimbursement rate under the BARDA-PBS contract, as compared to the reimbursement rate in our BARDA-BURN2 contract, which accounted for most of our operating revenue in 2020. General and administrative expenses during the third quarter of 2024 declined to $4.6 million or 55% of revenue. That's down from $5.6 million or 164% of revenue in last year's third quarter. This was driven primarily by an approximate $1 million reduction in non-revenue generating research and development activities associated with the company's strategic focus on the BARDA-PBS contract for the near term.
Speaker Change: Gross margin also improved and improved to 44, 9% from 42, 8% in last years third quarter, reflecting both increased product development activity as well as the higher reimbursement rate under the BARDA PBS contract as compared to the reimbursement rate in our BARDA burn to contract.
Speaker Change: Which accounted for most of our operating revenue in 2023.
Speaker Change: General and administrative expenses during the third quarter of 2024 declined to $4 6 million or 55% of revenue.
Speaker Change: From $5 6 million or 164% of revenue in last year's third quarter.
Speaker Change: This was driven primarily by an approximate $1 million reduction in non revenue generating research and development activities associated with the company's strategic focus on the BARDA PBS contract for the near term.
Vincent Capone: We anticipate continued operational focus on the BARDA-PBS contract as we work towards our FDA submission in the first half of 2025. Other expenses for the third quarter of 2024 declined as well to just under $800,000 as compared to $6.5 million in the same period last year. The primary driver of this decline was $7.6 million of non-recurring transaction costs that we recorded in the third quarter of 2023, which was associated with the September 2023 consummation of our business combination and our listing on NASDAQ. There were no such expenses. in this year's third quarter. Our net loss narrowed to $1.5 million, or $0.08 per share, from a net loss of $10.6 million, or $0.77 per share, in the third quarter of last year, again, reflecting our focus on operational efficiency.
Speaker Change: We anticipate continued operational focus on the BARDA PBS contracts as we work towards our FDA submission in the first half of 2025.
Speaker Change: Other expenses for the third quarter of 2024 declined as well to just over up to just under 800000 as compared to $6 5 million in the same period last year.
Speaker Change: The primary driver of this decline was $7 6 million of nonrecurring transaction costs that we recorded in the third quarter of 2023, which was which was associated with the September 2023, consummation of our business combination and our listing on NASDAQ.
Speaker Change: There were no such expenses in.
Speaker Change: In this year's third quarter.
Speaker Change: Our net loss narrowed to $1 $5 million or <unk> per share from a net loss of $10 6 million or 77 cents per share in the third quarter of last year again, reflecting our focus on operational efficiencies.
Vincent Capone: Adjusted EBITDA loss for the quarter was approximately $700,000. as compared to an adjusted EBITDA loss of $3.9 million in last year's third quarter. As of September 30, 2024, we had approximately 18.5 million shares outstanding. Moving over to the balance sheet, as of September 30, 2024, cash and cash equivalents totaled $3.7 million as compared to $4.8 million at year-end last year. Cash at September 30, 2024 included $900,000 in the company's wholly owned subsidiary Spectral IP. As of September 30, 2024, the company had approximately $6 million in notes payable as well. With respect to our cash position, we believe we are positioned to support ongoing operations through an improved operating efficiencies, as well as our ability to raise additional opportunistic funding.
Speaker Change: Adjusted EBITDA loss for the quarter was approximately 700000.
Speaker Change: As compared to an adjusted EBITDA loss of $3 9 million in last year's third quarter.
Speaker Change: As of September 32024, we had approximately $18 5 million shares outstanding.
Speaker Change: Moving over to the balance sheet as of September 32024, cash and cash equivalents totaled $3 $7 million as compared to $4 8 million at year end last year cash.
Speaker Change: Cash at September 32024 included 900000 in the company's wholly owned subsidiary spectra spectral IP.
Speaker Change: As of September 32024, the company had approximately $6 million in notes payable as well.
Speaker Change: With respect to our cash position. We believe we are positioned to support ongoing operations through an improved operating efficiencies as well as our ability to raise additional opportunistic funding as.
Vincent Capone: As you may know, we recently filed our S3 shelf registration, which was effected by the SEC on October 31st to support these efforts. For 2024, we are reiterating our revenue guidance of approximately $28 million, an expected increase of about 55% from the $18.1 million we reported in 2023. This growth reflects our work on the BARDA Project Bioshield Contract, as well as additional government funding in the continued development of our handheld device, CPU Snapshot.
Speaker Change: As you May know, we recently filed our S. Three shelf registration, which was effected by the SEC on October 31st to support these efforts.
Speaker Change: For 2024, we are reiterating our revenue guidance of approximately $28 million and expected increase of about 55% from the $18 1 million we reported in 2023.
Speaker Change: This growth reflects our work on the BARDA project Bioshield contract as well as additional government funding and the continued development of our handheld device <unk>.
