Q1 2025 Biofrontera Inc Earnings Call
Operator: Good day and welcome to the Biofrontera's first quarter of 2025 financial results and business update conference call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero.
Good day and welcome to the bio terrorism first quarter of 2025 financial results and business update conference call.
All participants will be in listen only mode.
Should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.
Operator: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touchtone phone. To withdraw your question, please press star, then 2.
After today's presentation there'll be an opportunity to ask questions.
Good question you May Press Star then one on a touchtone phone with.
What's your all your question. Please press Star then two please note. This event is being recorded.
Operator: Please note this event is being recorded.
Andrew Barwicki: I would now like to turn the conference over to Andrew Barwicki. Please go ahead.
Speaker Change: I would now like to turn the conference over to Andrew Bar Wiki. Please go ahead.
Andrew Barwicki: Good morning and welcome to Biofrontera Incorporated's first quarter fiscal year 2025 financial results and business update conference call. Please note that certain information discussed during today's call by management is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. We caution listeners that Biofrontera's management will be making forward-looking statements and that actual results may differ materially from those stated or implied by these forward-looking due to risks and uncertainties associated with the company's business. All risks and uncertainties are detailed in and are qualified by the cautionary statements contained in Biofrontera's press releases and SEC files.
Speaker Change: Good morning, and welcome to bio Frontier incorporated first quarter fiscal year 2025 financial results and business update conference call.
Speaker Change: Please note that certain information discussed during today's call by management is covered under the Safe Harbor provisions of the private Securities Litigation Reform Act.
Speaker Change: We caution listeners that bio friend terrorism management will be making forward looking statements and that actual results may differ materially from those stated or implied by these forward looking statements due to risks and uncertainties associated with the company's business all risks and uncertainties are detailed in and are qualified by the cautionary statements containing bio terrorists.
Speaker Change: Releases and SEC filings also this conference call contains time sensitive information that is accurate only as of the date of this lifeblood cats may 16th 2025.
Andrew Barwicki: Also, this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, May 16, 2025.
Andrew Barwicki: Biofrontera undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call, except as required by law. During today's call, there will be references to certain non-GAAP financial measures. Biofrontera believes these measures provide useful information for investors, yet should not be considered as a substitute for GAAP, nor should they be viewed as a substitute for operating results determined in accordance with GAAP.
Speaker Change: Bio friends here undertakes no obligation to revise or update any forward looking statements to reflect events or circumstances. After the date of this conference call.
Sept as required by law.
Speaker Change: During today's call there'll be references to certain non-GAAP financial measures bio French I believes these measures provide useful information for investors, yes should not be considered as a substitute for GAAP, nor should they be viewed as a substitute for operating results determined in accordance with GAAP.
Andrew Barwicki: A reconciliation of non-GAAP to GAAP results is included in the press release that was issued yesterday.
Speaker Change: A reconciliation of non-GAAP to GAAP results is included in this are in.
Speaker Change: In the press release that was issued yesterday more specifically management will be referencing adjusted EBITDA, a non-GAAP financial measure defined as net income or loss, excluding interest income and expense income taxes, depreciation and amortization and certain other nonrecurring and noncash items with that being said I would now.
Andrew Barwicki: More specifically, management will be referencing adjusted EBITDA, a non-GAAP financial measure defined as net income or loss excluding interest, income, and expense, income taxes, depreciation, and amortization, and certain other non-recurring or non-cash items. With that being said, I would now like to turn the call over to Hermann Luebbert, CEO, chairman, and founder of Biofrontera.
Speaker Change: Like to turn the call over to who Permian Leubert, CEO, chairman and founder of bio French Sarah Harmon.
Hermann Luebbert: Hermann? Thanks to everyone joining us. And on today's call, I will provide an overview of our business during the first quarter.
Speaker Change: Yeah. Thank you Ann.
Speaker Change: Thanks to everyone joining us this morning.
Speaker Change: On today's call.
Speaker Change: Mobile view all of this.
