Q4 2024 Perimeter Medical Imaging AI Inc Earnings Call
Good afternoon, ladies and gentlemen, and welcome to the perimeter medical before 2024 conference call.
At this time all lines are in listen only mode for them. The presentation. We will conduct a question and answer session. If at any time. During this call you require immediate assistance. Please press star zero for operator. This call is being recorded on Wednesday, and much 26, 2025, I would now like to turn the conference over to Stephen Kilmer Investor Relations.
Speaker Change: Thank you. Please go ahead.
Stephen Kilmer: Thank you good afternoon, everyone let.
Stephen Kilmer: Let me start by pointing out that this conference call will include forward looking statements within the meaning of applicable securities laws.
Stephen Kilmer: Exactly statements regarding the future financial position, that's our strategy and our strategic goals commercial activities, some timing competitive conditions research and development activities.
Stephen Kilmer: The cost and capital expenditures research and clinical testing outcomes, the potential benefits of our products, including parameter F series dosing team one of our biggest areas ICT.
Stephen Kilmer: Preliminary imaged assessed.
Stephen Kilmer: It has the ability to broaden its user base and expected approval of its proprietary AI.
Stephen Kilmer: But patients where that new products, and the timing thereof, and expectations regarding opportunities for market expansion.
Stephen Kilmer: Forward looking statements are subject to numerous risks and uncertainties many of which are beyond our control, including the restaurants and uncertainties described from time to time in our public filings and press releases, which are posted on SEDAR plus.
Stephen Kilmer: Our results may differ materially from those projected on today's call no forward looking statement can be guaranteed.
Stephen Kilmer: Primarily permanent undertakes no obligation to publicly update or revise any forward looking statement.
Stephen Kilmer: As a result of new information future events or otherwise other than as required by law.
Speaker Change: But for the benefit of those who are new to the permit our story I would like to take a moment to summarize our business. We are a medical technology company.
Speaker Change: To transform cancer surgery with ultra high resolution real time advanced imaging tools to address areas of high unmet medical need.
Speaker Change: We are currently commercializing our FDA cleared parameter F series T system, which provides real time cross sectional official visualization of excise taxes at the subtle year level.
Speaker Change: Our breakthrough device designation investigational perimeter P series hosting T system, which combines our proprietary imaging artificial intelligence technology with <unk> optical coherence tomography reps.
Speaker Change: <unk> represents our next generation device absolutely.
Speaker Change: Absolutely I'll discuss a more detailed today <unk>.
Michel: P series OTT with Michel says.
Speaker Change: 2.0 has been evaluated.
Speaker Change: Pivotal clinical trial in breast conserving passive strategies or BCS.
Speaker Change: On the call representing the company are Adrian Mendez, President Chief Executive Officer, and Sara O'brien, the company's Chief Financial Officer.
With that said I'll now turn the call over to Sarah.
Speaker Change: Thank you Steve Good afternoon, everyone and welcome to our fourth quarter and full year 2024 conference call.
Speaker Change: On behalf of the management team and everyone at perimeter I would like to thank you for your ongoing interest in our company.
Speaker Change: For those of you who are shareholders. We appreciate your continued interest and support.
Speaker Change: I will turn the call over to Adrian in a moment.
Speaker Change: However, before I do I'd like to provide a brief update on our financial results to streamline things all the numbers, we will refer to have been rounded.
Speaker Change: So they are approximate and also reported in U S dollars.
Speaker Change: For the three months period, ending December 31, 2024, the company recorded revenue of $293000, which consisted of the sale of consumables and system releases as well as from the sale of Ust warranty programs.
Speaker Change: That represented a 303% increase over Q4 2023.
Speaker Change: Operating expenses for the fourth quarter were approximately $4 7 million down 6% from the same period in 2023.
Speaker Change: Fourth quarter 2024, net loss is approximately $3 4 million compared to approximately $5 5 million in the three months ending December.
Speaker Change: 31 2023.
Speaker Change: The 35% decrease in net loss is primary are primarily a result of higher foreign exchange gain in 2023, partially offset by higher head count and increased costs as we complete our clinical studies during 2024.
Speaker Change: Cash used in operating activities in the 12 months ending December 31, 2024 was approximately $14 7 million essentially unchanged from 2023.
Speaker Change: As of December 31, 2024, cash and cash equivalents were approximately $6 2 million.
