Q3 2025 PetVivo Holdings Inc Earnings Call

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Speaker Change: You have joined the meeting as an attendee and will be muted throughout the meeting.

Operator: and will be muted throughout the meeting. Good afternoon, everyone.

Speaker Change: Good afternoon, everyone.

Operator: Thank you for joining us today to discuss PetVivo's results for our third fiscal quarter of 2025, which ended on December 31st, 2024.

Speaker Change: Thank you for joining us today to discuss <unk> results for our third fiscal quarter of 2025, which ended on December 31 2024.

John Dolan: Hosting the call today is our Chief Executive Officer, John Lai, our Chief Financial Officer, Garry Lowenthal, our Commercial and Operations Advisor, Mike Eldred, and myself, John Dolan, PetVivo's Chief Business Development Officer and General Counsel. Following our remarks, we'll open the call to your questions.

Gerry Law: Hosting the call today is our Chief Executive Officer, John Way, our Chief Financial Officer, Gerry Law and Dol are.

John Dolan: Our commercial and operations advisor, Mike algorithms and myself, John Dolan had devers, Chief business Development Officer and General Counsel.

John Dolan: Following our remarks, we'll open the call to your questions. Then before we conclude today's call I'll provide some important cautions regarding forward looking statements made during the call.

Operator: Then before we conclude today's call, I'll provide some important cautions regarding the forward looking statements made during the call. I'd like to remind everyone that today's call is being recorded and it will be made available for telecom replay per the instructions in today's press release, which is available in the investor relations section of our website.

John Dolan: I'd like to remind everyone that today's call is being recorded and will be made available for telecom replay per the instructions in today's press release, which is available in the Investor Relations section of our website.

John Dolan: Now during the fiscal third quarter, we continue to expand our distribution network for our lead animal osteoarthritis medical device spring with osteocushion technology. Since its introduction to the market in the fall of 2021, spring has been used by more than 800 veterinary clinics across all 50 states. The expansion of our distribution network helped drive 191% sequential increase in revenues to $583,000. With our nationwide distributed network, sales contribute $545,000 of this total. While total revenues increased sequentially, they declined 2% from the same year ago period. This reflects our continuous endeavors in focusing a greater effort towards the much larger companion animal market.

John Dolan: Now during the fiscal third quarter, we continued to expand our distribution network for our lead animal osteoarthritis medical device spring with axiom Cushy technology.

John Dolan: Since its introduction to the market in the fall of 2021 spring has been used by more than 800 veterinary clinics across all 50 states.

John Dolan: The expansion of our distribution network helped drive a 191% sequential increase in revenues to 583000 with our nationwide distribution network sales contributed 400 545000 of this total.

John Dolan: While total revenues increased sequentially. They declined 2% from the same year ago period. This reflects a continuous endeavors and focusing the greater effort towards the much larger companion animal market. Our team is now focused on expanding both the equine and the small animal markets going forward.

John Dolan: Our team is now focused on expanding both the equine and the small animal markets going forward. The increased emphasis on the small animal market has involved the realignment and expansion of our sales force. with this resulting in an increased portion of sales related to companion animals in the third quarter. Meanwhile, we've been able to maintain our very favorable high gross margins of 89.5%.

Speaker Change: The increased emphasis on the small animal market has involved the realignment and expansion of our sales force.

Speaker Change: With this resulting an increased portion of sales related to companion animals in the third quarter.

Speaker Change: Meanwhile, we've been able to maintain our very favorable high gross margins of 89, 5%.

John Dolan: To further accelerate our growth, we have added a number of territory managers, as well as some highly experienced sale representatives to support our territory managers. These integral sales reps are also supporting our direct sales and marketing to lead veterinary clinics.

Speaker Change: To further accelerate our growth we have added a number of territory managers as well as some highly experienced sales representatives to support our territory managers. These integral sales reps are also supporting our direct sales and marketing to lead veterinary clinics.

John Dolan: We have also tremendously enhanced our leadership talent with the appointment of Mike Eldred, an executive director to assist in the company's operations and commercialization. Mr. Eldred was appointed to the board in September 2024. In his assignment, as a director, Mr. Eldred has been asked to assume the tasks and responsibilities of a commercial and operations advisor, thereby leading, helping to lead the commercialization and operation effort. For 20 years, Mr. Eldred served as president of North American Operations for Dekker Pharmaceutical, a publicly traded global specialist in veterinary pharmaceuticals with revenues of nearly a billion US dollars. He also built Decker's North American subsidiary from the ground up to become one of the fastest growing companies in the industry, with more than 250 employees and revenue in excess of 450 million.