Speaker Change: And assuming the first call though.
Hermann Luebbert: Our CFO will follow with a discussion on financial results. And then both of us will be happy to answer questions after our prepared remarks.
Speaker Change: Let's now our CFO will follow with a discussion on financial results.
Speaker Change: Those of US who will be happy to answer questions. After all of that fell to the lungs.
Hermann Luebbert: Starting with the business update, our first quarter was a busy and exciting period. We continued our revenue growth while keeping our costs under control. Total revenues for the first quarter of 2025 were $8.6 million, a 9% increase from the same period of the prior year.
Speaker Change: Starting with the business update although first quarter was a busy and exciting period for us.
Speaker Change: We continued our revenue goal, while keeping our costs under control.
Speaker Change: Total revenues for the first of all though 25 816, million% to 9% increase from the same period prior year.
Hermann Luebbert: Both our costs of revenue and our operating costs were lower than in the same period of the previous year, as Fred will explain in much more detail. We strongly believe our past investments, execution, and tremendous efforts to increase the effectiveness of our sales...
Speaker Change: Most of our cost of revenue and operating costs were lower than the same period also.
Speaker Change: The previous year.
Speaker Change: Dita.
Speaker Change: We slowly belief announced investments execution and tremendous efforts to increase the effectiveness of all sorts.
Yes.
Hermann Luebbert: will allow us to achieve record revenues in 2025 without increasing our on top of the positive financial development.
Speaker Change: Will allow us to achieve license revenues in 2025 results increasing oil costs.
Speaker Change: On top of the positive financial developments.
Hermann Luebbert: We achieved several normal.
Speaker Change: We achieved several milestones.
Hermann Luebbert: An important development for our long-term future is the recent granting of a patent on the new formulation of amyloid. This new formulation, which lacks the potential allergen-propylene glycol, have already been approved by the FDA and is in use since last year. Having no patent protection on this AMELUS formulation until December 2043 gives us another 18.5 years of protection from generic competition.
Speaker Change: An important development for a long term future.
Speaker Change: Recent granting of a patent on the new formulation of our models.
Speaker Change: This new combination, which lacks the potential allergen propylene glycol.
Speaker Change: We've actually been approved by the FDA it isn't us since last year.
Speaker Change: Nope.
All of this on the loose when the nation until December 'twenty 43.
Speaker Change: It gives us another 18 coincides use of protection from generic competition.
Hermann Luebbert: We announce the enrollment of the final patient in the phase 3 clinical trial evaluating Amelou. treatment of mild to moderate athenic keratosis on the extremities, neck and stride. Currently our label is restricted to treatments of AK on the face and scalp. The goal of this study is to extend the label to the entire body. This represents another important cornerstone in our overall strategy. complementing the use of three tubes and the availability of the larger lamp, both launched in 2021. as the last building block for this label extension. FDA has requested a Phase I pharmacokinetic study with 16 patients, which started in January and is currently required.
Speaker Change: We announced the enrollment of the final patient in the phase III clinical trial.
Speaker Change: <unk> for the treatment of months to model it.
Speaker Change: Doses on the extremities.
Speaker Change: Tung.
Speaker Change: Honestly, all enable us to placements of 8-K on the face and scope.
Speaker Change: The goal of this study is to extend the label to the entire body.
Speaker Change: This represents another important cornerstone and overall strategy.
Speaker Change: I think the use of <unk>.
Speaker Change: Ability of the larger both launched in 2024.
Speaker Change: Since the last building block for this label extension.
Speaker Change: SBA weakness through the phase one pharmacokinetic study with 60 patients, which southern Ninja.
Speaker Change: The recording.
Speaker Change: So the more we are.
Hermann Luebbert: Furthermore, we reached a key milestone in the phase 3 study for the use of amylose and rhodolep PGT in the treatment of superficial basal cell carcinoma.
Speaker Change: Reached a key milestone in the phase III study for the use of animals.
Speaker Change: PTT industry or superficial basal cell carcinoma.