Speaker Change: <unk> snapshot M.
Vincent Capone: With that, I also again want to thank you, and I turn the conversation back over to Dr. DeMaio. Thank you, Vince. Well done.
Speaker Change: With that I also again want to thank you and I'll turn the conversation back over to Dr. Tomorrow.
Speaker Change: Thank you, Chris well Doug.
Dr. Michael DeMaio: I want to tell everyone on the call, again, I'm happy to be here and I have full confidence we're going to complete these tasks before us. I'm also happy to report that although it's not the most important metric at this point, the share price in a couple of weeks of becoming chairman of the board has gone up 30 percent from about 93 cents a share to about a buck and a half per share. A good sign that we have stability and confidence in our company and that the leadership is working very well together.
Dr. Tomorrow: I want to tell me out on the call again, I'm happy to be here and I have full confidence we're going to complete these tasks before us.
Speaker Change: I'm also happy to report that although it's not the most important metric at this point the share price in a couple of weeks have become chairman of the board has gone up 30% from about 30, <unk> 90 is 93 cents a share a toolbox, a buck and a half per share a good sign that we have stability and confidence in our company and that the leadership is working very well together.
Unknown Executive: With that, I'll ask the operator to open the call up for questions from our NIO. We will now begin the question and answer session. To ask a question, you may press star, then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the key. To draw your question, please press star then 2.
Speaker Change: With that I'll ask the operator to open the call up for questions from our analysts.
Speaker Change: We will now begin the question and answer session too.
Speaker Change: To ask a question you May press Star then one on your telephone keypad.
Speaker Change: If you were using a speakerphone please pick up your handset before pressing the keys.
Speaker Change: To withdraw your question. Please press Star then two at this time, we will pause momentarily to assemble our roster.
Unknown Executive: At this time, we will pause momentarily to assemble our roster.
Speaker Change: Okay.
Ryan Zimmerman: Our first question is from Ryan Zimmerman with BTIG. Please go ahead.
Speaker Change: Our first question is from Ryan Zimmerman with B T. I G. Please go ahead.
Ryan Zimmerman: Good afternoon. Thanks for taking our questions. So, you know, congrats on the progress on the burn study.
Ryan Zimmerman: Good afternoon, thanks for taking our questions.
Speaker Change: So.
Speaker Change: Congrats on the progress on the burn sorry, I guess I wanted to ask kind of how you are preparing for FDA submission.
Ryan Zimmerman: I guess I want to ask kind of how you're preparing for FDA submission. You know, it sounds like you still need to collect a little more data, if I'm not mistaking, on some of those burn patients as they finish up. I could be incorrect on that. But maybe, Dr. Dometi, you can just talk about kind of, you know, the next six to nine months or so before you get that submission into FDA and what we should be looking for.
Speaker Change: It sounds like you still need to collect a little more data if I'm not mistaken on some of those burn patients as they finished up it can be incorrect on that and maybe Dr. <unk> can you just talk about kind of the next six to nine months or so before you get that submission into FDA and what we should be looking for.
Dr. Michael DeMaio: Thanks, Ryan Zimmerman. So, as you know, you may not know, I was talking to the doctors that are doing the truth thing, actually, as we speak, there has never been more time or devotion to a single BARDA study to be able to truth and process a product. And they have spent hundreds of millions of dollars in other companies. So, all the enrollment for the burn center portion of the study has been completed. The images are being truth, and for those who may not understand, that means using burn biopsies and the condition of the burns at 21 days to determine what parts of the burn wound healed and which parts did not.
Speaker Change: Thanks, Brian Zimmerman so.
Speaker Change: As you know.
Speaker Change: No I was talking to the doctors that are doing the true thing actually as we speak.
Speaker Change: There has never been more time or devotion to a single BARDA study to be able to truth the process of product and they have spent hundreds of millions of dollars in other companies.
Speaker Change: So all the enrollment for the burn center portion of the study has been completed.
Speaker Change: The images are being truth and for those who may not understand that means using burn biopsy.
Speaker Change: And the and the condition of the Burns at 21 days to determine what parts of the burn wound healed and which parts did not that information is that fed back to train the algorithm, which is which are being developed as we speak to be able to reproduce a result, or a product that can be used by the doctors. So.
Dr. Michael DeMaio: That information is then fed back to train the algorithm, which is what's being developed as we speak, to be able to produce a result or a product that can be used by the doctor. So once we complete all that I just said there, the truthing, the algorithm development, and we kick in information, then we'll send the process of submission to the FDA. I will share with you, Ryan, and everybody else that we're literally in talks with the FDA, not quite daily, but pretty frequently. We have several meetings set up the next few weeks, so we'll get an interactive feedback from the FDA on exactly what else they need or want us to do so when we send our submission.
Speaker Change: Once we complete all of that I, just said there the truth ing the algorithm development and.
Speaker Change: We kicked in information that we will send the process the submission to the FDA.
