Q2 2025 NCS Multistage Holdings Inc Earnings Call
Question. Please. Press star. 1 1 again. Please be advised. That today's conference is being recorded. I would now like to hand the conference over to your speaker today. Mike Morrison Chief Financial Officer. Please go ahead.
And thank you for joining the NCS Multistage Holdings, Inc. Q2 2025 conference call. Our call today will be led by our CEO, Ryan Hummer, who will also provide comments. I want to remind listeners that some of today's comments include forward-looking statements, such as our financial guidance and comments regarding our future expectations for financial results and business operations. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectations expressed herein. Please refer to our most recent annual report on Form 10-K and our latest SEC filings for risk factors and cautions regarding forward-looking statements. Our comments today, as well as the results of operations included in our earnings release, contain the following non-GAAP financial measures: adjusted EBITDA, adjusted gross profit, adjusted gross margin, and free cash flow less distributions to non-controlling interest. These non-GAAP measures and reconciliations to the most comparable GAAP financial measures are provided in our second quarter earnings release, which can be found on our website.
S multi-stage.com. I will now turn the call over to Ryan.
Thank you, Mike and Welcome to our investors analysts and employees who are joining our second quarter 2025 earnings conference call.
Mike will cover our quarterly Financial results in more detail a bit later. I'll speak about a few highlights for the quarter and for the first half of the 2025, and we'll also discuss the acquisition of resmetrics which we announced yesterday.
NCS is off to a strong start in 2025.
Building on solid first quarter results are second quarter, revenue of 36 million exceeded the high end of our guided range by more than 7 million dollars reflecting better better than expected performance in each geography.
Our performance in Canada was the highlight for us again, this quarter.
Our revenue for the first half of 2025, was over 86 million, which is 18% or nearly 13 million dollars higher than the first half of 2024 anchored Again by strong performance in Canada.
Our adjusted IBA of 2.2 million for the second quarter of 2025 exceeded. Our guided range of -2 million to break even
And represented a year-over-year Improvement of 1.3 million.
Our adjusted IBA 10.4 million for the first half of 2025 represents an increase of 3.4 million or 49% compared to the first half of 2024. So to reiterate, NCS has had a strong first half of 2025.
In prior earnings calls, I've referenced NCS core strategies for creating value for our stakeholders.
Slide 16 of our investor presentation helps to illustrate our strategy with examples of our progress.
The first course, strategy is to build Upon Our leading Market positions.
Our progress towards this goal continues to be reflected in our. Year-to-date result in Canada.
Our Revenue in Canada for the first half of 2025 was 56 million, increasing 27% compared to the same period in 2004 far outpacing changes in the average Canadian land rate count
This, favorable performance was most prevalent for our fracturing systems product line. As more operators in the montney, have adopted our single point entry for ACT technology and have experienced strong production results and increased operational flexibility.
We've also increased sales of composite plugs in Canada again with customers in the montney and the dub Renee play.
Many of our customers utilizing plug and PF completions will strategically plan ahead to work through spring breakup, which is partially mitigated. The typical seasonality of our Canadian business.
Our second core strategy is to capitalize on International and offshore opportunities.
We're seeking to build on the success. We achieved in 2024 a year in which International Revenue reached 10% of total revenue. An important milestone for NCS
We expect continued success with customers in the North Sea as our growing customer base and operational. Track record have positioned us for long-term growth in that market.
We've had multiple successful, North Sea operations this year and we expect to be busy in the region for the foreseeable future.
We expect to deliver or install sleeves or to perform service walk for Wells with sleeves that are already installed for 7. Nork, customers in 2025
That's an increase compared to 5 customers in 2024 and from only 2 customers in the region in 2022.
In 2024, we signed a commercial purchase agreement with the customer in the Middle East, and we're encouraged by the pace of adoption of our well construction products and unconventional wells in the region.
Region, a service company is await the award of tenders for completion services, including pressure pumping.
