Q3 2024 Elutia Inc Earnings Call
Greetings welcome to be Alicia third quarter 2024 financial results call. If you require operator assistance during the conference. Please press star zero on your telephone keypad.
At this time I'd like to turn the conference over to Matt Steinberg with <unk> partners. Please go ahead.
Matt Steinberg: Thank you operator, and thank you all for participating in today's call earlier today, Alicia released financial results for the quarter ended September 32020 for a copy of the press release is available on the company's website before we begin I would like to remind you that management will make statements during this.
Matt Steinberg: Call that include forward looking statements within the meaning of the federal Securities laws, which are pursuant to the safe Harbor provision of the private Securities Litigation Reform Act of 1995.
Matt Steinberg: Any statements contained in this call, but did not what matters of historical facts, all relate to expectations or predictions of future events results or performance are forward looking statements.
Matt Steinberg: All forward looking statements, including without limitation those relating to our operating trends and future financial performance are based upon our current estimates and various assumptions.
Matt Steinberg: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements.
Matt Steinberg: Accordingly, you should not place undue reliance on these statements.
Well listen the description of the risks and uncertainties associated with our business. Please refer to the risk factors section of our public filings with the SEC, including Alicia's annual report on Form 10-K for the year ended December 31st 2023, that's accessible on the Sec's website at Www Dot SEC Dot com.
Okay.
Speaker Change: Such factors may be updated from time to time and Lucius other filings with the SEC.
Speaker Change: The conference call contains time sensitive information is accurate only as of the live broadcast today November 14th 2024.
Speaker Change: Alicia disclaims any intention or obligation, except as required by applicable law to update or revise any financial projections or forward looking statements, whether because of new information future events or otherwise.
Also during this presentation, we refer to gross margin, including intangible asset amortization, which is a non-GAAP financial measure.
Speaker Change: A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
Speaker Change: Billable on the company's financial results release for the third quarter ended September 32024, which is accessible on the Sec's website and posted on the Investor page of the Alicia website at Www Dot Alicia Dot com.
Speaker Change: That I will turn the call over to Mr. CEO Randy Mills.
Randy Mills: Thank you Matt.
Randy Mills: It is my sincere pleasure to be with you. This afternoon and to go over the current progress that we're making.
Speaker Change: Alicia to start off like we do everything as a as a mission centric company will go over our mission. We are humanizing medicine. So that patients can thrive without compromise that is taking all of the great benefits of humanized biological materials, combining them with active pharmaceutical.
Speaker Change: Nichols and putting them together in a usable formulation that really can improve the standard of care that patients receive and I think today, we're going to point out that we are in the midst of one of those revolutions going on with the introduction of our elite Pro <unk>.
Speaker Change: Product line. So we are a commercial stage company with two high growth proprietary product platforms. Most of my comments today are going to be aimed towards our elite pro product launch, which we've talked about today.
Speaker Change: But we also we can't forget we also have our fantastic simpler to arm product line.
Speaker Change: In breast reconstruction simpler earned grew 19% this quarter. So we're really pleased to see that product returned to a more normal rates.
Speaker Change: But we are pioneering the drug eluting biologic and that is to solve complex surgical problems that are not addressed by current technology. We got the first one of those cleared in June of 2024 with Elliott Pro we.
Speaker Change: We had the first implant in September and we're building towards our commercial launch in January of 2025, with a tremendous amount of momentum.
Speaker Change: Matt and I are going to talk through the company today, but I'm going to try to keep my comments brief and to the point and I hope that you will find a.
Speaker Change: Really full of substance and so I'm going to talk a lot about what it is we're doing with LTE pro and and and how we're preparing for this commercial launch full commercial launch that's going to start.
Speaker Change: In January and so as we've talked about them. Obviously, we got approval in June which was a necessary first step, but then we had to move on to manufacturing the product and we actually although that was a third quarter accomplishment, we actually talked about that in our in our last conference call. So I'll spare you the details of that.
Speaker Change: Of repeating that but since that time, we've made a tremendous amount of progress.
Speaker Change: Implanting yet the first out of your pro envelope went in September 5th since then we've been growing our presence with both our sales force and with our representation drove action G. P. O's and then lastly, supporting all of this great. After a <expletive> effort by publishing peer reviewed data out there demonstrating the proven.