Speaker Change: We'll share with you Ryan and everybody else that we're literally in talks with the FDA.
Speaker Change: Not quite daily, but pretty frequently we have several meetings set up the next few weeks. So we will get an interactive feedback from the FDA on exactly what else they need or want us to do so when we send our submission.
Dr. Michael DeMaio: So, in summary, we're collating the images, collating the data.
Speaker Change: So in summary, we're co leading the images collating the data.
Ryan Zimmerman: Perfecting the algorithm and getting the submission organized in a manner that's conducive to the FDA For the submission has been said in the first half of next year Okay, very helpful.
Speaker Change: Perfect and the algorithm and getting the submission organized in a manner that's conducive to the FDA for the submission as Vince said in the first half of next year.
Speaker Change: Okay very helpful.
Ryan Zimmerman: And then returning to the UK for a bit. I think last quarter you had about five systems in UK hospitals that you were gathering feedback on. Any incremental update on either more systems in the field or feedback you've got in? When you could potentially see some commercial revenue from those initial placements? And really, you know, anything on your efforts in the UK?
Speaker Change: And then maybe turning to the UK for a bit I think last quarter, you had about five system in UK hospitals that you're gathering feedback on.
Speaker Change: And any incremental update on either more systems in the field or feedback you've gotten on.
Speaker Change: When you could potentially see some commercial revenue from those initial placements and really you know anything on your efforts in the UK.
Dr. Michael DeMaio: Good question. Thanks, Ryan.
Speaker Change: Good question, Thanks, Brian So.
Dr. Michael DeMaio: So, again, for the audience, there are several devices in the UK. We're expanding it slowly. We're continuing to iterate the device and get the necessary improvements from the feedback we're getting in a real-time manner from the docs in the field. This is by far the most valuable feedback to me as a doctor and to them as doctors, is how is the machine working? Is it working as intended? And how can it be used in the workflow of my practice? And the answer to that is a resounding yes. And, in fact, the abstract has been created and presented demonstrating the improvement and the happiness that the doctors have seen in the UK with the device.
Speaker Change: Again for the audience there are several devices in the U K, we're expanding it slowly we're continuing to iterate to device and get the necessary improvements from the feedback we're getting in a real time manner from the docs in the field. This is this is by far the most valuable feedback to me as a doctor and tremendous doctors is how's the machine working is it worse.
Speaker Change: King as intended and how can it be used in the workflow of my practice and the answer to that is a resounding, yes and in fact, the abstract has been created and presented demonstrating the improvement in the happen is that the doctors have seen in the UK with the device.
Dr. Michael DeMaio: Now, having said that, as we continue to iterate, we don't necessarily expect at this point the revenue to come immediately, because the value proposition is still being formed. The ultimate goal here is to get the device that will be amenable to the NIS, that's N-I-C-E, for those of you who don't know who that is, in the U.K. is one healthcare system called the National Health Service, NHS, and they have a metric called the NIS, which is a consortium in a body that determines that a device or a drug is of significant value to the U.K.
Speaker Change: Now, having said that as we continue to iterate.
Speaker Change: We don't necessarily expect at this point the revenue did come immediately because the value proposition is still being formed the.
Speaker Change: The ultimate goal here is to get the device that will be amenable to the nice <unk> for those of you don't know who that is and the U K is the one health care system called the National Health service NHS and they have a metric called the needs which is a consortium.
Speaker Change: Body that determined that a device or a drug is of significant value to the U K population. So our goal here is to get and achieve that nice designation for the U K and death.
Dr. Michael DeMaio: population.
Dr. Michael DeMaio: So our goal here is to get and achieve that NIS designation for the U.K., and thus we would anticipate revenue to flow after all this.
Speaker Change: What extent anticipate revenue to flow after all of this so to repeat the primary goal. We have is to get the device protected in the workflow get good feedback and use that in further studies I mentioned earlier that the docs in the U and the Australia I've heard about this in the U K and now they want it so we're going to be.
Dr. Michael DeMaio: So to repeat, the primary goal we have is to get the device protected in the workflow, get good feedback, and use that in further studies. I mentioned earlier that the docs in Australia have heard about this in the U.K. and now they want it, so we're going to be rolling out devices in the U.K.
Speaker Change: Rolling out devices in the U K.
Dr. Michael DeMaio: And finally, this information and this clinical use situation will be very useful to the U.S. FDA application, so they understand the workflow, and it will be a smoother transition to be able to integrate that in the U.S. burn flow, in the U.S. burn community.
Speaker Change: And finally this information in this clinical use situation will be very useful the U S. FDA application. So they understand the workflow and it'll be a smooth transition to be able to integrate that in the U S burn flow in their U S burn community.