Speaker Change: We have also tremendously enhance our leadership talent with the appointment of Mike Calgary and executive director to assist in the company's operations and commercialization Mr. Albert who was appointed to the board in September 2024.

In his assignment as a director Mr. Albert has been asked to assume the task of responsibilities of the commercial and operations advisor, thereby leading helping to lead the commercial leasing and operation efforts.

Speaker Change: For 20 years, Mr. Al grading served as president of North American operations project with pharmaceutical a publicly traded global specialists in veterinary pharmaceuticals with revenues of nearly 1 billion U S dollars.

Speaker Change: He also built Deckers North American subsidiary from the ground up to become one of the fastest growing companies in the industry with more than 250 employees and revenue in excess of $450 million.

John Dolan: Mike's experience, a strong record of business achievement in pharmaceutical and animal health, brings to our company a tremendously valuable resource for achieving our business goals goal.

Speaker Change: Mike's experience a strong record of business achievement in pharmaceutical and animal health brings to our company a tremendously valuable resource for achieving our business growth goals.

John Dolan: Now, before we get into some more of the exciting developments and our outlook for the rest of the year, I would like to turn the call over to our CFO, Garry Lowenthal, to take us through our financial results for the quarter.

Speaker Change: Now before we get into some more of the exciting developments and our outlook for the rest of the year I would like to turn the call over to our CFO Gerry law and Paul to take us through our financial results for the quarter.

Garry Lowenthal: Thank you so much, John.

Speaker Change: Thank you so much John and good afternoon, everyone. Thank you for joining us today to discuss our results for our third fiscal quarter of 2025 as John indicated earlier, we saw sequential quarter topline growth of 191% with a nationwide distributor network sales increasing 222.

Garry Lowenthal: Good afternoon, everyone. Thank you for joining us today to discuss our results for our third fiscal quarter of 2025. As John indicated earlier, we saw sequential quarter top line growth of 191%, with our nationwide distributor network sales increasing 222% sequentially to $545,000. Our fiscal third quarter is typically the largest quarter of the year, with this mostly due to the exposure we received at major veterinary conferences that occurred during the period. compared to the year ago quarter, our total revenues in the fiscal third quarter of 25 decreased 2% to $583,000. With this largely due to lower direct sales to veterinary clinics, as we transitioned to greater use of our expanding distribution network.

Speaker Change: <unk> percent sequentially to $545000.

Speaker Change: Our fiscal third quarter is typically the largest quarter of the year with its mostly due to the exposure we receive at major veterinary captives that occurred during the period.

Speaker Change: Paired to the year ago quarter.

Speaker Change: Total revenues in the fiscal third quarter of 25 decreased 2% to $583000 with its largely due to lower direct sale to veterinary clinics as we transitioned to greater use of our expanding distribution network sale.

Garry Lowenthal: Sales to distributors were relatively consistent in the quarter during this transitional period as we pursue the longer term benefit of more rapid sales growth and market expansion via distributors. Our gross profit for the quarter totaled $522,000 or 89.5% of revenues with this compared to $533,000 with the same 89.5% of revenues in the same year ago period.

Speaker Change: Sales to distributors were relatively consistent in the quoted during this transitional period as we pursue the longer term benefit of more rapid sales growth and market expansion via distributors.

Speaker Change: Our gross profit for the quarter totaled $522000 or 89, 5% of revenues with this compared to $533000 with the same 89.5% of revenues in the same year ago period.

Garry Lowenthal: Our operating expenses for the nine months ending December 31st, 24, decreased by $2 million or a 23% decrease from the same nine month period ending December 31st, 23. The expense reduction was due to a strategic companywide cost reduction and restructuring program that decreased general and administrative expenses by $1 million and a reduction of sales and market expenses by $1.2 million versus the same nine months a year ago. The decreases were particularly offset by an increase in research and development of $220,000 due to the performance of our clinical trials to support the underlying science behind our spring product.

Speaker Change: Our operating expenses for the nine months ending December 31, 24 decreased by $2 million or 23% decrease from the same nine month period, ending December 30 versus 'twenty three.

Speaker Change: The extent production was due to a strategic company wide cost reduction and restructuring program that decreased general and mainly retreat of extended by $1 million and a reduction in sales and marketing expenses by $1.2 million versus the same nine months a year ago.

