Q4 2024 Quipt Home Medical Corp Earnings Call
G. L. P. One medications continue to have no negative impact on demand referral activity for new device setups remained steady while replacement supply volumes have been strong.
Recent real world data shared by the leading sleep device manufacturer involving 989000 patients underscores the positive effect of G. L. P. One on treatment adherence the study.
Visuals with obstructive sleep apnea diagnosis, who were prescribed the G. L T. One or 10, 8% more likely to start CPAP therapy compared to those not on G. O. P. Wants. Additionally, these patients exhibited higher resupply order rates over both 12 and 20.
Four month periods, we believe G. L. P. One medications will serve as a long term tailwind for our sleep business introducing more motivated patients into the health care system as they focus on improving their overall health.
Moving to the ongoing civil investigative demand known as the C. I D. We continue working diligently to resolve this matter as quickly as possible and want to again make the point that the government has not determined that any wrongdoing has occurred at this time, we remain committed to transparency and will provide updates as appropriate.
As it relates to the regulatory environment late last week, the centers for Medicare and Medicaid services announced positive CPI adjustments for 2025 fee schedules, ranging from 2.4% to 3% depending on the item and the location competitive bidding program items and former <unk>.
Tennant is busy in areas, we will see a 2.9% increase while competitive bidding program items and non CBA areas will receive a 3% increase in rural areas. The 50 50 blended rate will continue with a 3% increase applied to the adjusted portion of the rate this pause.
Positive CPI adjustment will provide further support for our organic growth objectives for calendar 2025.
During fiscal Q4, we prioritize creating additional efficiencies within our core operations, ensuring our organic growth ambitions for calendar 2025 from that as we emerge from the industry wide challenges faced in 2024, we are actively exploring opportunities to allocate capital for further growth and value creation.
As we head into calendar year 2025, we expect to see a return to our historical organic growth rate.
Moving to the M&A landscape it remains highly dynamic with numerous opportunities aligning with our disciplined acquisition criteria. Our pipeline is expanding and we remain focused on executing synergistic acquisitions at attractive multiples to have more scale.
We are managing our debt conservatively with net leverage at 1.6 times, which gives us the flexibility to invest in strategic initiatives as we move forward. We are confident in our ability to deliver exceptional patient care strengthen relationships with payers and execute a disciplined scalable growth strategy through.
These efforts, we are well positioned to drive consistent long term value for our shareholders with that commentary I'd like to hand, the call over to Hardy to discuss our fiscal fourth quarter and full year 2024 financial results.
Hardy: Thanks, Gregg on Monday evening, we announced our fiscal fourth quarter and full year 'twenty 'twenty four financial results, representing the three months and 12 months ended September 32024.
Hardy: Please note that all financial values are in U S dollars and are now reported under GAAP accounting principles that the comparison periods also reported and GAAP for consistency.
Speaker Change: You have some key highlights.
Speaker Change: The respiratory visa place that ups and deliveries increased to 480000 for the year ended September 32024, compared with 396000 for the year and their September 32023, reflecting a growth of 21% driven by our use of technology and centralized intake processes.
The customer base grew 10% year over year, serving 314000 unique patients in fiscal year 'twenty 'twenty four compared to 286000 unique patients in fiscal year 'twenty two 'twenty three.
Speaker Change: We completed 854000 unique setups slash deliveries in fiscal year 'twenty 'twenty four an increase of 13% from 754000 unique setups deliveries in fiscal year 2023.
Speaker Change: Revenue for fiscal year, 2024 was $245 9 million compared with $211 7 million in fiscal year 2023.
Speaker Change: Sending a 16, 2% year over year increase approximately $7 1 million or 3% was driven by organic growth as part of gap avenues now inclusive of our bad debt expense. This change does not represent a sudden loss in revenue, but a different way of presenting.
Speaker Change: Bad debt in our financials.
Speaker Change: It's important to emphasize that bad debt expense has always existed and been reported separately from revenue. The difference now is its inclusion within revenue figure under GAAP.
Speaker Change: All comparison PD years reflect this change.
Speaker Change: We can read and revenue remained strong exceeding 78% of total revenue in fiscal year 'twenty 'twenty four.
Speaker Change: Adjusted EBITDA for fiscal year, 'twenty 'twenty, four was $57 9 million with a 23, 5% margin compared to $15 6 million and a 23, 9% margin in fiscal year 2023.