Dr. Michael DeMaio: And just to follow up, Dr. DiBeneo, the Australian doctors that are asking for it, is there any regulatory hurdles that we have to consider? Any timelines you can put on kind of when you could be in Australia with DeepView? That's some early feedback. I don't want to get ahead of my skis, as Vince likes to say, to say the exact timelines now, but we're working on those right now. I'd say in the next few months or so, we will be having devices prepared and rolled out to Australia. I think in the next conference, the next quarterly call, we'll have more information.
Speaker Change: And just a follow up Dr. <unk>.
Speaker Change: The Australia doctors that are asking for is there any regulatory hurdles that we have to consider any timelines you can put on kind of when you could be in Australia with with the deal.
Speaker Change: Just some early feedback I don't want to get ahead of my skis as Vince I'd like to say to say the exact timelines now but working on those right now I'd say in the next few months or so we will be having devices prepared and rolled out to the Australia I think on the next conference. The next quarterly call, we'll have more information, but that is imminent and we are literally in.
Dr. Michael DeMaio: But that is imminent, and we are literally in memorandums of understanding. It's called the Special Access Pathway, is what it's called in Australia, and we're working through that. So to your question about the hurdles, yes, they are, but we're going through those hurdles right now, and we anticipate success.
Speaker Change: Memorandums of understanding it's called the special access pathways, what is called in Australia, and we're working through that so to your question about the hurdles, yes. They are but we're going through those hurdles right now and we anticipate success.
Unknown Executive: Okay, thank you for taking my question. Thank you.
Speaker Change: Okay. Thank you for taking my questions.
Speaker Change: Thank you.
Carl Byrnes: The next question is from Carl Byrnes with Northland Capital Markets. Please go ahead. Thanks for the question and congratulations on your progress. My question is regarding regulatory UK commercialization or Hansard.
Speaker Change: The next question is from Carl Byrnes with Northland Capital markets. Please go ahead.
Speaker Change: Okay.
Carl Byrnes: Thanks for the question and congratulations on your progress.
Ryan Zimmerman: My question is regarding regulatory and UK commercialization were answered, but looking out a little bit what do you expect with respect to commercial readiness in the United States in terms of training and dedicated sales force I know that sounds a little bit, but just curious on how you view that at this time. Thanks.
Carl Byrnes: But, you know, looking out a little bit, what do you expect with respect to commercial readiness in the United States in terms of training and dedicated sales force? I know that's out a little bit, but just curious on how you view that this time.
Dr. Michael DeMaio: Thank you for the question. So if I understood the question, what are we looking so you may not know, but the bar to contract actually has some clauses in there to help us begin to kickstart the sales force for the device. It's also in the bar to contract to get approximately two hundred devices. via the government pathways into the burn centers across the United States. At the same time, or in a parallel fashion, we're also going to be doing clinically, some people call them RCTs, but there's clinical applicability or workflow studies to understand and show the value, the value proposition of the device to be able to save certain metrics in the patient's care.
Speaker Change: Thank you for the question so if I.
Speaker Change: So the question what are we looking so.
Carl Byrnes: You may not know, but the BARDA contract actually has some clauses in there to help us begin to kick start the sales force for the device.
Carl Byrnes: Also in the BARDA contract to get approximately 200 devices.
Carl Byrnes: Yeah.
Carl Byrnes: Via the government pathways into the burn centers across the United States.
Carl Byrnes: At the same time or in a parallel fashion, we're also going to be doing clinically.
Carl Byrnes: Some people call them, rct's, but theres clinical applicability or workflow studies to understand and show the value the value proposition of the device to be able to say certain metrics in the patient's care in other words. It may be quicker time to the operating room. It may be length of stay it may be decreased.
Dr. Michael DeMaio: In other words, it may be a quicker time in the operating room, it may be length of stay, it may be decreased costs, it may be better efficiency on the transplants of the skin transplants that are done.
Carl Byrnes: Costs it may be better efficiency on the transplant of the skin transplants that are done so once the devices get out there and the use case is shown in the value proposition as shown that is when we expect the docs and the hospitals and the different agencies to be able to see the value and then the sales will kick up.
Dr. Michael DeMaio: So once the devices get out there, and the use case is shown, and the value proposition is shown, that is when we expect the docs in the hospitals and the different agencies to be able to see the value, and then the sales will kick up. Obviously, we want to get those in the hands of the doctors first, and then begin the clinical trials that will demonstrate the usefulness to the patients initially and the doctors in hospital.
Carl Byrnes: Obviously, we want to get those in the hands of the doctors first and then begin to clinical trials that will demonstrate the usefulness to the patients initially and the doctors and hospitals.
Carl Byrnes: Got it.
Speaker Change: Got it great. Thanks, so much and congratulations again.
Carl Byrnes: Great.
Carl Byrnes: Thanks so much and congratulations.
Carl Byrnes: Thank you.
Speaker Change: Thank you.
R.K. Ramakanth: The next question is from R.K. Ramakanth with H.C. Wainwright. Please go ahead.