Speaker Change: The decreases were particularly offset by an increase in research and development of $220000 due to the performance of our clinical trials to support the underlying science behind our spring <unk>.

Garry Lowenthal: For the nine months ending our net loss total $6 million or $0.30 a share per basic and diluted share, which was $2.3 million less than the net loss of $8.3 million or $0.64 loss per basic and diluted share for the same nine month period a year ago. turn into our balance sheet, our cash and cash equivalents totaled $29,000 at December 31. So to improve our cash position from the end of the quarter, we completed capital raises with net proceeds of approximately $1.1 million. We expect these funds to keep the company on track to execute our growth strategies over the next few months.

Speaker Change: Perfect.

Speaker Change: For the nine months ending our net loss totaled $6 million or 30 cents a share per basic and diluted share, which was $2.3 million less than the net loss of $8 3 million or 64 cents loss per basic and diluted share for the same amendment period a year ago.

Speaker Change: Turning to our balance sheet, our cash and cash equivalents totaled 29000 at December 31.

Speaker Change: So to improve our cash position from the end of the quarter, we completed capital raises with net proceeds of approximately $1.1 million.

Speaker Change: We expect these funds to keep the company on track to execute our growth strategies over the next few months.

Garry Lowenthal: As a result of this recent raise, our cash and cash equivalents currently total approximately $418,000. Our net cash use and operating activities for the nine months ending December 31 24 decreased by 31% or a $1.8 million decrease compared to the same nine months ending December 31 23, which demonstrates how we have become more cost efficient and cost wise with our cash spending in our company wide cost cutting program.

Speaker Change: As a result of this recent raise our cash and cash equivalents currently total approximately $418000.

Speaker Change: Our net cash used in Akron activities for the nine months ending December 31, 24, it decreased by 31% or a $1.8 million decrease compared to the same nine months ending December 31, 23, which demonstrates how we have become more cost efficient and cost wise with our cash spending in AR.

Company wide cost pain program.

Garry Lowenthal: This completes our financial summary for the quarter.

Speaker Change: This completes our financial summary for the quarter I'd now like to turn the call back to our Chief business Development Officer, John Dolan.

John Dolan: I'd now like to turn the call back to our Chief Business Development Officer, John Dolan. Thank you, Gary. A key aspect of our strategy to drive greater adoption of the spring is to expand the awareness of its effectiveness and benefits among key decision makers, and to do this on an increasingly greater scale. To support this effort, we participated in two major veterinary conferences last quarter, along with several smaller industry events. In October, we exhibited at the American Association of Equine Practitioners convention.

Speaker Change: Thank you Gary.

Speaker Change: Key aspect of our strategy to drive greater adoption of a spring is to expand the awareness of its effectiveness and benefits among key decision makers and to do this on an increasingly get greater scale to support. This effort. We participated in two major veterinary conferences last quarter, along with severs several smaller industry.

Rents in.

Speaker Change: In October we exhibited at the American Association of equine practitioners convention.

John Dolan: Surgery Summit. where we demonstrated spring to leading veterinary insurgents. Furthermore, in December, we participated in the American College of Veterinary Surgeons Summit, where spring was displayed to the equine veterinary community. Both events were great opportunities to demonstrate the advantages of spring and the beneficial results we have seen when administered to horses and companion animals, both anecdotally and in numerous clinical studies.

Speaker Change: Surgery summit.

Speaker Change: Where we demonstrated spring to leading veterinarian surgeons. Furthermore.

Speaker Change: In December we participated in the American College of Veterinary surgeon summit, where spring, which displayed to the equine veterinary community. Both events were great opportunities to demonstrate the advantages of spring and the beneficial results. We have seen when administered divorces in companion animals, both anecdotally.

And in numerous clinical studies in.

John Dolan: In January, we also presented Spring to a large number of veterinary practitioners at the Veterinary Meeting and Expo Conference or VMX. VMX is the largest veterinary conference in the US and hosts many of the industry's top professionals. During this third fiscal quarter, we continued the accumulation of data for our canine elbow study being conducted by Orthobiologic Innovations, a leader in R&D for regenerative and sports medicine. The study is being led by prominent veterinarians, Sherman and Deborah Knapp, and we expect it to be fully completed within the next few quarters. In addition to pursuing new clinical trials for spring, the experts at Orthobiologic Innovations are also supporting our product development and marketing.

Speaker Change: In January we also presented spring to a large number of veterinary practitioners at the veterinary meeting and Expo conference or B M X V. M X is the largest veterinary conference in the U S and host many of the industry's top professionals.