Speaker Change: The activity of the product.
Speaker Change: I'll say this.
Speaker Change: I'm going to go through all of that in in much more detail. Please know underneath all of this though.
Speaker Change: <unk> is a pretty Ernest business development activity, that's going on we are engaged in strategic discussions with multiple partners. As you can probably imagine, though that is mostly confidential and highly sensitive materials. So I will not be going into more detail about that but I was hoping to investors you can appreciate the sensibility.
Behind that decision.
Speaker Change: So let's move on to the details I can't talk about which is what is going on with with elite pro and starting off with implanting. It we are really energized.
Speaker Change: By the fact that we were able to get the first commercial use underway on September 5th.
Speaker Change: We also had a really another really cigna.
Speaker Change: Significantly cooler than happened we had the first neuro stimulator device Glynn on October October 31, which is our first use of neuro stimulation actually happened much earlier than we had expected we didn't really have a big a big push in neuro stem, but that was a that was one of those indications where a physician was looking.
Speaker Change: <unk> saw hi, Rick risk patient and said you know what this is actually really the the perfect product to make sure that this neuro stimulator is protected now that we have a product on label and and and can do that we're also seeing strong initial adoption. So your pro is being used across all major Cie D. Our brands.
You have a little bit more about to say on that and it it actually accounts now for 25% of our of our bio envelope sales.
Speaker Change: That are ongoing right now so it's starting to make its presence known and we haven't really unleashed it yet.
Speaker Change: Not at all to our to the full market. So we're very very pleased with our current market adoption I think though this slide it's kind of a fun one to do let's meet or are emerging out of your pro nation, Dr. Curt and zero in the the left side of this picture Dr. Karen Zara East.
Speaker Change: Carolina University was our first electrophysiologist.
Speaker Change: Two in plant on September 5th and we're really excited to have his support and encouragement you go to the right side the bottom right side of the picture My good friend, Dr. Poor at Harvard Medical school not to be outdone. He wanted to get on the action is.
Speaker Change: Implanting elite pro around a Boston scientific a pacemaker in the middle of the picture we have Dr. Hutchison.
Speaker Change: Who is protecting and Abbott neuro stimulator here.
Speaker Change: At down at our Spartanburg, and then actually probably my favorite to these pictures is the one at the top this is Dr. Alkhateeb Who's a professor at Duke protecting a medtronic device actually lending some great credence.
Speaker Change: To this notion that 88% of our former directs users might actually want to switch over and become.
Speaker Change: And become elite pro users and so this is just the beginning for the Electrophysiologist out there in the in the pain management positions with neuro stimulators I can assure you there is plenty of room on the bandwagon for you all and you are all welcome.
Speaker Change: So let's move along into what we're doing to strengthen our sales and our commercial presence are out in the field. So we are expanding our commercial footprint. We're doing this strategically we added a significant key additions to southern California and through the North East.
Speaker Change: We did this through a balanced blend of direct and independent reps. We are using this balanced blend of direct and independent reps because it actually helps us get quality coverage, where we want it in targeted locations, but actually by keeping a lot of our costs variable and for a company our size that.
Speaker Change: Matters, we are thinking about how we do this.
Speaker Change: Effectively but we're also thinking about how we do it from a cost conscious standpoint, as well that leaves us a hybrid model right now 12 direct reps 34 independent reps nine product consultants. We've also completed a very in depth sales training program for all of these are all of these.
Speaker Change: Sales professionals that are out in the field.
Speaker Change: Explaining to them and making sure that they understand the science behind the story of not just the pharmaceutical Prada.
Product and not just the device product, but one that actually combines pharmaceutical device and biologics into one. So we're really we're really excited about all the work that Kimberly and her team have done there and boy have they done some work. So they have actually come pleaded submissions to over 100 <unk>.
Speaker Change: <unk> so far.
And this number I thought was the most surprising 36 accounts are now actively ordering so typically we would anticipate a vac on average to take about six months to get through that process and in six weeks, we have 36 three.
Through we're not leaving it there we continue to.
Speaker Change: To submit to Vacs, we have hundreds to go and we're on the March but we clearly have a strategy that is resonating with the vacs, it's working with them, we're getting through that process, we're getting them pricing letters and we're getting pricing on our terms.