Speaker Change: The next question is from RK <unk> with H C. Wainwright. Please go ahead.
R.K. Ramakanth: Thank you. Thanks for taking the questions.
Speaker Change: Thank you thanks for taking the questions. So.
R.K. Ramakanth: So with the five units or six units that you have in the UK, are you able to collect enough data, just as you were talking, what needs to be done in terms of... in terms of improving the workflow and the projected value, which you also have, I believe, which you also have to do to NIES before you get that designation so that you can commercialize in UK. If these five units are enough, or you need to put in more in the hands of the UK docs, any commentary there?
RK: The five units or six units that you have in the UK.
RK: Are you able to collect enough data.
Speaker Change: Just as you were talking what needs to be done in terms of.
Speaker Change: No.
Speaker Change: Uh huh.
Speaker Change: <unk>.
Speaker Change: Improving the workflow.
Speaker Change: <unk>.
Carl Byrnes: On the projected value rich you also I believe it you also have to do to knees before you get that designation. So that you can commercialize in UK.
Carl Byrnes: These five units are enough or you need to put in more in the hands of the UK docs.
Speaker Change: Sure.
Speaker Change: Any commentary there.
Dr. Michael DeMaio: So, thanks RK, I appreciate the question.
Speaker Change: So thanks RK I appreciate the question, so I don't I'm, not going to answer that and getting it I don't know how many units or images, we need to get to get the nice approval. So let me be very clear I don't know the answer that question.
Dr. Michael DeMaio: So, I don't, I'm not going to answer that and I don't know how many units or images we need to get to get the NIES approval, so let me be very clear, I don't know the answer to that question, but however, going back to what I said with Ryan and other analysts, the initial results from those units in the UK from the doctors has been overwhelmingly positive. I'm not saying that to exaggerate, they truly have found it to be terribly useful into the process of their care and I'm sure everybody on this call knows that there really isn't a device that is anything close to what the DeepView device does to be able to show the predictive value of healing.
Speaker Change: But however, going back to what I said with the with.
Speaker Change: Ryan and other.
Speaker Change: Analysts the.
Speaker Change: The initial results from those units in the U K from the doctors has been overwhelmingly positive and I'm, not saying that to exaggerate. They truly have found it to be terribly useful into their into the process of their care and I'm sure everybody on this call knows that there really isn't a device. It is anything close to what the <unk> device does to be able to show.
Speaker Change: The predictive value of healing. So the reason we developed this device over the last 10 or so years is to be able to give the clinician or very useful device and that is what's proving to be the case in the U K with a burn surgeons, but to your question exactly how many.
Dr. Michael DeMaio: So, the reason we developed this device over the last, you know, 10 or so years is to be able to give a clinician a very useful device and that is what's proving to the case in the UK with burn surgeons.
Dr. Michael DeMaio: But, to your question, you know, exactly how many... Images we need or the patients. No, I don't know that. I will get the answer and we will have that for you. Okay, thank you for that.
Speaker Change: Images, we need are patients no I don't know that I will get the answer and we will have that for you.
Speaker Change: Okay. Thank you for that and then.
Dr. Michael DeMaio: And then, based on what you're seeing, sorry, the other question is, would any of the data be publicly presented at some conference or something so that we also can see how excited these physicians are with what they're getting in terms of the patient care improvement? Okay, thank you. You're singing my song. You know, as you know, you don't know.
Speaker Change: Based on what you're seeing.
Speaker Change: Sorry.
Speaker Change: Other question is.
Speaker Change: Well Daniel that data be publicly presented at some conference or something so that we also can see how excited these physicians are with with what they're getting in terms of.
Speaker Change: The patient care improvement.
Daniel: Okay. Thank you Youre singing my song.
Speaker Change: As you know you don't know.
Dr. Michael DeMaio: I mean, I've written many hundreds of articles and manuscripts and we literally have a manuscript, a publication plan in place that we're going to implement and fast track a number of articles, including those that you're talking about in terms of presentations and publications. As you know, in the medical community, that is a currency that we talk about. On Wall Street, it may be stock prices, but in the medical community, it's publications and presentations. So yes, we have data that we're collating now. We've also have information from in the U.S., not to answer your question kind of indirectly, we've interviewed emergency room doctors and burn doctors and trauma doctors to see how accurate they are in determining wounds.
Speaker Change: Britain, many hundreds of articles and menu scripts and we literally have a manuscript for publication plan in place that we're going to implement and fast track a number of articles, including those that you are talking about in terms of presentations and publications as you know in the medical community that is a currency that we talked about on wall Street, and they'd be stock prices, but in the medical.
Speaker Change: Community is publications and presentation. So yes, we have data that were cold waiting now we've also have the information from.
Speaker Change: In the U S. Not to answer your question kind of indirectly we've interviewed emergency room doctors and burned doctors and trauma doctors to see how accurate they are burnt in.