Speaker Change: It represents a 14% increase year over year.
Speaker Change: For fiscal Q4, 'twenty 'twenty four revenue was $61 3 million up 3% from $59 6 million in fiscal Q4 2023 with.
Speaker Change: We returned to positive sequential organic growth of 1%.
Speaker Change: Yeah.
Speaker Change: Adjusted EBITDA for fiscal Q4, 'twenty 'twenty four was $13 4 million, reflecting a 21, 8% margin compared to $14 7 million at 24, 6% margin in fiscal Q4 2023. This represents an eight 8% decrease year over year.
Speaker Change: Cash flow from continuing operations was $35 7 million for the 12 months ended September 30, when you're 24 compared with $37 million in the prior year.
Speaker Change: Excluding the impact of this reporting adjustments.
Speaker Change: <unk> positive sequential revenue growth of 1% signaling that our underlying business fundamentals are improving.
And we would expect that calendar year, 2025, which begins with fiscal Q2 'twenty.
Speaker Change: 25, you can see a return to our historical organic growth rate.
Speaker Change: Operating expenses as a percentage of revenue came in at 49, 8% in fiscal year 2024, compared to 48, 7% in the corresponding period in 2023.
Speaker Change: Acquisitions contributed approximately $8 6 million of the increase professional fees related to the city and the loss in foreign private issuer status contributed approximately $3 3 million to the increase in fiscal 'twenty 'twenty four.
Speaker Change: For fiscal 2025, we anticipate lower C. A D professional fees with the objective plain resolution.
Speaker Change: Medical equipment Capex also known as rental equipment transfers from inventory during the years ended September 32024, and 2023 was $33 million 566020 $9 million 279000.
Speaker Change: As of September 32024, the company reported $16 2 million in cash on hand, compared to $14 4 million in.
Speaker Change: Cash on hand as of June 32020 for.
Speaker Change: The company has total credit availability of $34 7 million, including pinpoint 7 million available on the revolving credit facility and $21 million on the delayed draw term loan facility.
Speaker Change: We maintain a conservative balance sheet with net debt to adjusted EBITDA leverage ratio of 1.6 X.
Speaker Change: Fiscal 'twenty 'twenty four marked a Europe resilience for our business in the face of multiple industry wide challenges that we absorb which negatively impacted our financial performance and prevented us from achieving our target of 8% to 10% annualized organic growth.
Speaker Change: The path of the Medicare 70, 525 relief as of January one 'twenty 'twenty four and the withdrawal of Medicare advantage members due to the capital did agreement engaged with other providers in the industry impacted revenue by approximately $5 million for the year ended September 32024.
Speaker Change: Moreover, the estimated impact on collections on accounts receivable from the change healthcare cyber attack is estimated at approximately $3 million.
Despite the headwinds we achieved record breaking results of $245 9 million in revenue and achieved an adjusted EBITDA margin of 20.5%, which reflects our ability to drive operational efficiencies and scale.
Speaker Change: This results demonstrate the consistency of our performance even in periods of uncertainty and our ability to adapt to changing market dynamics.
Speaker Change: Our operating metrics remained strong supported by consistent demand trends and referral patterns across our diversified product and service mix.
Importantly, the strength in this referral patents offset the majority of the loss Humana Medicare advantage patients highlighting the resilience of our business model.
Speaker Change: As we transition into calendar 'twenty 'twenty five we are optimistic about our ability to sustain this underlying positive trends supported by strong referral activity and demand for our end to end respiratory solutions.
Speaker Change: Fiscal 2024 showcase the stability and resilience of the business and we are well positioned for sustained growth and long term success.
Speaker Change: We expect consistent organic growth in calendar 'twenty 'twenty five to return and that it will persist as we continue to drive volume through our organic sales team the cross selling of products and continued expansion of the continuum of care in a just in market.
Speaker Change: For fiscal 'twenty, 'twenty, five or guidance continues to be for 6% to 8% free cash flow a non-GAAP measure.
Speaker Change: The company defines free cash flow as adjusted EBITDA less capital expenditures, both in cash and those finance to recoup and launch and repayments of leases.
Speaker Change: The company believes free cash flow is useful supplemental financial measure for it and investors in assessing the company's ability to pay interest we pay the senior credit facility and pursue business opportunities in investments, including making acquisitions.
Speaker Change: For fiscal 2024, the company reported $16 2 million or six 6% of revenue and free cash flow.