Speaker Change: Speaking of which we're not also not leaving it just backs we're advancing this strategy with our GPO partners as well and we have made significant progress.
Speaker Change: With the Gpo's through major health care systems, and we would expect to have a favorable coverage decisions by a number of them are early into 2025, and we'll obviously be making those announcements as as they warrant.
Speaker Change: So.
That's what we're doing from a planning standpoint, and that's what we're doing from a commercial standpoint, but this is a scientifically supported product as well and this is a this is a next generation product not a me too product either and we're going out there and we're making that clinical data.
Speaker Change: No and so we have an initial a clinical study that we have kicked off our registry study is designed to provide real world outcomes data of people that are actually using our elite pro in CIB implantation.
Speaker Change: We're going to be using this data obviously for publication and continued ongoing clinical support in the United States, but it actually also forms the basis of our efforts in the EU to uptake.
Speaker Change: To obtain the CE Mark.
Speaker Change: Speaking of which we're also really excited to announce our peer reviewed publication. So I should point out here that when we took earlier pro through the approval process in 2024, well that wasn't like any FDA approval process that it might have taken.
Speaker Change: <unk> five or 10 years ago, we can tell you firsthand. The bar has been raised very very significantly on what it takes in order to get a product through this process scientifically and frankly, we intend to flex our full scientific muscle in this regard and so we've gotten some data published out in the.
Speaker Change: [noise] frontiers.
Speaker Change: In frontier is in drug delivery were showcasing who can go onto the next slide we're showcasing how we were able to come.
Speaker Change: Completely eliminate.
Speaker Change: Four of the most important bacterial contaminants that you frequently see a in.
And in the hospital setting on these types of devices. So staff, where he said not just FRE methicillin resistant staph aureus, probably the single most significant hospital pathogen completely eliminated staff permanent epidermis. The most abundant potential path pathogen acinetobacter, Oh really prominent Uh huh.
Speaker Change: Hospital acquired infection from office influenza, everybody knows about too as well a significant gram negative pathogen, so gram positive gram negative cocci, but still lie.
Speaker Change: Complete kill greater than 99% or four log reduction.
Speaker Change: And just getting the message out there that we really have created a product that physicians can feel scientifically and clinically very very good about there is a tremendous amount of data back.
Speaker Change: Backing this up and so I'll close out my comments here.
Speaker Change: With this was a slide we put up last time, but I think.
Now that we are about six weeks into this product being out there and and commercially available. This idea that 88% of of Electrophysiologist that are using Tyrrell said, they would switch some of their envelope some or all of our envelope business.
Speaker Change: That seems to be true and we're in this $600 million market and it doesn't seem to matter, whether or not you're putting on an abbott pacemaker or whether or not you're putting out a medtronic pacemaker, our Boston scientific pacemaker.
You want that pacemaker are protected by the only biologic solution out there that offers the complete antibiotic protection of rifampin administer icon and we are seeing that enthusiastic response from physicians from hospital purchasing organizations and from industry partners and so we could not be more pleased.
Speaker Change: <unk> with how our prelaunch process is going and can't wait to talk to you again about this once we actually are in the full swing of our commercial launch so with that I will step aside and Matt will run us through some pertinent financials then of course, we'll open it up.
Speaker Change: Four questions.
Okay, well. Thank you Randy I would like to first of all I'll say that I completely agree and completely second what Randy was saying about R. R.
Speaker Change: Our enthusiasm about the progress that we've made and the company and it's really across multiple fronts commercial strategic as well as financial and I'll just sit on a few of the financial points here and then like Randy said, we'll take your questions. So from a sales point of view, we were at $5 9 million for the quarter.
Speaker Change: Down slightly compared to $6 1 million a year ago in the same quarter, but but when we look at the two key areas. We're really pleased with what we're seeing a bio envelope sales, we're really seeing the contribution start from Oh, Your pro as Randy talked about in some detail and.
Speaker Change: We're really pleased that people are also continuing to use kangaroo, where they don't yet have all your pro available, but we are seeing a lot of anticipation of Oh, you're probing available in accounts, and we think that actually bodes well for the future and the growth that we expect to see there in the future and then of course simple derm.
Speaker Change: It continues to chug, along and grow quite nicely, we saw 19% growth year over year in the current quarter with $3 1 million in sales.