Speaker Change: This amount does not include the cancer Prevention and research Institute of Texas Grant receivable of approximately $2 million, which was related to the reimbursement of our pivotal called pivotal clinical trial project costs as of the end of 2024.
Speaker Change: The company continues to evaluate opportunities to add more cash the balance sheet in order to continue to execute on our growth strategy.
With that I'll now turn the call over to Adrian.
Adrian Mendez: Thanks, Sara and thanks again, everyone for your time and attention today 2024 was a very exciting year for perimeter. We made progress on almost every front within the company we have significant growth in the number of surgeons using our product to help their patients.
Adrian Mendez: And with that along with new revenue streams. This resulted in a significant increase in sales we wrapped up our pivotal trial with positive results and we made great progress in the development of our AI capabilities, which will make their way to market. After we get FDA approval for our V series product.
Stephen Kilmer: As Steve mentioned, we are currently commercializing our first FDA cleared intra operative imaging technology. The S series, OTT, which provides surgeons with image resolutions capable visualizing tissue structures down at the cellular level at the critical two millimeter depth, we're assessing margins real time of day or what.
Stephen Kilmer: Research assessing margins real time in the or.
Stephen Kilmer: It is cleared under our general indication and has not been evaluated by the FDA specifically for use in breast tissue breast cancer other types of cancer margin evaluation and reducing reposition rates.
Stephen Kilmer: Our goal has been to seed the market with F series OTT in order to create a strong network of early adopters of technology champions in preparation for Prudential clearance of our next generation system be serious OCD with image assist AI <unk>.
Stephen Kilmer: The ultimate product promise of Perimeters P series is greater peace of mind, both for the surgeon, who no matter how skilled currently faces nearly one in five odds of deemed to perform repeat surgery due to positive margins and for their breast cancer patients who under the current paradigm typically have to wait and worry for up to 10.
Stephen Kilmer: Days for their surgeon to receive a postoperative pathology report, which will determine whether they will have to go through the emotional physical trauma second surgery cancer left behind.
Stephen Kilmer: In November we announced positive topline results for <unk> for the pivotal trial.
Stephen Kilmer: Resulting sorry for the pivotal study evaluating the use of P series with image assists in breast conserving surgery.
Stephen Kilmer: Deep perspective, multi center randomized double arm clinical trial enrolled approximately 530 women.
18 years and older undergoing BCS for the treatment of stage zero to stage, III invasive ductal carcinoma, and or ductal carcinoma in situ.
Participants were recruited from 10 clinical sites across the U S and randomized in a two to one ratio to the device and control arms.
Stephen Kilmer: Pivotal trial met its primary endpoint, achieving a statistically significant reduction in patients with residual cancer during surgery.
Stephen Kilmer: These results demonstrate a super superiority of the B series ability to aid surgeons in achieving clear surgical margins during surgery potentially lowering the need for a free operation.
Stephen Kilmer: And supported by the positive trial results last week, we announced our submission of a pre market approval application to the FDA for the technology is used during dcs in the United States.
Stephen Kilmer: The FDA PMA submission is a major milestone our first regulatory approval application for our AI enabled whitefield OCD technology as well as for a specific indication label as we look forward to working with the agency as a reviews our PMA application.
Stephen Kilmer: If and when FDA cleared for PM for perimeters be serious is obtained that will allow for the full commercial launch of the B series, representing the next major step in our go to market strategy and an opportunity to significantly broader user base across the U S.
Stephen Kilmer: Based off of all of that hopefully you can see from today's press release and call. We're quickly approaching what could potentially be a major inflection point here at perimeter.
Stephen Kilmer: So to summarize.
Stephen Kilmer: We are seeing continued positive commercial traction with the current S series product as demonstrated by our revenue growth in Q4, and all of 2024 and recent expansion to two new states, New Mexico and Tennessee.
Stephen Kilmer: The pivotal trial offer next generation AI enabled B series system met its primary endpoint achievements addicted statistically significant reduction in patients with residual cancer. During surgery. These results demonstrated super superiority.
Stephen Kilmer: Off the B series ability to eight surgeons in achieving clear surgical margins during surgery potentially lowering the need for re operations.
Stephen Kilmer: Based upon the positive pivotal trial results, we filed the PMA application for the B series with images. This two point of last week.
Stephen Kilmer: And finally, we're looking forward to several potential value inflection points throughout 2025, not the least of which will be the presentation of detailed results from the <unk> series trial at the 26th annual meeting of the American breast cancer Surgeons conference, which will take place in Las Vegas April 30th through May 4th.