Speaker Change: In determining wounds and it's very very interesting information I'm I can't reveal it now because we're going to publish it or what.
Dr. Michael DeMaio: And it's very, very interesting information.
Dr. Michael DeMaio: I can't reveal it now because we're going to publish it, but we're going to have lots of papers coming out in the next several months that are going to be showing its usefulness, its applicability, and the continued need for a device and a technology to solve the problems that remain in the burn community. There are thousands of patients that come into the emergency rooms and the hospitals. It's very difficult. There's not much expertise in burns. It's spread out a lot. And so to have a device that can help triage this and send the patients to the right place in the right time is going to be very fantastic.
Speaker Change: Gonna have a lots of papers coming out in the next several months that are going to be showing its usefulness as applicability and the continued need for device and the technology to solve the problems that remain in the burn community. There are thousands of patients that come in to the emergency rooms in the hospitals, it's very difficult there.
Speaker Change: Not much expertise in burns its spread out a lot and so to have a device that can help triage this and send the patient to the right place and the right time is going to be there's going to be very fantastic.
Dr. Michael DeMaio: And then the last question for me is, I understand your focus is squarely on the bone indication at this point, but I believe the company is also looking to get into the DFU wounds. Any commentary there in terms of the study or when we should start thinking about studies and data for that indication?
Speaker Change: And then the last question from me is I understand that.
Speaker Change: Our focus is squarely on the bone indications at this point, but I believe.
Speaker Change: The company is also looking to get into the D. A few ones.
Speaker Change: Any commentary there in terms of the study or when we should start thinking about studies and data from from for that indication.
Dr. Michael DeMaio: Yeah, thanks, Arkay. And my three F's, the second one is focus. And at this point, based upon everything that I've seen, now that I'm back, is we're going to focus for the moment for the next near term on Burns and on BARDA, the two B's, because that is a major funding source. We've got a commitment. We have received or going to receive almost a quarter of a billion dollars from that funding source and we need to deliver that product. So the DFU is temporarily in a holding pattern, my words. We will pull them out of the holding pattern once I'm convinced and the leadership team is convinced that we are, we have our organization streamlined and focused on delivering the BARDA product to the FDA.
Speaker Change: Yes, Thanks, RK and.
Speaker Change: So by three <unk>. The second one is focus and at this point based upon everything that I've seen now that I'm back is we're going to focus for the moment for the next.
Speaker Change: Near term on Burns and on BARDA. The Tvs because that is a major funding source. We've got a commitment we have received or going to receive almost a quarter of a $1 billion from that funding source and we need to deliver that product. So the Dia view is temporarily.
Speaker Change: In a holding pattern my words.
Speaker Change: We will pull them out of a holding pattern once I'm convinced and the leadership team is convinced that we are we.
Speaker Change: We have our organization streamlined and focused on delivering the BARDA product to the FDA. So in summary, the answer is yes, we will look at other indications, but how we do that and what do we do Dia fused or we may have a more widely applicable.
Dr. Michael DeMaio: So in summary, the answer is yes.
Dr. Michael DeMaio: We will look at other indications, but how we do that and whether we do DFUs or we may have a more widely applicable indication to be able to look at burn wound viability or something more general, maybe a more reasonable manner to be able to get this product to a wider market. Thank you.
Speaker Change: Yeah.
Speaker Change: Indication to be able to look at Bern.
Speaker Change: Boone viability or something more general maybe a more reasonable manner to be able to get this product to a wider market.
Speaker Change: Thank you thanks for taking all my questions.
R.K. Ramakanth: Thank you for taking all my questions.
Speaker Change: Again, if you have a question. Please press Star then one.
John Vandermosten: Again, if you have a question, please press star then 1. The next question is from John Vandermosten with Zax. Please go ahead.
Speaker Change: The next question is from Jon Vander motion with Zacks. Please go ahead.
John Vandermosten: Thank you.
Speaker Change: Thank you and Hello, Dr. Michael Vince how are you guys doing.
John Vandermosten: And hello, Dr. DeMaio, Vince. How are you guys? Since the last quarterly update, you've announced another award from EmTech for the portable version of DeepView. I guess, first of all, was some of that award the reason why third quarter revenue is maybe a bit higher than kind of the trend line for the year?
Jon Vander: Since our last great great since the last quarterly update you've announced another award for from Amtech for the portable version of deep you what I'm I.
Speaker Change: I guess first of all you know was was that some of that award. The reason why third quarter revenues were maybe a bit higher than kind of the trend line for the for the year and then secondly.
Vincent Capone: And then secondly, what are the major milestones you expect for the snapshot device as we move towards getting to go in front of the FDA? University of California at Buffalo, and we'll give you some questions and revenue on that.
Speaker Change: What what are the major milestones you expect for the the snapshot device as we as we move towards getting to go in front of the F. D. A.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Pershing revenue on them.
Speaker Change: So.