Hermann Luebbert: The last patient completed the one-year follow-up visit, which is required for FDA approval in December 2024. We believe AMELUS has additional applications other than actinic keratosis and we are committed to explore these opportunities.
Speaker Change: The last patient completed the one year follow up visit logistics <unk> Hoover's in December 2024.
Speaker Change: We believe our minerals and additional applications.
Speaker Change: Other than actinic keratosis, and we are committed to explore these opportunities.
Hermann Luebbert: So our next goal is approval for superficial-based circuits in normal circuits. I can tell you that being able to treat actinic keratosis, which are pre-cancerous lesions that may progress to squamous cell carcinoma. It's a wonderful feeling, but to expand beyond that to treating certain skin tumors is very encouraging and exciting for all of us here at Biofrontera. We expect to submit the new data to the FDA in the second half.
Speaker Change: So when <unk> is approved for superficial basal cell carcinoma.
Speaker Change: I can tell you that.
Speaker Change: Being able to treat actinic, keratosis, which which all precancerous lesions that may progress to stem cell carcinoma.
Speaker Change: This was wonderful feeling.
And beyond that too please.
Speaker Change: Two months is very encouraging and exciting for all of us here at Vodafone tailwind.
Speaker Change: We expect to submit the data to the FDA in the second half of this year.
Hermann Luebbert: Following the approvals for AK on the entire body and for superficial basal cell carcinoma, We are aiming at getting AMELUS approved for the treatment of moderate to severe acne. Acne is the most frequent indication seen by dermatologists. and the treatment options available for the more severely affected patients suffer from very considerable This creates a significant medical need for these. of ongoing phase two study, and this indication is close to completing. It has completed patient recruitment and data will be available towards the end of the year.
Speaker Change: Following the approval.
Speaker Change: On the Italian faulty.
Speaker Change: Superficial basal cell carcinoma.
Speaker Change: We aren't anything to us getting our Medusa approved for the treatment of moderate to severe acne.
Speaker Change: Okay.
Speaker Change: This is the most frequent education season by dermatologists.
Speaker Change: And the treatment options available for the most severely affected patients suffer from very considered over the side effects.
Speaker Change: This creates a significant medical need for these patients.
Speaker Change: A long going phase two study in this indication is close to completing patient.
Speaker Change: Well it has completed patient recruitment.
Speaker Change: Data will be available towards the end of the year.
Hermann Luebbert: The Trevor Development Plan will be discussed with the FDA once the data of this study become available.
Speaker Change: The further development plan will be discussed with the FDA once a day doses studied become available.
Hermann Luebbert: As I look back on the First Order, in addition to the achievements and milestones we were able to lower the cost of revenues, total operating expenses, and SG&A. We continue to monitor and be very prudent in all aspects of our business and operations. Additionally, we increased EBITDA and gross profit, all of which support our goal of reaching point E even as quickly as possible. We believe we have built a foundation with the search team and back-end support to continue to improve our results on a consistent basis.
Speaker Change: As I look back on the first quarter in addition to the achievements and milestones.
Speaker Change: But to lower the cost of revenue.
Speaker Change: Total operating expenses and SG&A.
Speaker Change: We continue to monitor and be very prudent in all aspects of our business and operations.
Speaker Change: Additionally, we increased EBITDA and all sources, all of which support our goal of reaching breakeven as quickly as possible.
Speaker Change: We believe we have built a foundation for the sales team and back end support to continue to improve our results on a consistent basis.
Fred: With that, I'll turn the call over to Fred to walk through the financial details of the second quarter. Fred? Thank you, Hermann.
Speaker Change: With that I'll turn the call over to Frank to walk through the financial details of the second floor.
Speaker Change: Right.
Speaker Change: Thank you Herman.
Fred: Pleasure talking with everyone again, and I'll cover our first quarter 2025 results. Total revenues for the first three months ended March 31st, 2025 were 8.6 million, an increase of 0.7 million or 8.7% as compared to the three months ended March 31st, 2024.