Speaker Change: From a gross margin point of view more relevant than the GAAP number as our adjusted gross margin, which we saw a tick up slightly to 61% compared to 60% a year ago, and then breaking that down a little bit further.
Speaker Change: And so really nice result for our device protection or or bio envelope business.
Speaker Change: Comprised of Oh, your pro and Kangaroo the gross margin there was 68% while the gross margin for simple derm was pretty consistent at 56%. So really nice results from an operational perspective there.
Speaker Change: On an operating expense basis, we feel like we're doing a good job controlling expenses across the company, while making the appropriate investments in our commercial organization and continuing to advance the company on a variety of fronts. There we saw an increase of 13.
Speaker Change: $13 million compared to $10 million, but most of that is actually most of that increase was actually driven by noncash stock based compensation expense and so.
Speaker Change: The cash difference is actually quite minimal given the kind of development and growth that we're seeing in the company.
Speaker Change: Yeah.
Speaker Change: Loss from operations, just adding all those things together was $10 2 million for the quarter versus $7 4 million last year.
Speaker Change: Net income I'll, just say, it's kind of an interesting note. We actually had positive net income for the quarter of $1 $3 million I'd like to celebrate that when we can get it but I don't want people to get too excited because a lot of that had to do with the noncash.
Speaker Change: A gain that we had from the revaluation of warrants that were exercised in the quarter and I won't get into any more of the weeds than that but.
Speaker Change: When you are profitable and you got to appreciate that.
Speaker Change: When you can get it.
Speaker Change: Probably more relevant to the actual business is adjusted EBITDA, where we had a loss of $2 $9 million for the quarter. So it's been a very manageable range up a little bit from the year ago quarter. When it was $1 7 million.
Speaker Change: And then last but certainly not least we.
Speaker Change: We ended the quarter with $25 7 million in cash and we are feeling good about that that reflects the addition of the exercise of warrants that we had early in Q3 that was an additional $13 8 million that came in as a result of that so that is the snapshot from a financial point of view again, we're feeling great about where we are.
Speaker Change: As a company and with that we will open it up to questions.
Thank you.
Speaker Change: We will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad.
Speaker Change: Confirmation tone will indicate your line is in the question queue.
Speaker Change: Press Star two if you would like to remove your question from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.
Speaker Change: One moment, please while we poll for questions.
Speaker Change: Thank you.
Speaker Change: First question comes from the line of Frank Frank Parkin with Lake Street Capital markets. Please proceed.
Speaker Change: Great. Thanks for taking the questions. Congrats on all the progress I was hoping I could start with one on all your pro mix of implants I'm sure. It's small numbers and I'm sure. It's a little bit tough to tell exactly where theyre all being news, but I know you commented on some being use of Medtronic cans, but was curious if you have kind of a broad stroke.
Speaker Change: <unk>, what the mix of implants between Abbott, Boston and Medtronic.
Speaker Change: Medtronic was with the early implants.
Speaker Change: Yeah.
Speaker Change: Yeah, Frank so.
Speaker Change: It is.
Speaker Change: It is fairly.
Speaker Change:
Well, it's very early it's not fairly early it's very early into <unk>.
You know this this journey, but right now we're not really seeing a bias towards any one of them.
Speaker Change: Pretty pretty quickly into.
Speaker Change: We ended the process, we had all of the major pacemakers.
Speaker Change: The.
Speaker Change: Covered.
Speaker Change: And and that's I think now really what Youre seeing is just which centers are getting through vac, the fastest and what underlying.
Pacemaker that particular electrophysiologist.
Speaker Change:
Was.
Speaker Change: Well you know what.
Speaker Change: Was it was accustomed to using it.
Speaker Change: In the first place. So we're not we're not really seeing a bias one way or the other.
Okay. That's helpful. And then maybe on the account base. Appreciate the commentary there can you just level set us how many kangaroo accounts you have at this point and then maybe talk about the broader total account opportunity.
Speaker Change: Yeah. So.
Speaker Change: There are and we have about 400, we talked about this last call in the ballpark of around 400.
Speaker Change: Kangaroo.
Speaker Change: Kangaroo accounts.
Those obviously come in all different shapes and sizes, so they're not they're all not.