Vincent Capone: So, John, you know, you know, we've we've focused our efforts on the BARDA PBS contract. And, you know, as such, we've dedicated more resources to that contract. As Dr. DeMaio has indicated, right, we've kind of pivoted some resources to the burn contract. It you know, we're focused on delivering that product, you know, to the FDA submission in the first half of 2025. And that's contributed to a number of things for us, right, higher margin and higher revenue.
Speaker Change: So John you know we've.
Speaker Change: We've we've focused our efforts on the BARDA P B S contract and.
Speaker Change: As such we've dedicated more resources to that contract as.
Speaker Change: As Dr. <unk> indicated right, we've kind of pivoted some resources to the burn contract it.
Speaker Change: We're focused on delivering that.
Speaker Change: <unk> product.
Speaker Change: Two the FDA submission in the first half of 2025, and that's contributed to a number of things for us are a higher margin and higher revenue frankly.
Vincent Capone: In addition to your question on the EMTEC, I've heard about the miniaturization, very soon, in the next few weeks, which is called BAMC, the Brooke Army Medical Center, is going to be doing a little bit of feedback back and forth on the preliminary, underlying preliminary design of the miniaturization device, the EMTEC device, and so with that, we'll get feedback from the military, see what they think about the size and shape and et cetera, that we met the specs that they asked us for, and then we'll reiterate that, or iterate that, and then come back with some more improvements.
Speaker Change: Okay. In addition to your question on the amtech or have heard about the mineralization there.
Speaker Change: Very soon in the next few weeks, which called <unk>. The broker Army Medical center is going to be doing a little bit of feedback back and forth in the preliminary underlying preliminary design of the miniature mineralization device the <unk> device.
Speaker Change: And so with that we'll get feedback from the military see what to think about the size and shape and et cetera.
Speaker Change: We met the spec niche expects that they asked us for and then we'll reiterate that reiterate that and then come back with some more improvements. So the answer is we're still in the throes of developing that to a device that will be amenable and acceptable to the military warfighter and there was the middle of that contract now.
Vincent Capone: So the answer is we're still in the throes of developing that to a device that will be amenable and acceptable to the military, a warfighter, and we're in the middle of that contract now.
Vincent Capone: Great. And then on the revenue guidance for the year, I seem to remember, I think it was somewhere around $28 million in government contracts. Is that still the number that we should be thinking about for the year? Yeah, I think so. I mean, we're, we're in, you know, we're, we're through 10 months so far, you know, I think 28 is a reasonable and conservative number to see us drive the market to for 2028. You know, hopefully we'll be above that. But I think that's good revenue guidance for for the rest of 2020.
Speaker Change: Right and then on the revenue guidance for the year I seem to remember I think it was somewhere around $28 million in government contracts is that is that still the number that we should think be thinking about for this year.
Speaker Change: Yes, I think so I mean, we're we're in.
Speaker Change: We're through 10 months, so far I think 28 is a reasonable and conservative number to see us drive the market to for 2028, you know hopefully will be above that but.
Speaker Change: That's good revenue guidance for the rest of 2020 for.
Vincent Capone: For the rest of 2020. Okay, great.
Speaker Change: For the rest of 2024.
Speaker Change: Okay, great. Thanks for taking my questions.
Ryan Zimmerman: Thanks for taking my The next question is a follow-up from Ryan Zimmerman with BTIG. Please go ahead. Hey, guys. Just one quick question.
Speaker Change: Thank you.
Speaker Change: The next question is a follow up from Ryan Zimmerman with <unk>. Please go ahead.
Ryan Zimmerman: Hey, guys just one one quick question I'll wrap up.
Ryan Zimmerman: I'll wrap up. I think we're going to see, or at least we were slated to see, top-line data from the Byrnes study, and I don't know if you mentioned this, Dr. Dermot, around December of this year. I just want to see if that's still the case, number one, and then, two, remind us kind of what we're looking for in terms of top-line data, what those outcomes are, and what you consider maybe successful, and so forth, as we look for that.
Ryan Zimmerman: I think we're going to see or at least we were slated to see topline data from the burn study and I don't know if you mentioned this not from your mouth around December of this year I just wanted to.
Ryan Zimmerman: See if that's still the case number one and then to remind.
Speaker Change: Remind us kind of what we're looking for in terms of topline data.
Speaker Change: What those outcomes are and what you would consider maybe successful.
Speaker Change: Fourth as we look for that.
Ryan Zimmerman: Great question. Thanks, Ryan. You are you are on target.
Speaker Change: Great question, Thanks, Brian that New York, you're on target. So the answer is yes to your question. We expect some top line data to come out in December.
Dr. Michael DeMaio: So the answer is yes, your question, we expect some top line data to come out in December. I'm going to be cautious, not because I'm cautious, but because the FDA, we're working, as I said earlier, with iterative feedback with the FDA literally in the upcoming weeks. And so the metrics that we're looking at, we wanna make sure it's the same metrics that they're interested in. And those metrics include a DICE coefficient, sensitivity and specificity, accuracy, and some combination thereof. It's also comparing R of those statistics, Ryan, to what's called CJA, which is a clinical judgment annotation.