Speaker Change: During this third quarter third fiscal quarter, we continued the accumulation of data for our canine elbow study being conducted by ortho biologic innovations a leader in R&D for regenerative and sports medicine.

Speaker Change: The study is being led by prominent veterinarians Sherman and Deborah can now and we expect it to be fully completed within the next few quarters. In addition to pursuing new clinical trials for spring experts at Ortho biologic innovations are also supporting our product development and marketing.

John Dolan: Studies like the Canine Elbow Study, as well as our completed studies related to the management of stifle, cranial cruciate ligament disease, and hip osteoarthritis, play a crucial role in our distribution strategy, as large national and international distributors often require university or independently conducted research before adding a new product like ours to their catalog. All of our existing and new distributors have been leveraging these existing studies in the commercialization of spring and additional studies will further support their promotion and the veterinarian training involved involving spring. With our already completed clinical studies, we believe we have sufficient data to secure large corporate clients who have extensive veterinary clinic networks nationwide.

Speaker Change: Studies like the canine elbow study as well as our completed studies related to the management of stifle cranial cruciate ligament disease and hip osteoarthritis play a crucial role in our distribution strategy as large national and international distributors, often require university or independently conduct.

Speaker Change: Did research before adding a new product like ours their catalog.

Speaker Change: All of our existing and new distributors have been leveraging these existing studies and the commercialization of spring and additional studies will further support their promotion and the veterinarian training involved in solving spring.

Speaker Change: With our already completed clinical studies, we believe we have sufficient data to secure large corporate clients, who have extensive veterinary clinic networks nationwide. We would estimate about 75% of veterinary clinics are owned by such major corporate groups and we anticipate engaging several of them regarding the use of spring.

John Dolan: We estimate about 75% of veterinary clinics are owned by such major corporate groups and we anticipate engaging several of them regarding the use of spring in the upcoming quarters.

Speaker Change: In the upcoming quarters.

Mike Eldred: Now I'd like to turn the call over to our commercial and operations advisor, Mike Eldred, to talk more about a few recent exciting company events and our advances by our sales and marketing team. Thank you, John. Good afternoon to everyone.

Speaker Change: Now I'd like to turn the call over to our commercial and operations advisor, Mike Halloran to talk more about a few recent exciting company events and our advances by our sales and marketing teams.

Mike Halloran: Thank you John Good afternoon, everyone as John Don mentioned I have been in the animal health industry for about 30 years and spent the last 20 years heading up the North American business for one of the fastest growing global animal Health company.

Mike Eldred: As John Dolan mentioned, I have been in the animal health industry for about 30 years and spent the last 20 years heading up the North American business for one of the fastest growing global animal health companies. It's been a pleasure to be part of the PetVivo team and to serve on board of directors.

Speaker Change: It's been a pleasure to be part of the pet beeville team and to serve our board of directors.

Mike Eldred: One thing I noticed immediately was the need to improve communication, teamwork and develop a clear strategy for the commercial team, which is to be the leader in veterinary medical devices and regenerative medicine. We recently streamlined the organization and implemented new roles and responsibilities for many employees. April Boyce has taken on all sales and marketing activities. Brian Monitor is now responsible for all distributor relationships and veterinary corporate accounts and is helping to expand the business internationally. We've recently expanded our distribution partnerships with the addition of Vedco and Clipper. Josh Willem is now responsible for all manufacturing and R&D activities.

Speaker Change: One thing I've noticed immediately was the need to improve communication teamwork and develop a clear strategy for our commercial team, which is to be the leader in veterinary medical devices and regenerative medicine.

Speaker Change: We recently streamlined the organization and implemented new roles and responsibilities for many employees AP.

Speaker Change: April boys has taken on all sales and marketing activities.

Ryan monitor is now responsible for all distributor relationships and veterinary corporate accounts and it's helping to expand the business internationally.

Speaker Change: We've recently expanded our distribution partnerships with the addition of Bechtel a clipper.

Speaker Change: Joshua is now responsible for all manufacturing and R&D activities.

Mike Eldred: Dr. Kirstie Husby has recently joined the team and is responsible for veterinary technical and professional services for the equine product. and Marie Bartling has joined as a full time employee and will be responsible for developing and driving our clinical studies and developing technical data to support all employees and customers.

Speaker Change: Doctor Kirstie has bee has recently joined the team and is responsible for veterinary technical and professional services for the equine products.