Speaker Change: They're all not.
Speaker Change: Alike.
Speaker Change: That makes up the majority of the universe that we're going after might be.
Speaker Change: A little more than that but it's not a lot more than that.
Speaker Change: And so.
Speaker Change: And so the I think we're at 37 or something like that that are yes.
Speaker Change: We have activated.
Speaker Change: Already.
Speaker Change: As I said, it's about 10%.
Speaker Change: Uh huh.
Speaker Change: Those accounts and we were not anticipating to be able to get that done that quickly.
Speaker Change: Okay. That's helpful. And then maybe talk a little bit about hiring them. So you guys made a lot of hires in the quarter.
Speaker Change: It just feels like the existing team that you have now hired.
As fully staffed or do you think there'll still be a little bit more hiring.
Speaker Change: We actually feel pretty good with the team.
Speaker Change: We have right now I'm actually.
We feel great with the team we have right now we don't have the team in every single spot.
Frank: That we want this is Frank where we're using this hybrid strategy and so where we can pick up.
Frank: And independent distributor and this is this is sort of important that has a key device relationship.
Frank: And a territory that we want it's like a two for one because we we go directly in with.
Frank: Pretty much prime premade existing business and an area that we want to that we want to be in and so there are a couple of areas, particularly out.
Out in the west that that we still have a that we still have opportunity.
Frank: To grow in but the ideas that we can pick these up and we can keep them on this we can keep them in this.
Frank: You know the split between direct and hybrid.
Frank: And keep at least a lot of our costs variable now what I will tell you we won't do.
Frank: We won't compromise on the standards of the type of people the type of professionals that represents the lucia and represent a value prop. So we don't allow anyone to.
Frank: Cover the product and detailed the product that hasnt fully gone through the training that fully doesn't it doesn't fully understand.
The products its benefits its limitations.
Frank: And frankly, our what we call crew values.
Speaker Change: At Lucia.
Speaker Change: And so we have two different models of compensating reps, but we only have one standard for bringing somebody into the company.
Speaker Change: Okay. That's helpful. And then maybe just one last one for me on the.
Speaker Change: Transition from Kangaroo, two elite pro how should we think about kind of short term.
Speaker Change: Noise or lack thereof in the numbers for.
Speaker Change: For Q4 until we get into the full launch I assume there's a little bit of pause I think you guys called it out in Kangaroo ordering while they wait for elite pro that's kind of a more timing than anything but how should we kind of think about that as we look at our models.
Speaker Change: Okay.
Speaker Change: We don't give forward looking guidance, but I. Appreciate the question I don't want to I don't want to I don't want to completely ignore it either I think noise, Frank would sort of be the right.
Speaker Change: The right way to think about it whatever it'll be I think it'll be around the margins.
Speaker Change: Uh huh.
Speaker Change: I think at least at least in the fourth quarter.
Speaker Change: I think we're gonna surprise really one way or the other.
Speaker Change: Obviously, our most enthusiastic.
Speaker Change: Adopters of elite pro where are most enthusiastic users of kangaroo.
Speaker Change: Absolutely.
To be.
Speaker Change: You know to be expected.
What what we are seeing that's a little bit different is we are seeing larger at least initial ordering patterns and so.
Speaker Change: We are seeing we're seeing when orders are placed for <unk> on average about 20% larger than the orders we were seeing for <unk>.
Speaker Change:
Speaker Change: Four four for Kangaroo.
Speaker Change: So even if it's cannibalization we are encouraged that there is as you would expect upside and that cannibalization because we developed <unk> pro because it was a product that had a much greater utility for particularly for people.
Speaker Change: At high risk.
Speaker Change: A post operative infection and it seems like at least initially because this is very very early numbers.
Speaker Change: But it seems like initially that that threat is playing out.
Speaker Change: Okay. That's helpful. Thank you.
Speaker Change: Thank you.
Speaker Change: Question comes from the line of Ross Osborne with Cantor Fitzgerald. Please proceed.
Speaker Change: Yes.
Speaker Change: Hey, guys. Congrats on progress thanks for taking our questions.
Speaker Change: Turning off your comment on rally proud that you use at the neural stem I was interesting.
Speaker Change: And while we've thought about this opportunity it really hasn't been top of mind, so with that being said.