Speaker Change: I'm gonna be cautious not because I'm cautious, but because the FDA, we're working as I said earlier when iterative.
Speaker Change: Feedback with the FDA literally in the upcoming weeks and so that the metrics that we're looking at we want to make sure. It's the same metrics that they're interested in and those metrics include a dice coefficient sensitivity specificity and accuracy.
Speaker Change: And some combination thereof, it's also comparing our of those statistics Ryan to what's called C. J, a which is a clinical judgment annotation. That's a fancy word for what the doctors are going to think is going to be the part of the burn area, that's going to heal or not heal.
Dr. Michael DeMaio: That's a fancy word for what the doctors are going to think is gonna be the part of the burn area that's gonna heal or not heal. And historically, we compare them to historical controls and literature. And I think right now that's evolving in discussions with the FDA. So in summary, what we're gonna have is data showing our, repeat what I said, sensitivity, specificity, DICE coefficient, which is a measure of the true positive and the false positives within a binary presentation of non-healing pixels or healing pixels. And all that information, we have the information, but we wanna collate it in a way that is what the FDA wishes to see for our submission and for our clearance.
Speaker Change: And historically, we compare them to historical controls in literature, and I think right now thats evolving and discussions with the FDA.
Speaker Change: So in summary, what we're gonna have as data showing our repeat what I've said sensitivity specificity dice coefficient, which is a measure of the true positive and the false positives within a binary presentation of <unk>.
Speaker Change: Non healing pixels are healing pixels, and all that inform me we have the information, but we want to collate it in a way that.
Speaker Change: That is what the FTA wishes to see for our submission and for our clearance.
Ryan Zimmerman: Does that make sense, Ryan?
Speaker Change: Does that make sense Brian.
Ryan Zimmerman: Very helpful. Thank you.
Brian: Very helpful. Thank you.
Dr. Michael DeMaio: Yeah, again, to kind of, you know, follow on, we got the data, we have a great Ji Hong, leads our data science team. And I got to tell you, he is a very, very exciting, deliverable, brilliant young man that is all over this information. He's looking at four different algorithms and it was called a and a and a symphony matter to be able to collate these different algorithms to see which ones of these in combination are going to provide the best answers to these questions.
Speaker Change: Yeah again to kind of follow on we got the data we have great G. Hong leaves our data science team and I got to tell you. He is a very very exciting deliverable brilliant young man that is.
Speaker Change: All over this information he is looking at four different algorithms in a what's called a <unk>.
Speaker Change:
Speaker Change: And.
Speaker Change: And our symphony matter to be able to cope with these different algorithms and see which ones are these in combination are going to provide the best answers to these questions.
Speaker Change: Thanks, Brian.
Unknown Executive: This concludes our question and answer session.
Speaker Change: This concludes our question and answer session I would like to turn the conference back over to the Doctor Tomorrow for any closing remarks.
Dr. Michael DeMaio: I would like to turn the conference back over to Dr. DeMaio for any closing remarks. Again, thanks to everyone on the call. I want to thank everyone, our team, as well as our business partners and investors. Their ongoing support is paramount for us to deliver on our commitment to develop and commercialize our DeepView system, which we believe and know will significantly improve patient outcomes. As I said before, I'm glad to be back. I'm happy to be back. And we're going to continue to do the three F's, which is finance, focus and finish all this.
Speaker Change: Again, thanks to everyone on the call.
Dr. Tomorrow: I want to thank everyone on our team as well as a business as far as an investors their ongoing support is paramount for us to deliver on our commitment to develop and commercialize our <unk> system.
Speaker Change: Which we believe and know will significantly improve patient outcomes as I've said before I'm glad to be back I'm happy to be back and we're going to continue to do the three fs, which is finance focus and finish all this.
Unknown Executive: I thank you all for your attendance and interest in our company, and I wish you all a good evening.
Speaker Change: I. Thank you all for your attendance and interest in our company and I wish you all a good evening.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Unknown Executive: This conference is now concluded.
Unknown Executive: Thank you for attending today's presentation. Swayampakula Ramakanth, Devin Sullivan, Vincent Capone, Peter Carlson, Spectral AI Ryan Zimmerman, Swayampakula Ramakanth, Devin Sullivan, Peter Carlson, Vincent Capone, Spectral AI Unknown Executive, Swayampakula Ramakanth, Devin Sullivan, Vincent Capone, Spectral AI folks Swayampakula Ramakanth, Devin Sullivan, Vincent Capone, Peter Carlson, Spectral AI
Speaker Change: Yeah.
Speaker Change: Yeah.
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Speaker Change: Okay.
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Speaker Change: Hum.