Speaker Change: The continued consistency of our revenue base is driven by our highly recurring revenue model, which account for more than 51% of our total revenue mix or resupply program is a major proponent of this recurring revenue base as we have significantly scaled now consist of 172000 patients.
September 32024.
Speaker Change: The resupply program represents an amazing growth area for us extending a patient's life cycle with us.
Speaker Change: Our healthy balance sheet with 59 million of liquidity provides ample flexibility to execute both or organic growth initiatives and strategic acquisition pipeline with a modest net leverage of one six times, we are well positioned to deploy a balanced mix of debt and cash to scale, our business thoughtfully with the expectation.
That the cost of capital that environment will improve overtime, we are confident in our ability to capitalize on strategic opportunities, while maintaining financial discipline. The.
Speaker Change: The combination of our operational scale financial strength and disciplined growth strategy.
Speaker Change: <unk> us to deliver enhanced value for our shareholders in 2025 and beyond.
Speaker Change: As we continue to scale the inherent operating efficiencies in our model, we drive margin enhancement and long term value creation scale is a critical component of our strategy as it enhances our ability to meet increasing demand depends on our market penetration and create durable competitive advantages across our.
Speaker Change: At Fone.
Greg: And with that update I'll turn the call back to Greg.
Thank you Harley for that comprehensive overview of our financial performance and operational highlights as hard account. One is called 2024 was a resilient year for quipped and we've entered into fiscal 2025 with regained momentum across our core business in light of the industry wide challenges that we faced.
Speaker Change: As we think about the opportunities ahead I want to emphasize how we're positioning quip for sustained success by continuing to execute on our growth roadmap.
Speaker Change: Delivering exceptional patient care as the foundation of our strategy our focus remains on addressing chronic respiratory conditions, such as sleep apnea, COPD and other pulmonary diseases and ensuring that patients receive high quality care in the comfort of their homes as we look to the future. We are constantly exploring ways to expand our reach and <unk>.
Serve more patients by entering new markets and performing strategic partnerships with payers referral sources and other health care providers.
Speaker Change: Our competitive edge lies in the combination of growing our market share coast to coast footprint, we have built and our robust clinical expertise.
Speaker Change: These strengths allow us to leverage economies of scale and deliver a seamless patient centric experience that meets the rising demand for home home based care solutions looking at our growth roadmap driving organic growth is our top priority with the target of returning to historical organic growth levels in 2025, we're levered.
She'd demographic tailwind such as the aging population and the increasing prevalence of chronic conditions to meet the growing demand for home based medical solutions.
Speaker Change: Our expanded sales force is focused on deepening connections with hospitals network physicians and other referral partners, which is continuing to drive increase in referral activity. We also continue to make strategic investments in technologies to streamline workflows reduce inefficiencies and improve patient outcomes.
Speaker Change: These tools are not only support operational excellence, but also enhance our recurring revenue streams.
Speaker Change: As it relates to the execution of our growth strategy. We are committed to leveraging technology in every way we can to consistently improve our operational performance, we focus on enhancing our workflow processes, which creates real value and removes friction points.
Speaker Change: And we're working to expand our operating scale by making smart synergistic acquisitions in conjunction with our tried and true integration approach, which since 2018, effectively integrated 19 acquisitions, representing over $150 million of annualized revenue.
Speaker Change: Our intention is to focus on heavily weighted respiratory businesses, which can be successfully incorporated into our scalable infrastructure. Our overall objective continues to be to increase our payer base and geographic reach into advantageous geographies with a high prevalence of C. O P D.
Speaker Change: Given our sound fundamentals and our clear goals for calendar 2025, which includes returning to consistent organic growth. We will continue to actively engage with investors on both sides of the border and participate at conferences and roadshows to share our ongoing financial and operating achievements.
Speaker Change: And our long term growth objectives.
Speaker Change: As we look ahead to fiscal 2025, we remain focused on driving sustainable organic growth expanding our adjusted EBIT margins and further strengthening our nationwide health care network.
Speaker Change: Our flexible capital structure and a disciplined approach to financial management provide a solid foundation for executing our strategic initiatives, while our one six times leverage balance sheet ensures that we have the resources to capitalize on growth opportunities as they arise and importantly, we are seeing consistent demand across our.