Stephen Kilmer: In 2024, our team late a lot of groundwork for future growth and in 2025, we are going to continue to build upon that foundation. This is an exciting moment for all of us at perimeter and we look forward to keeping you updated on our progress.
Stephen Kilmer: And so with that I'll now open up the call for your questions.
Speaker Change: Thank you ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press star followed by the one on your telephone keypad, you'll hear a pump that Johanna has been raised and should you wish to cancel your request. Please press star followed ability if you're using a speaker phone. Please lift the handset before pressing any day.
Speaker Change: One moment. Please for your first question.
Speaker Change: Your first question comes from the line of Michael Freeman from Raymond James Company. Please go ahead.
Michael Freeman: Hey, good afternoon, Adrian Sarah and Steve Congratulations on a good year.
Speaker Change: My first question is on the PMA.
Speaker Change: Regulatory process congratulations on getting this antitrust this was a ton of work.
Speaker Change: And I'm curious if you could describe like what this what the process looks like like sort of what sort of interactions where you've had with the FDA.
Speaker Change: What are you expecting on timelines.
Speaker Change: And then connected to this I wonder if you could talk about the benefits of having a specific indication in label.
Michael Freeman: Sure. Thanks, Michael.
Speaker Change: Okay. So I'll start I will answer your questions in order first from a timeline standpoint.
Speaker Change: Estimating about a year for approvals that's on average what a PMA application kind of takes to work its way through the FDA.
Speaker Change: We're hopeful that possibly can be quicker than that we have breakthrough device designation, which has allowed us to have what the FDA called sprint conversations with the review team.
Speaker Change: We've taken advantage off a few times last year. So there is some familiarity already in the review team of our technology, how it works what we are trying to achieve.
Speaker Change: We designed the trial design. The study design was in close collaboration with the FDA. So we're trying to do everything we can to speed up that process.
Speaker Change: The key things that need to happen are there is a few different audits points. So theres, obviously, where device company right. So there is that manufacturing audits.
Speaker Change: That needs to occur there is an audit of our internal audit systems controls process audit that we have within the company itself.
Speaker Change: So that'll be over the next six to nine months.
Speaker Change: There is a I guess the next key milestone is that the 100 day Mark.
Speaker Change: So 100 days from a few weeks ago.
Speaker Change: There is a sort of a timeline at which we within that timeline. The FDA has to provide questions back to us we have to answer to them. So we're looking towards the next sort of concrete deadline DFT has to work towards within 100 days from three or four months from now.
Speaker Change: And.
Speaker Change: And it kind of goes from there. So we will keep everyone updated as that goes along obviously there is a big area of focus for us.
Speaker Change: So to get to the second question about the indications. Yeah. This is this is a big deal for us.
Speaker Change: As I mentioned, our S series has what's called a general tissue indication, but no indication around specific indication we're impressed.
Speaker Change: Breast tissue, specifically, our breast cancer, specifically, a reoperation rates.
Speaker Change: And so as you know it.
Speaker Change: As a company what you're allowed to market. Your device can talk about the benefits of your device is very tight control by the FDA and has to be on label.
Because we don't have those labels on the S series product it's somewhat.
Speaker Change: Constrains us and how we would like to talk about our products.
Speaker Change: What the B series with the trial that we ran once it gets through approval allows us it was talked very explicitly.
Speaker Change: About those points and the reason for that is because the trial design was such focus on breast cancer focus on re operation rates. So it's right on point. So a part of our application is to provide to the FDA. Those claims we would like to make which includes all of those things I just said in a part of their approved process within allow us to attach those claims to the <unk>.
Speaker Change: Serious product from a business standpoint, what that allows us to do is it really I mean, it doesn't take a great stretch it understand that allows us to make our marketing our advertising is much more precise.
Speaker Change: If you look at the types of words and messaging, we're able to provide right now.
Speaker Change: It's it's not as strong as it will be with the B series and so what that then allows us to be sent to the acceleration in growth of the business.
Speaker Change: Would it be serious and really target that market very precisely.
Speaker Change: Does that answer your question.
Michael Freeman: Oh definitely Adrian thank you.
Michael Freeman: Now our next question Im curious how youre going to go through this regulatory process and that will be its own bit of work I'm curious how how you are preparing for and investing behind the potential launch of the B series in the meantime, I Trust us as a narrow path to walk.
Michael Freeman: How how are you guys thinking about it internally.