Speaker Change: And Marine Bartley has joined as a full time employee and will be responsible for developing and driving our clinical studies and developing technical data to support all employees and customers.

Mike Eldred: As you may have seen, we issued a very exciting press release this morning. We're extremely excited about our partnership with VETSTEM. Precise PRP is a first-in-class, off-the-shelf, platelet-rich plasma PRP designed for the use by veterinarians. It is also the first blood-derived product to be reviewed and approved for safety by the Center of Veterinary Medicine. Unlike the current PRP mechanical kit on the market, precise PRP does not require a blood draw or the need and time for centrifugation, making it the first off-the-shelf PRP that is easy, convenient, and affordable for veterinarians to use. An additional key benefit is the uniformity and consistency that PRP, precise PRP guarantees.

Speaker Change: As you May have seen we issued a very exciting press release this morning.

Speaker Change: We're extremely excited about our partnership with Vesta.

Speaker Change: Precise P. R. P is a first in class.

Speaker Change: The shelf platelet rich plasma PRP design for the used by veterinarian. It is also the first blood derived product to be reviewed and approved for safety by the central Veterinary medicine.

Unlike the current TRP mechanical kits on the market.

Speaker Change: Precise PRP does not require a blood draw or the need in time for central <unk>, making it the first off the shelf TRP that is easy convenient and affordable for veterinarians to use.

Speaker Change: An additional key benefit is that uniformity and consistency that TRP precise therapy guarantee each file contains a consistent dose or billion platelets at a concentration of 500000 platelets per microliter.

Mike Eldred: Each file contains a consistent dose of four billion platelets at a concentration of 500,000 platelets per microliter. Finally, precise PRP is a perfect fit with PetVivo's flagship product Spring with Osteocushion technology, which is a veterinary administered injectable medical device designed to manage joint related issues including osteoarthritis and dogs and cats and horses. adding a new innovative product for the PetVivo sales reps will allow them to work closer with the veterinarians to address and provide solutions for their everyday challenge.

Speaker Change: Finally precise ERP is a perfect fit with pet vivo flagship products spring with Ostial Christian technology.

Speaker Change: Which is a veterinary administered injectable medical device designed to manage joined related.

Speaker Change: Issues, including osteoarthritis in dogs, and cats and horses.

Speaker Change: Adding a new innovative product for the pet vehicle sales reps will allow them to work closer with the veterinarian to address and provide solutions for their everyday challenges.

John Lai: Now I would like to turn the call over to CEO John Lai to talk more about the quarter and our outlook for the rest of the year. Thank you, Mike. So during the last fiscal quarter, market awareness of spring was greatly elevated when one of our advisory board members, Dr. Tracy Turner, was placed in as president of the American Association of Equine Practitioners. This is actually the largest organization in the world related to equine practitioners. Tracy is widely recognized for his pioneering in the use of thermograph as a diagnostic aid in horse lameness. and the Benefits of Horse and Welfare Regulations.

Speaker Change: Now I would like to turn the call over to CEO, John likes to talk more about the quarter and our outlook for the rest of the year.

John: Thank you Mike.

John: So during the last fiscal quarter market awareness of spring with greatly elevated.

Speaker Change: When one of our advisory Board members factor Tracy Turner, whereas placed and as President of the American Association of equine practitioners. This is actually the largest organization in the world related to equine practitioners.

Speaker Change: Tracy is widely recognized for its pioneering in the use of thermo graph as a diagnostic aid in horse lameness.

Speaker Change: And the benefits of <unk>.

Speaker Change: Course, and while for regulations.

John Lai: He has been a strong supporter of SPRING and have mentioned our product in multiple conferences, and we believe with his appointment. And we're seeing the elevation on the equine side.

Speaker Change: He has been a strong supporter of spring and have mentioned our product in multiple conferences and we believe with his appointment and we're seeing the elevation in the equine side also.

John Lai: Also, Dr. Tammy Grubb, she's a professor at Washington State University, has been placed in as president of the International Academy of Veterinary Pain Management, which is the largest organization for canine pain management. She actually did a peer review article indicating different new therapies for last year that have come into the market. And she made comments that SPRING should be looked at by veterinary doctors as first use versus a much later stage use.

Speaker Change: Doctor Tammy Grub has she's a professor in Washington State University.

Speaker Change: Has been placed in ads.

Speaker Change: President of the International Academy of Veterinary pain management, which is the largest organization for canine pain management.