Speaker Change: Product portfolio in real time during fiscal Q1, 2025, reinforcing our confidence in the momentum we are building going into calendar 2025. We are excited about the opportunities ahead and look forward to sharing our fiscal Q1 results with you in February.
Speaker Change: In closing I would like to take this chance to thank the <unk>.
Entire quip team for their tireless work and our stakeholders for their continued support.
We will now begin the analyst question and answer session.
Speaker Change: To join the question queue. You May Press Star then one on your telephone keypad, you'll hear at telling me acknowledging your request.
Speaker Change: You're using a speakerphone please pick up your handset before pressing any key too.
Speaker Change: To withdraw your question. Please press Star then two.
Speaker Change: Our first question is from Richard close with Canaccord Genuity. Please go ahead.
Richard Close: Yeah, Thanks for the questions.
Speaker Change: You guys called out the headwinds 70 525 exploration.
Richard Close: Humana computation agreement so.
Richard Close: As I think about those I think those you'll be lapping in the.
Speaker Change: I guess in January so should we think about the organic growth in a year. The December quarter is being somewhat similar to the 1% you just posted in four Q and then you know as.
Speaker Change: The second quarter third quarter and fourth quarter of <unk>.
Speaker Change: Twenty-five com, you're more in the 8% to 10%.
Speaker Change: Annual range.
Speaker Change: Yeah.
Speaker Change: I think that would be accurate Oh, I think we are saying that as we go into calendar 2025, we should.
Speaker Change: I'll start hopefully schott, saying.
Speaker Change: Organic growth rates that are kind.
Speaker Change: Kind of consistent with what we have been able to deliver in the past.
Speaker Change: Okay.
Speaker Change: And then with respect to I guess T I D.
Speaker Change: And for an issue, whereas before an issue were sort of goes away right.
If those two where I think you said $3 million in costs last fiscal year.
What would you expect to see I D costs to be running this year in fiscal 'twenty five.
Speaker Change: That is extremely difficult for us to handicap it really comes down to that underlying activity. We believe at this point we have.
Speaker Change: Oh, we have gone through a lot of the questions that have been asked and we hope that at this point we start.
Speaker Change: Trying to see what the resolution is worthless.
All of the discovery cost and stuff like that so.
Speaker Change: Having said that we have no idea of what the what what the government is the other side I think so.
So it's really hard to do.
Speaker Change: Hard to project are you an estimate.
Speaker Change: Okay.
Speaker Change: And then Arctic, making just on cash from operations.
Speaker Change: <unk> from.
Speaker Change: The previous reporting now to GAAP reporting I guess last year your cash from operations was like 45 million and this 10-K filing.
Speaker Change: 23 was 37 million in cash what exactly on the treatment did change or can you call that out yeah. It it's really related to the classification of.
Speaker Change: Real estate leases that went from operating.
Speaker Change: From finance to operating so if you look at it it's literally the exact same dollar amount that the leases from.
Speaker Change: Financing activity would change.
Speaker Change: Okay.
Speaker Change: Well if our dollar.
Speaker Change: Okay great.
Speaker Change: And then just since you're focusing in on organic growth in fiscal 'twenty fives, you called that out.
Speaker Change: A couple of times it doesn't sound like acquisitions are necessarily imminent right now with free cash flow that you generate in the business.
Speaker Change: Do you expect to pay down some of the credit facility or how are you thinking about that.
Speaker Change: Yeah, I mean, we will definitely continue to pay down the credit facility as per the schedule.
Speaker Change: We do okay.
Speaker Change: While acquisition is not.
Something we are not just having called out but it's not it's still a part of our strategy and it's still something that we continue to look and evaluate are.
Speaker Change: Consistently for the right opportunity to come along that will.
Yeah.
Speaker Change: The returns that we have always.
Speaker Change: To achieve so.
I wouldn't I wouldn't call that acquisition is not part of the strategy or anything like that it's just.
Speaker Change: Yeah. So that's.
Speaker Change: That's that but yeah, we will continue to.
Speaker Change: Pay down the debt facility as per the schedule we.
Speaker Change: <unk>.
Speaker Change: And continue to make sure we make the best decision so that our borrowing costs.
Speaker Change: Meanwhile, as possible.
Speaker Change: Okay I'll jump back in the queue. Thanks.
Speaker Change: The next question is from Bill Sutherland with Benchmark Company. Please go ahead.
Bill Sutherland: Oh, Thanks, good morning, guys.