Michael Freeman: Yeah, Great question. So the biggest variable we have to work with is actually the timing of that approval right. There is a lot.
Michael Freeman: So there is we have to build up the commercial organization, we have to ensure we've got customers.
Michael Freeman: Potential customers lined up we have to build out our marketing organization. So theres investment we can make on those fronts to really move the company footing from a sort of a clinical trial R&D focus.
Michael Freeman: Putting to our commercialization and go to market focus. So we've started that work. Obviously, we started long time ago, we've accelerated that works since we.
Michael Freeman: We have launched.
Michael Freeman: Into the updated PMA application.
Michael Freeman: The trick and here's the fine line, we have to walk is investing towards that in such way, where we're not investing too early such.
Michael Freeman: Such that we're now fully ready to go and waiting another six months for approval or investing too late where we lose opportunity where we get the approval and we are not ready.
Michael Freeman: So it's a continuous management process and continuous reevaluation of how fast and how quickly we're spending the money.
Michael Freeman: Keeping close tabs with sort of the progress of the application through the FDA.
Michael Freeman: Fundamentally what we're doing with the S series right now and you saw from the results we had pretty good success last year with the S series growing revenue streams and surgeons and users.
Michael Freeman: Are the advocates will have for the B series those are.
Michael Freeman: Folks they'll get to use that we will use as the.
When they move over to the B series will use them as our alpha customer base will be able to really ramp them up quickly on the next generation product. So it was really important for us a big focus for US is making sure we have that initial sort of core base of customers.
Michael Freeman: This year that when we get these series approved we'd never really fast ramp on that.
Michael Freeman: Gotcha.
Michael Freeman: Very helpful and just one more on your own.
Speaker Change: As you are drilling this needle.
Michael Freeman: How are you thinking about cash.
Speaker Change: We're thinking a lot about it.
Michael Freeman: So I think you've you.
Michael Freeman: You've seen you can kind of see from the numbers and you see it from a run rate. We are as we've said before right. We are going to have to raise capital.
Michael Freeman: To be able to fund this growth and so that's always on our mind and so it was a big part of what we have to do what we don't want to be a situation, where we have approval.
Michael Freeman: To go to market and we've constrained ourselves from our about like from a balance sheet perspective to not be able to really put energy behind that initiative. So I think this is this is important for US is a big focus for the for the management team and for the board.
Michael Freeman: Okay, Alright, thank you very much I'll pass the line.
Speaker Change: Thank you once again just you have a question. Please press star followed by one on your telephone keypad.
Scott McCauley: Question is comes from the line of Scott Mccauley from paradigm capital. Please go ahead.
Speaker Change: Thank you afternoon Adrian Sara.
Scott McCauley: Thanks for taking my questions just on the current F series. So you highlighted.
Scott McCauley: Some of the new kind of first in state Inflations, you've had over the past few months, which is great.
Scott McCauley: I was just wondering if you could give an update on kind of a current number of.
Scott McCauley: Commercial installations of the F series that there are throughout the U S. Today.
Scott McCauley: Yes, we've got 15 now under contract.
Scott McCauley:
Scott McCauley: That are out there we've got another handful that are in evaluation.
Scott McCauley: And then we've got a pretty deepen and deep pipeline beyond that not only within the hospitals, we've already got presence, but also kind of expanding that.
Scott McCauley: And one thing that's super exciting about the pipeline is where we're.
Scott McCauley: We're getting.
Scott McCauley: You know I've mentioned this before.
Scott McCauley: Where we're starting to get referrals from surgeons to their peers. So we're getting inbounds now.
Scott McCauley: Not only within the same hospital group, but also to others as well.
Scott McCauley: Super excited just from US building out the pipeline itself.
Scott McCauley: 15, right now and then growing from there.
Scott McCauley: That's great that kind of touches on what do you remember enough question on the on the pipeline.
Scott McCauley: <unk>.
Scott McCauley: I guess.
Scott McCauley: Bit of a follow up so I believe the systems that are in place to date.
Scott McCauley: Have been leases and then there's the consumables on top of that.
Scott McCauley: Within either the F series pipeline or the way Youre thinking about the B series.
Scott McCauley: Can you talk about your expectations around <unk>.
Scott McCauley: Facilities buying the capital equipment, and then purchasing the.
Scott McCauley: The consumables do you expect most of them to do that do you expect most of them to lease it.