Speaker Change: Well as you were talking with everyone again, and I'll cover our first quarter 2025.
Speaker Change: Resolved.
Speaker Change: Total revenues for the first three months ended March 31, 2025 were $8 6 million, an increase of <unk> 7 million or eight 7% as compared to the three months ended March 31, 2024. This increase was driven by a <unk>.
Fred: This increase was driven by a. $0.5 million increase in AMLU sales due to an increased unit price and the launch of our RotoLED XL lamp, which resulted in sales of the XL lamp of $0.2 million. Total operating expenses were $13.1 million for the first quarter of 2025 compared with $13.4 million for the first quarter of 2024. Cost of revenues, related party, were $3.1 million. for the first quarter of 2025 compared with $4.0 million for the prior year quarter. This decrease of $0.9 million or 22.1% compared to last year was due to the reduced cost structure under the last amendment of the MLU's License and Supply Agreement.
Speaker Change: Your point 5 million dollar increase in <unk> sales due to an increased unit price and the launch of our road OLED XL lamp, which resulted in sales of <unk>.
Speaker Change: The actual ramp up zero point $2 million.
Speaker Change: Total operating expenses were $13 1 million for the first quarter of 2025, compared with $13 4 million for the first quarter of 2024.
Speaker Change: Cost of revenues related party were $3 1 million.
Speaker Change: For the first quarter of 2025 compared with four.
Speaker Change: $4 1 million for the prior year quarter. This decrease of <unk> 9 million or 22, 1%.
Speaker Change: Compared to last year was due to the reduced cost structure under any of the last amendment of the MLB license and supply agreement.
Fred: Selling general and administrative expenses for the three months ended March 31, 2025, decreased by $0.6 million, or 6.5%, as compared to the three months ended March 31, 2024. Selling and marketing expenses decreased by $0.8 million, with a $0.3 million decrease coming from direct sales team personnel expenses due to headcount fluctuation, and a $0.5 million decrease driven by reduced general marketing activity and spend on conferences. These decreases were partially offset by an increase in legal expenses of $1.2 million due to patent claims, which was partially offset by savings of $0.8 million in personnel and financing expenses.
Speaker Change: Selling general and administrative expenses for the three years ended for three months ended March 31, 2025 decreased by <unk> 6 million or six 5% as compared to the three months ended March 31, 2020 for selling and marketing expenses decreased by <unk> 8 million with a three.
Speaker Change: Zero point $3 million decrease coming from.
Speaker Change: Direct sales team personnel expenses due to head count fluctuation.
Speaker Change: The <unk> 5 million decrease driven by reduced general marketing activity and spend on conferences. These decreases were partially offset by an increase in legal expenses up $1 2 million due to patent claims, which was partially offset by savings of <unk> 8 million.
Speaker Change: In personnel and financing expenses.
Fred: Research and Development R&D expenses for the first three months of 2025 increased by 1.2 million as compared to the first three months of 2024. The increase is attributed to our assumption of all clinical trial activities for AMELUs in the United States effective as of June 1st, 2024, which allow us to, for more effective cost management and direct oversight of trial efficiency. These increases in R&D expense were and will continue to be offset by a reduction in the transfer price of MLUs from 50 to 25 percent for inventory purchases made through 2025.
Speaker Change: Research and development R&D expenses for the first three months of 2025 increased by $1 2 million as compared to the first three months.
Speaker Change: Our 2024.
Speaker Change: The increase was attributed to our assumption of all clinical trial activities for amyloid in the United States effective as of June <unk> 2024.
Speaker Change: Which allow us to for more effective cost management and direct oversight of trial efficiency.
Speaker Change: These increases in R&D expense.
Speaker Change: Oh were and will continue to be offset by a reduction in the transfer price of Emma loose from 50% to 25% for inventory purchases made through 2025.