Bill Sutherland: So on the M&A.
Bill Sutherland: Question, you know no nothing.
Speaker Change: Nothing done in fiscal 'twenty for what do you what are the factors looking you had that might make M&A activity a more active is it cost of capital or because it seems like theres no shortage of.
Speaker Change: Of targets.
Speaker Change: Yeah, there's certainly no shortage of targets out there.
Speaker Change: I think for us it'll it it'll be the right target and the right geography and that for the right price and we feel pretty confident that we've got some things in the pipeline and that's it.
Speaker Change: It will work out for us at some point in calendar 'twenty five.
Speaker Change: Yes, 24, and a lot of other considerations going on in the background, which are either.
Speaker Change: I don't want to say settled but there's certainly a lot more visibility on those see Eddie was a perfect example.
Speaker Change: So going into 2025.
Speaker Change: I think we have a better understanding better visibility and <unk> and.
Speaker Change: And then the cost of capital.
Speaker Change: It was also something that we were watching in the inflationary environment and you are now not all of those things are kind of going in the direction that we were hoping that would so it just means a lot more visibility to pig informed decision.
Speaker Change: Okay. That's helpful. And then just one quick number question on physical on you just completed.
Speaker Change: For Q, what was the revenue growth.
When you adjust for the $75 25 and.
Speaker Change: And the Humana impact.
Speaker Change: I'm not sure I completely followed.
Speaker Change: A question is asked.
So.
Speaker Change: You had.
Speaker Change: Forget with the year over year growth was for fiscal <unk>, but.
Speaker Change: Yeah.
Speaker Change: Sequential was 1% I guess alright.
Speaker Change: So if you.
Speaker Change: Eliminate the impact of the 70 525 and.
Speaker Change:
The Humana capitation.
Speaker Change:
Speaker Change:
Speaker Change: Impact what would what would the growth is good.
Speaker Change: What would the growth be should we keep the humana is that what youre asking.
Speaker Change: If you year over year, you know you had those two impacts limit your growth or right. So just kind of curious what the cause I think I I think I would ballpark it but I'm just wondering if it's if I'm in the right ballpark.
Speaker Change: Right. So if you are.
Speaker Change: Yeah, I think we just called that out that we would have made me about five ish million dollars in delta. So if you take that Wi Fi kind of floor.
Speaker Change: That would put us another $1 million on top of what we reported in terms of being paid for 70 525 and Humana.
Speaker Change: So that captures the 5 million would capture both of those impacts.
Speaker Change: Yeah.
Speaker Change: Okay. That's that's clarification I didn't have okay. Appreciate it okay.
Speaker Change: Okay. Thanks, everybody.
Speaker Change: Yep.
Speaker Change: The next question is China, Julian hung with Stifel. Please go ahead.
Speaker Change: Hi, This is Julian sitting in for Justin Today. My first question is just a clarification on the.
Speaker Change: Doj investigation reading D M D and E from my understanding the FCC concluded last month that they.
Speaker Change: Found no evidence of any wrongdoing.
Speaker Change: The investigation overall, it's still hasn't concluded is that right.
Speaker Change: That is that that is correct the FCC and that declined in that in any further investigation, but the.
D O J as it relates to the C D and that is still it's still open.
So like what what else is there left for them to look through or sort through E.
Speaker Change: Yeah, I mean at this point, we feel like that you know the heavy lift is is there we've given them everything and we're kind of waiting on them to decide whether or not there was any wrongdoing or anything so we haven't been notified of anything.
Speaker Change: Again, we feel pretty strong in that.
Speaker Change: Our billing practices and and everything like that so we're pretty confident in that that are you know we ended up on the right side of this at some point.
Speaker Change: Okay and then.
Speaker Change: A couple of quarters ago. The company launched the diabetes business can you just provide an update on that in house uptake.
Speaker Change: Yes, sure. So that's that's going along well and that we're continuing to see growth in that end and in fact in that surprised this didn't come up in that maybe earlier or are we kind of thought. This may come up is that we feel like that's maybe some effect on our margin because it does have a lower margin than that historically.
Speaker Change: What a respiratory products have had.
Speaker Change: Okay.
Thank you so much for taking my questions say sure. Thank you.
Speaker Change: Once again, if you have a question.
Speaker Change: Let's please press Star then one.
Speaker Change: The next question is from Doug Cooper with Beacon Securities. Please go ahead.