Scott McCauley: And then by the consumables or are you looking at a more kind of pay per use where you pay a higher kind of a fee for the consumable, but there's no kind of down payment required for the for the capital like how are you thinking for the model both kind of for the next 12 months and then as you go forward with with the B series.
Scott McCauley: Yeah, Great question so.
Scott McCauley: As you mentioned year to date, we have been placing the devices at no cost in the operating room, and then charging a per procedure fee, which we monetized in the form of the consumable which is used one per procedure.
Scott McCauley:
Scott McCauley: We are but that business model is evolving and will continue to evolve as we do a couple of things one is create more demand sort of.
Scott McCauley: I mean, one way to say sort of market power, although that seems a weird thing to say because we're pretty early right now.
Scott McCauley: But with the evidence we're starting to see.
Scott McCauley: The ability to have.
Scott McCauley: Sell devices.
Scott McCauley: As well as charge for the consumable.
Scott McCauley: We've got some early indications that that actually is going to happen even on the F series. So that's super encouraging for us internally.
Scott McCauley: And the good news is that we would and so let me just say this what's very important for US is some ensure that we're maintaining that.
Scott McCauley: Revenue stream on a per procedure basis right.
Scott McCauley: Being that close contact and that continuing revenue stream as the surgeons using the device is just very good for not only from a financial perspective, but just also from an operational perspective, making sure. We continue to be very close to all our customers and making sure that their usage maintains and theyre not knock using it. So that's very important so we won't sacrifice that.
Scott McCauley: But.
Scott McCauley: We are getting indication that there are hospitals that are willing and able to pay for the device and we will take full advantage of that especially one that is their preferred method. So.
Scott McCauley: Stay tuned for more to come on that but we've got some very positive early signs of that happening.
Scott McCauley: That's great.
Scott McCauley: And I guess can you speak to the utilization that you are seeing.
Scott McCauley: Is it increasing or are you finding that.
Scott McCauley: Hitting on what Youre expecting or are there kind of variations either geographically or.
Scott McCauley: In some other form that you were or weren't expecting.
Yeah. So.
Scott McCauley: So this is important for US is the area. We spoke started folks out on last year, and we will continue to be a big focus for us. So yes utilization is increasing.
Scott McCauley:
Scott McCauley: A couple of different way a few different ways. One is we are starting to get multiple surgeons per machine.
Scott McCauley: Which is wonderful because now you just don't have that one surgeons volume on the machine and they tend to have their surgery days and so we can put those together so that's number one.
Scott McCauley: Number two as we get new users onto them onto a new machine.
Scott McCauley: They are ramping up faster so it's a big focus on how do we get.
Scott McCauley: Up to speed much more quickly so revenues coming earlier on in the curve than it was historically.
Scott McCauley: And then three and so like so both of those things are things, we're pushing on number three which were pushing on but this is where the surprising things come in is where we find surgeons using our products in ways that we didn't originally anticipate.
Scott McCauley: So in a couple of different early signs of some surgeons using it to scan lymph nodes as an example to look inside and nimble to see what they're seeing there.
Scott McCauley: Another four nipple sparing mastectomy.
Scott McCauley: Primarily most of our customers are using it for lumpectomy, so for nipple sparing mastectomy it doesn't value that some of surgeons are seeing Matthews. So all of this is great right.
Scott McCauley: We can not only increase utilization from those particular surgeons, but I'd say discover utility. We can then start to spread that around the rest of our customer base and future customers. So.
Scott McCauley: This is one of those areas.
Scott McCauley: Especially with the placement model, it's a big focus for us to get more absolutely.
Speaker Change: Yeah, that's great.
Speaker Change: Then I got to just two more quickly for me.
Speaker Change: On the B series, So you kind of walk us through the process already which was great.
Speaker Change: Obviously theres been some.
Speaker Change: News articles and things around changes at the FDA, some relatively new hires being let go in the kind of AI.
Speaker Change: The medical device space and how they were thinking about that.
Speaker Change: Have you know kind of in your interactions with the FDA have you noticed any kind of changes are they slower to get back to you or is it you know I know the PMA application processes defined within that.
Speaker Change: <unk> regulations, so don't expect much slippage there, but just have you noticed any change in your communications with the FDA over the past few months.
Speaker Change: Yes, so good question.
Speaker Change: Youre right. The FDA is bound by congressional law or whatever the right phrase as to timeline sort of sub agreements have to get back to us. So there is something there now one of the good things about upping breakthrough device designation and having spring conversations that we had been we know who our review team is and we do track that closely.