Fred: The net loss for the first quarter of 2025 was $4.2 million, or $0.47 per share, compared with a net loss of $10.4 million, or $2.88 per share, for the prior year quarter. The change in net loss reflects a decrease in the non-cash change in the fair value of warrant liabilities, driven by a decrease in the outstanding population, a decrease in interest expense due to the payoff of high interest debt in 2024, and the aforementioned decreases in cost of revenues, related party, and selling general administrative expenses partially offset by increased R&D expenses.
Speaker Change: The net loss for the first quarter of 2025 was $4 2 million or <unk>.
Speaker Change: <unk> 47 per share compared with a net loss of $10 4 million or $2 88 per share for the prior year quarter. The change in net loss reflects a decrease in the noncash change in the fair value of warrant liabilities driven by a decrease in the outstanding AR.
Speaker Change: Population a decrease in interest expense due to the payoff of high interest debt in 2024, and the aforementioned decreases in cost of revenues a related party and selling general and administrative expenses, partially offset by increased R&D spending.
Fred: Adjusted EBITDA increased from $4.6 million for the first three months ended March 31st, 2024, to $4.4 million for the three months ended March 31st, 2025. The improvement was driven by an increase in gross profit of $1.5 million offset by $1.2 million increases in R&D expenses. These changes were driven by the reduced cost structure under the latest amendment of the AMELU license agreement and the assumption of all clinical activities for AMELUs in the United States.
Speaker Change: Adjusted EBITDA increased yet increased from $4 6 million for the first three months ended March 31 24.
Speaker Change: Two four.
Speaker Change: $4 four as compared to $4 4 million for the three months ended March 31st 2025.
Speaker Change: The improvement was driven by an increase in gross profit of $1 5 million offset by $1 2 million increases in R&D expenses. These changes were driven by the reduced cost structure under the latest amendment of the MLB license agreement and the assumption of all clinical activities for Emily and the United States I'll refer to.
Fred: I'll refer you to the table in the news release we issued yesterday for a reconciliation of gap-to-non-gap financial measures.
Speaker Change: I'll refer you to the table in the news release, we issued yesterday for a reconciliation of GAAP to non-GAAP financial net.
Speaker Change: Financial measures.
Fred: Turning to our balance sheet, as of March 31st, 2025, we had cash and cash equivalents of $1.8 million compared with $5.9 million as of December 31st, 2024. Finally, we have $6.5 million of inventory on hand as compared to $6.6 million of inventory as of December 31st, 2024.
Speaker Change: Turning to our balance sheet as of March 31, 25, we had cash and cash equivalents of $1 8 million compared with.
Speaker Change: $5 9 million as us.
Speaker Change: 31st 2024.
Speaker Change: Finally.
Speaker Change: We have $6 5 million of inventory on hand, as compared to $6 6 million of inventory as of December 31, 2020 or.
Hermann Luebbert: With that overview of our business and recent financial performance, Hermann and I are now ready to take questions from our covering analysts.
Speaker Change: With that overview of our business and recent financial performance permanent iron out ready to take questions from our covering analysts.
Operator: We will now begin the question and answer session. Ask a question. You may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the key. If at any time your question has been addressed, and you would like to withdraw your question, please press star, then.
Speaker Change: We will now begin the question and answer session ask a question you May Press Star then one on your Touchtone phone.
Speaker Change: If youre using a speakerphone please pick up your handset before pressing the keys.
Speaker Change: If at any time if your question has been addressed and you would like to withdraw your question. Please press Star then two.
Jonathan Aschoff: Our first question will come from Jonathan Aschoff with Roth Capital. Please go ahead. Thank you. Good morning.
Speaker Change: Our first question will come from Jonathan Aschoff with Roth Capital. Please go ahead.
Jonathan Aschoff: Thank you good morning, I was curious over one Q2 five how many lamp units did you sell both the original and the XL.
Fred: I was curious, over 1Q25, how many LAMP units did you sell, both the original and the XL? Yep.
Jonathan Aschoff: Hello.
Jonathan Aschoff: Yep got it right here sorry.