Speaker Change: Is this something you guys are currently in marketing as in use case or we start to you or is it just something nice to have for incremental adoption.
Speaker Change: So to two areas.
Speaker Change: Ross one is.
This was pull through so this was kind of neat because.
Speaker Change: This was showing us there's actual demand out there we werent, we werent marketing into the neuro stem space, we were requested into the into the neuro stem space.
And we think there is more of that business.
Speaker Change: To be had.
We also know that our it's something our competitor just doesn't do.
Speaker Change: Very much at all and and.
Speaker Change: And so.
Speaker Change: When we look at particularly neuro stem devices going in in the hospital side in the hospital setting, we actually see that as a pretty rapid opportunity for us.
Speaker Change: Ah Ah Ah to significantly grow hospital centers, where we would already be on formulary for <unk>.
Speaker Change: For.
Speaker Change: For the cardiac devices. So that's that's piece one.
Speaker Change: And that's that's sort of a new set of business opportunities for us piece too is the one we've been we've known about all along.
Speaker Change: That our BD people.
Speaker Change: Or are interested in working down and that is.
And that is you know where where would where it would some kind of relationship strategic relationship.
That makes sense in the neuro stem space or in the sleep apnea space.
Speaker Change: You can think about it as pain, you can think about it.
As you know in urinary and fecal incontinence.
Sleep apnea of deep brain stimulation.
Speaker Change: There could be a number of different opportunities.
Speaker Change: At a more macro level from a business development standpoint.
Speaker Change: But in the short term yeah were going to we love seeing how you approach it used in.
Speaker Change: In the neuro stem space in general primarily because there is a really significant need for it when you look at the post operative infectious complications in those high risk neuro stimulator devices. They are in the 20% to sometimes 40% range and we should do something about that and we think we have the perfect product for it so we're going to do it.
Speaker Change: Sure.
Speaker Change: Yes, I'm glad to hear it.
Speaker Change: And then maybe switching gears pulp there Amit.
Speaker Change: Can you just talk to you in top initiatives for 2025 around that offering.
Speaker Change: I am sorry, Ross, we missed it broke up we missed the last part of your question simply arm something sorry about that can you hear me now.
Speaker Change: Yeah, Yeah, just ear top initiatives for next year with some better.
Speaker Change: So our initiative with simple term is is to keep expanding.
Speaker Change: Our commercial our proprietary commercial distribution efforts.
Speaker Change: With.
Speaker Change: With the product when we think about.
Speaker Change: Looking forward in what we feel is the broader concept of reconstructive biosurgery at the very top of our list for having a really significant impact on our major field is breast reconstruction and.
Speaker Change: That is that is a area and that is a case.
Speaker Change: That we want to own we bifurcate reconstruction from the actual implant we view that there is a world out there where you can be implant agnostic and give the surgeon the optimal reconstructive procedure keep in mind. This is a two.
Speaker Change: <unk>.
Speaker Change: A two step to surgery.
Speaker Change: So in order for a woman going through a mastectomy on her way to reconstruction doesn't give the actual implant usually until six months. After the reconstructive procedure has been formed we see ourselves as the ones that can step in there with reconstructive biosurgery and really didn't really own and.
Speaker Change: That case of Michelle Williams and her team.
Speaker Change: Or are on a number of exciting things are there are the one we talk about fairly publicly is is what we call simple MRM, which is obviously our drug eluting.
Speaker Change: Version of of of simple derm, but we really we really want to own that entire field of of reconstructive biosurgery and we're starting in breast reconstruction and so in order to do that we also need to have the commercial infrastructure to go along there and so we have a we have.
Relationship our partnership with <unk>.
Speaker Change: Who was acquired.
Speaker Change: Bye Tiger medical and Ah that.
Performed reasonably well during the period, but as we think about growing this space next year, we think about growing this primarily on the backs of our own commercial infrastructure there, which.
Speaker Change: We're also making significant additions too so.
I hope that helps it was probably a longer answer than you wanted Ross.
Speaker Change: Perfect all right. Thanks for taking my questions and congrats again on the quarter.
Thank you.
Speaker Change: Thank you there are no further questions at this time I would like to conclude the call.
Speaker Change: Thank you everyone for your participation and have a wonderful day.
Speaker Change: Goodbye.
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