Speaker Change: And so far as we can tell our review team is still intact.
Speaker Change: And these layoffs has not affected them.
Speaker Change:
Speaker Change: So that's good we're in a dynamic environment, that's what our information is right now we shall see.
Speaker Change: But right now there is no indication that any of those any of that term should affect our application.
Speaker Change: That's fantastic and then just lastly, I'm, taking up too much time already but.
Speaker Change: You just spoke to the expansion of the commercial team and kind of threading the needle on the timing with which makes sense I guess do you have a sense of the endpoint.
Speaker Change: So how you get there is one thing, but where youre looking to land in terms of either there are a number of people or kind of general SG&A expansion.
Speaker Change: Over the next 12 to 18 months, so that once once you do get that approval.
Speaker Change: <unk> got a youre hitting the ground running do you have any kind of guidance there on what youre, hoping to end up.
Speaker Change: Yeah, I think there is I'll talk about in terms of how I want to get coverage across the U S. So.
Speaker Change: There's a couple of variables that move in tandem with kind of the state of the business. We're at right. Now one is once the easy obvious one which is there are certain geographies, we don't have a local sales person.
Speaker Change: Like the northeast and northwest So we cover those areas with our existing force but.
Speaker Change: If I look fast forward 18 months or whatever 24 months from now we're going to have to have local salespeople in those regions.
Speaker Change: Our sales teams made up of both sales people as well as clinical support people to different very different profiles.
Speaker Change: Right now we have a clinical support group that is right sized I feel like it probably approximately the right size, maybe a little bit more growth there, but not too much for the rest of this year.
Speaker Change: Okay.
Speaker Change: But as we move into it into post <unk> approval some of the workflows change. So one variable is geographical coverage, we certainly need to expand from there right now we've got three salespeople.
Speaker Change: Plus a manager around the U S. Probably if we look over the next little while we have to expand out double or triple that lets say from a salesperson standpoint.
Speaker Change: But with the B series certain things change one is we get more efficient in our selling process to is the product with AI guests out there becomes much easier to use which means our sales team can close deals faster three is that we start to get system level agreements in place, which means the sales.
Speaker Change: Once this place it takes a lot of time, but then you open up a 100 or 200 hospitals after that.
Speaker Change: So the efficiency of the sales side of the house goes down.
Speaker Change: And then on the clinical side of the house as.
Speaker Change: As we get AI into markets the amount of effort in training and ramp up of the new surgeon from a usability standpoint goes down also which means our clinical support groups can now support many more customers.
Speaker Change: It's so so these are the variables that are moving now the precise answer around that is still unclear because those moving variables.
Speaker Change: But I do know we need to invest more we need to get more geographic coverage and simultaneously, we continue to need to hammer down on efficiency of our sales team.
Speaker Change: Because we have AI coming out, which makes them more efficient and we get more system level agreements in place, which makes them more efficient so.
Speaker Change: The way I look at it isn't a dollars per sales revenue dollars per sales dollar spent to date is how we just multiply that out is going to get a much more efficient as time goes on and what kind of see how the pattern emerges.
Speaker Change: As we got to be theatres into market.
Speaker Change: Fantastic. Thanks.
Speaker Change: Thanks, Andrew and I appreciate taking the time answering the questions.
Andrew: You bet Scott.
Speaker Change: Thank you and there are no further question at this time I would now hand, the call back to Mr. Adrian Mendes for any closing remarks.
Speaker Change: Okay. Thank you so thanks, everyone for listening and joining.
We closed out I feel like 2024 was like I mentioned, a lot of groundwork was laid in 2024.
Speaker Change: To prepare us for 25 with the F series, and then 26 with the V series.
Speaker Change: I feel like we got a number of our systems.
Speaker Change: Running much more efficiently and effectively than we have historically.
Speaker Change: Great because I think gives us a foundation upon which to scale the business so tons more work to do obviously.
Speaker Change: But we're in a very exciting place right now with the business fundamentally and so really looking forward to 2025 the team Super excited.
Speaker Change: About where we're at I think we've demonstrated especially within the team that we can execute demonstrate to ourselves that we can execute I think some of the results are showing that we've turned ourselves into more of an execution sort of focused organization and so <unk>.
Speaker Change: More to come this year and I'm looking forward to keeping you guys updated on all the good stuff. Thank you.
Speaker Change: Thank you and this concludes today's call. Thank you for participating you may all disconnect.
Speaker Change: [noise].