Fred: Hey, Jonathan, Fred here. Sorry, I was on mute. Um, so, uh, placements as of, um... as of Q1 were, let me just, 18, we placed 18 of the Axel lamps. and that's just in the first quarter. That's in the first, yes, yes, exactly.
Jonathan Aschoff: On mute.
Jonathan Aschoff: So.
Jonathan Aschoff: Placements as of.
Jonathan Aschoff: As of Q1 that were needed.
Jonathan Aschoff: Hi.
Jonathan Aschoff: 18.
Jonathan Aschoff: Placed 18 of the the <unk> labs.
Jonathan Aschoff: And thats it.
Jonathan Aschoff: In the first quarter.
Jonathan Aschoff: In the first yes, yes, exactly okay, and how about the original ones.
Fred: Okay, and how about the original one?
Fred: The original one... I will have to double check on on that one. I don't have the original right at my fingertips. That's fine.
Jonathan Aschoff: The original one.
Jonathan Aschoff: I'll have to double check on that one.
Jonathan Aschoff: I don't have the original right at my fingertips.
Jonathan Aschoff: My second and last question is, any Salesforce attrition? Just, you know, the comment in the press release, you know, savings of $800,000 in personnel and financing expenses. And I'm curious, you know, what is the current Salesforce headcount, say, versus the end of the year? You know, is there any attrition there? explains that drop.
Jonathan Aschoff: That's fine my second and last question is any sales force attrition just you know.
Jonathan Aschoff: There's a comment in the press release your savings of 800000 in personnel and financing expenses I'm curious you know.
Jonathan Aschoff: What is the current sales force head count say versus the end of the year or was there any attrition there.
Jonathan Aschoff: Explain that drop in expense.
Hermann Luebbert: Yes, Hermann, do you want me to take that one? Yeah, well, we are looking at how we're structuring our commercial team and what types of roles are a good fit for the larger territories and some things like that. So, you know, we're working on bringing in some, you know, more. what we call a junior rep that's ready to be on the road. Some of that comes with a bit lower salary. And then some of it has been some turnover, but we're. committed to replacing that and reorganizing the territories and the team to be as efficient as possible to finish out the year strong.
Simon: Yes, Simon do you want me to take that one.
Simon: Yes.
Jonathan Aschoff: Yes.
Jonathan Aschoff: Well.
Speaker Change: We are looking at how we're structuring our commercial team and and what types of.
Speaker Change: Rules are.
Jonathan Aschoff:
Jonathan Aschoff: A good fit for the larger territories and some things like that so.
Jonathan Aschoff: We're working on bringing in some more.
Jonathan Aschoff: Sure.
Jonathan Aschoff: What we call it.
Jonathan Aschoff: More junior Rep, that's ready to be on the road.
Jonathan Aschoff: Some of that comes with.
Jonathan Aschoff: Bit lower lower salary.
Jonathan Aschoff: And then some of it has been.
Jonathan Aschoff: So some turnover, but where.
Jonathan Aschoff: To replacing that and reorganizing the territories and the team to be as efficient as possible to finish out that yourself.
Jonathan Aschoff: All right, thank you very much.
Jonathan Aschoff: Alright, Thank you very much.
Bruce Jackson: The next question will come from Bruce Jackson with The Benchmark Company. Please go ahead. Hi. Good morning and thank you for taking my questions. I wanted to take a moment to look at the gross margins. So you've got the change in the transfer pricing, which gave you a little bit of a boost in the first quarter. How is that going to play out over the rest of the year? Yeah, so in the... In the first quarter, we did burn off a bit of Annaloo's inventory that was still under the prior LSA cost structure. So that should, that's all gone.
Bruce Jackson: The next question will come from Bruce Jackson with the Benchmark Company. Please go ahead.
Bruce Jackson: Hi, good morning, and thank you for taking my questions.
Speaker Change: Wanted to take a moment to look at the gross margins. So you've got the change in transfer pricing.
Speaker Change: Which gave you a little bit of a boost in the first quarter.
Speaker Change: How is that going to play out over the rest of the year.