Doug Cooper: Good morning, guys.
Speaker Change: I had a question on the EBITDA margins and I guess, the sustainability going forward. So.
Speaker Change: I just your revenue on a quarterly basis to subtract bad debt expenses and just go with the EBITDA that you actually reported in those periods.
Speaker Change: I've got the EBITDA margin dropping from <unk>.
24.5 in Q1 to $24 three in Q2 23 in Q3 and now 21.9.
Speaker Change: So that gives you your blended for the year of 23, five what is your expectation for fiscal 'twenty five and the margin perhaps.
Speaker Change: We think for a physical twenty-five in that.
Primarily physical twenty-five Q2 that there are changes that need to be made in the business and that we're actively in that joined right now Doug and frankly, we thought we would grow our way out of the 70 525 and the loss of Humana. So we've carried a lot of additional cost structure through the year that we just weren't able to outgrow. So now we have to make.
Speaker Change: Those changes.
Speaker Change: Okay, and then moving on to the resupply business.
Speaker Change: I have in my notes.
This could be wrong.
Speaker Change: But you had 172000 patients on the resupply program in Q1 and you. Just said you ended the year at 172, so that doesn't look like it's grown at all this year.
Speaker Change: Oh.
Speaker Change: Yeah, I mean, it's I wouldn't we wouldn't call. It it's not growing I think again it is not growing despite losing some of the patients. So.
Speaker Change: So so so it's it's really not that.
But also the underlying some of the metrics that we go into our resupply program in terms of.
Speaker Change: How many boxes that is going in an order and.
Speaker Change: What's the average.
Speaker Change: Size of that box in terms of allowable and stuff like that so those underlying operating metrics.
Speaker Change: Our farmed.
Speaker Change: In the right direction and brought the year. So we do see some improvement on that side again.
Speaker Change: While the patients aren't looks flat.
Speaker Change: But keep in mind that that was despite of the underlying loss of the patients' home.
Speaker Change: Okay I'm just in terms of a broader question you guys returned to a bit of growth sequentially, but still it looks like underperforming the market certainly underperforming some of your peer group. So you know what what do you need to do to get back to.
Speaker Change: To get to get back to that historical you just noted 8% to 10% growth what what needs to happen in the business to make that happen because they're obviously your you underperformed in 2024.
Speaker Change: Yeah, Doug good question in that I mean, we really have to expand continue to expand our sales team and really make a lot of pushes there and that to bring back that organic growth that we've historically seen I think another piece of it for US too has been the acquisitions and that we've been able to historically in that.
Speaker Change: By a lot of these smaller companies and really watch them grow. So that's really helped and that with the organic growth along the way and I think when we didn't make any acquisitions in 24, you know that.
Speaker Change: It was probably one of the levers there and that that we weren't able to pull especially on the resupply program because we usually see a.
Speaker Change: Really big bump and that kind of post integration on that side.
But I guess with your stock trading where it is at about three times EBITDA, that's gotta make M&A quite difficult what what what are you kind of prices are you seeing out there.
Speaker Change: From the M&A perspective.
Speaker Change: I think the.
Speaker Change: The pricing are certainly more favorable than they have been in the past.
Speaker Change: Oh, there are quite a bit up opportunities I think from.
Speaker Change: I think less on the smaller side more on the higher.
Speaker Change: The larger size the Emmys.
Speaker Change: So there's a lot of hospital based D. Amused, there are kind of coming out in the market.
Speaker Change: We have already different dynamics to it.
Speaker Change: Demonstrate of Dnb.
Speaker Change: But I think overall.
Speaker Change: Slightly better favorable.
Oh.
Speaker Change: Valuations Oh sure.
Speaker Change: Maybe slightly lesser competition as well.
Even some of the other players are also involved in their own stuff. So I mean as far as the lens acquisition landscape goes that's kind of what we're seeing right now.
Speaker Change: Okay. Okay. That's it for me thanks.
Speaker Change: Thank you.
Speaker Change: This concludes the question and answer session I'd like to turn the conference back over to Mr. Crawford for any closing remarks.
Speaker Change: Thank you operator, and thank you all for your participation today as always you can find us on the web AD quipped home medical dotcom, where we'd be posting a transcript of this call and also our updated investor deck on the site.
For some of the exciting products and developments discussed on this call happy holidays and goodbye.
Speaker Change: This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
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