Speaker Change: She actually did a peer review article.

Speaker Change: Indicating different new therapies for last year that had come into the market and she made comments that spring should be looked at by veterinary doctors as first use versus a much later stage juice.

John Lai: We also changed our name of our subsidiary, PetVivo Inc. to PetVivo Animal Health. This change will assist veterinarians and pet owners in recognizing PetVivo's mission in bringing innovative products, next generation disruptive products to enhance the life of our pets and as well as equine. as well as improving the quality of life and enjoyment of the pet owner.

Speaker Change: We also changed our name of our subsidiary Pet Vivo, Inc to pet vivo animal health.

Speaker Change: This change will assist veterinarians and pet owners and recognizing pet vivo as mission and bringing innovative products next generation disruptive products to enhance the life of our pets.

Speaker Change: And as well as equine.

Speaker Change: As well as improving the quality of life and enjoyment of their pet owners.

Speaker Change: Okay.

John Lai: We talked about the partnership with VETSTEM and PRECISE PRP as a product added to our portfolio. We feel this is will continue to add other products into the PetVivo Animal Health subsidiary. So we're excited to launch this product. And we're looking for really good traction as we hit the marketplace.

Speaker Change: We talked about the partnership with vet stem and precise PRP has a product added to our portfolio.

Speaker Change: We feel this is.

Speaker Change: We'll continue to add other products into the pet vivo animal health.

Speaker Change: Subsidiary. So we're excited to launch this product and we're looking.

Speaker Change: For grilling good.

Speaker Change: Traction as we hit the marketplace.

Speaker Change: Okay.

John Lai: Also last month, as Mike mentioned, we added two new partnerships with Vetco and Clippard Distributing. Both are leaders in logistics solutions, product supply to veterinarians. Vetco and Clippard distributes to the largest national veterinary product distributors, such as MWI, Colvettris, Patterson, Midwest Veterinary, Penn Animal Supplies. And with the added distribution, we're able to get a lot more traction within the marketplace as these reps are very excited to learn about spraying with osteocushion technology as same as Precise PRP. So we look forward to building on these advances and we continue to strengthen our market presence and drive greater value for our stakeholders.

Speaker Change: Also last month as Mike mentioned, we added two new partnerships with Vetco and clipper distributing both our leaders and logistics solutions products supply to veterinarians that cone clipper distributes to the largest national.

Speaker Change: Veterinary product distributors, such as M. Wi Confederacy, Patterson Midwest Veterinary Penn animal supplies and with the added distribution, we're able to do.

Speaker Change: Get a lot more traction within the marketplace. As these reps are very excited to learn about spring with Austin cushion technology as same as precise PRP.

Speaker Change: So we look forward to building on these advances and we continue to strengthen our market presence.

Speaker Change: And drive greater value for our stakeholders.

John Lai: Now with that, I would like to open the call to your questions.

Speaker Change: Now with that I would like to open the call to your questions. Operator would you. Please explain to the listeners how they may prompt window ask questions.

Operator: Operator, would you please explain to the listeners how they may prompt in to ask questions? Hi, for anyone that joined over the phone, you can dial star 9 to raise or lower your hand. and for anyone that joined over the computer. you can Use your mouse to go to the React button on the Zoom app. And then from the React section, you click Raise Hand. Again, for anyone that joined over the phone, you can click or dial star nine. to raise or lower your hand, or if you join over the computer app. go to the react section on the tooltip and click on raise hand.

Speaker Change: Hi for anyone that joined over the phone you can dial star nine sort raised the lower end.

Speaker Change: And for anyone that joined over the computer.

Speaker Change: You can do.

Speaker Change: User a mouse too relative to the react but on the zoom app.

Speaker Change: And then from the react section you bleed Grace Kim.

Speaker Change: Again for anyone that are going over the phone you can bleed or dial star nine.

Speaker Change: The raise or lower your ham.

Speaker Change: Or if you join over the computer.

Speaker Change: Go through to really act section on.

Speaker Change: When the tool tip in Cleveland re skin.

Operator: Operator, if there are no more questions or no questions, we could end this call.

Speaker Change: Operator, if there are no more questions or no question.

Speaker Change: Suisse could end this call August give a 32nd warning here.

Operator: Let's give a 30 second warning here. Okay, thank you everyone for attending the earnings call.

Speaker Change: Okay. Thank you everyone for attending the earnings call, we will be ending this call.

Operator: We will be ending this call. Goodbye.

Speaker Change: Goodbye.