Speaker Change: Yeah.
Speaker Change: Yeah. So.
Speaker Change: In the.
Speaker Change: In the first quarter, we did burn off a bit of amyloid inventory that was still.
Speaker Change: Under the.
Speaker Change: Uh huh.
Speaker Change: Prior LSA.
Speaker Change: Cost structure, so that should that's all gone so we have.
Fred: So we have all of the inventory we have now is at the 25% transfer price. And that's what we will see for the rest of the year. It might be offset. So if that was the only thing we sold, then the cost of goods would be 25%. However, there's going to be some fluctuation in that based on how many lamps we sell because the margin there is lower. OK.
Speaker Change: All of the inventory we have now is at the 25% transfer price and Thats, what we will see for the rest of the year.
Speaker Change: It might be offset so if that was the only thing.
Speaker Change: We sold then.
Speaker Change: Cost of goods would be 25%. However, there is going to be some some fluctuation in that based on how many lamps, we sell because the.
Speaker Change: The margin there.
Speaker Change: Laura.
Speaker Change: Okay.
Bruce Jackson: Okay, and then a question on the three-tube indication. Sometimes it takes time for the payers to get the reimbursement information into their databases. Can you just kind of give us an update on the status of the reimbursement for the three-tube indication and is that all systems go now for you? Yeah, we paid a lot of attention to that when, after we got to...
Speaker Change: Okay, and then a question on the three tube indication, sometimes it takes time for the <unk>.
Speaker Change: The payers to get the.
Speaker Change: Reimbursement information of their databases can you just kind of give us an update on the <unk>.
Speaker Change: That is the reimbursement for the <unk> indication and <unk>.
Speaker Change: Is that all systems go now for you.
Speaker Change: Yes, we spent a lot of attention to that when after we got to pools.
Hermann Luebbert: and Paul. initially on Medicare, making sure that Medicare actually covered and then send all the information to all the private payers. So, from what we hear so far, we have to rely on feedback from the market. We are not aware of a single case where... where a doctor has been refused payment because of using more than one drug. This seems to be complete.
Speaker Change: So.
Speaker Change: Initially on Medicare and making sure that you can actually couple of cents.
Speaker Change:
Speaker Change: All the information from all the points of sales.
Speaker Change: So.
Speaker Change: What we hear snowfall.
Speaker Change: We'd have to Illinois on feedback from the market.
Speaker Change: We are not well it seemed the case.
Speaker Change: Well.
Speaker Change: Uh huh.
Speaker Change: The team's name because of using.
Speaker Change: More than one team.
Speaker Change: This seems to be completely solved.
Bruce Jackson: Okay, great. That's it for me. Thank you.
Speaker Change: Okay great.
Speaker Change: That's it for me thank you.
Speaker Change: Thank you.
Hermann Luebbert: This will conclude our question and answer session. I would like to turn the conference back over to Hermann Luebbert for any closing remarks. Yeah, well, thank you. As you heard, the first quarter has been a very exciting time for us, and we look forward to the rest of the year. Each day our sales team gets new clients, which is a victory for the customer-facing strategy that we have implemented.
Speaker Change: This will conclude our question and answer session I would like to turn the conference back over to Hermann Leubert for any closing remarks.
Speaker Change: Well, thank you Lisa.
Speaker Change: This is the first quarter scheme value exciting time for us as we look forward to the rest of the year.
Speaker Change: <unk> seen this new clients, which is a victory for the consumer facing strategy that we have implemented.
Hermann Luebbert: I would like to thank everyone for participating in this call, and we look forward to speaking with you again when we report our second quarter.
Speaker Change: I would like to thank everyone for participating in this call and we look forward to speaking with you again.
Speaker Change: Hold on a second quarter results. Thank you and to have a nice day.
Operator: Thank you and have a nice day.
Operator: The conference is now concluded.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Operator: Thank you for attending today's presentation.
Operator: You may now disconnect. © BF-WATCH TV 2021 © BF-WATCH TV 2021
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: [music].