We're also actively working with 1 of our Middle East Regional Partners to transition away from radioactive tracing to chemical tracing in the region.
Third core strategy for NCS is commercialized innovative solutions to complex customer challenges.
We have internal objectives this year that are tied to field trials for new products and for successfully entering new markets and regions.
I touched on several of these in the last call and will provide an update on a few notable items.
In the second quarter, we successfully ran our first 7-inch sliding sleeve and service tool for a remedial cementing application.
The customer was pleased with the results and his subsequently ordered additional tools.
Repeat Precision has experienced strong uptake of its new offerings. Particularly the stage saver composite frag. Plug in the United States and in Canada.
The stage saver is designed to de-risk, certain issues, that can arise during simal Frac, or I guess trial, Frac and other operations, which includes screen outs and Perforating gun misfires.
We have several other products and services for which we expect field. Trials to begin in the second half of the year and I'm looking forward to discussing these products and services on future calls.
I now spend a few minutes reviewing the strategic acquisition that we announced yesterday.
I'm excited to announce the acquisition of resmetrics and to welcome the resmetrics team to NCS.
Resmetrics is a provider of Tracer, Diagnostics technologies, and services, and is built in an excellent business that we believe is highly complementary with our current Tracer, Diagnostics product line.
For metric. Success has resulted from its end-to-end scientific approach to enable more quantitative results from cost effective. Tracer, diagnostic, studies,
Through precise chemical, manufacturing, Tracer, injection, and sampling programs, and robust chemical portfolio performance. Testing for his metrics is built a growing and profitable business. With trailing 12 months. Un audited Revenue through June 2020, 2025 of over 10 million dollars, generating, an ibid do margin of over 30%,
for his metrics business complements, our existing Tracer, Diagnostics product line in many ways,
from a product and service offering perspective, whereas metrics provides NCS with a liquid oil Tracer offering, which we can pair with our existing products, to provide a combined offering of both liquid and particulate tracers for oil, and for water, natural gas, tracers, and radioactive tracer services,
In addition, the Resmetrics team has additional expertise in designing and executing tracer and diagnostics projects for enhanced oil recovery applications, such as water floods, and for high-temperature applications, which we believe will be growing markets over time.
Both NCS and risk metrics have unique Tracer portfolios. And in time, we believe that our customers will be better served with a larger combined high performance chemical Tracer portfolio, which can enhance the value of Tracer Diagnostics projects.
Although NCS and resmetrics have historically competed head-to-head for Tracer. Work in the US, our customer bases have limited overlap and we believe that each of our respective current customer bases will benefit from the broader service offering of the combined portfolio.
In addition with the combined larger customer base and Geographic footprint, new service and product developments, in this product line will be more scalable and impactful to NCS.
Internationally the addition of resmetrics expands our presence in the Middle East, into the UAE, and Kuwait through, through strategic Partnerships with service companies operating in the region.
We've been very impressed with the team at ResMetrics while evaluating the transaction and planning the upcoming integration.
The focus of this transaction is to create the leading Global Tracer, Diagnostics business and to establish a strong platform for product and service development around Reservoir Diagnostics.
I'm confident that we can achieve this goal through the efforts of the NCS and resmetrics combined team.
We'll be methodical in our integration, keeping the voice of the customer in mind, as we identify, and implement, the best practices from resmetrics and NCS across all of the relevant workflows. Many of, which will take some time to validate in the, in the laboratory.
While the transaction is not predicated on cost synergies, we believe that in time, we will benefit from the Implement implementation of these best practices. As we seek to optimize chemical usage, realize economies of scale and better utilize the skill sets of our employees.
In past calls, I refer to our balance sheet as a strategic asset. And this transaction, is a great example of that.
Our strong balance sheet and capital a business model. Generates free cash flow through industry Cycles. We're utilizing cash on hand to fund this acquisition while maintaining a net cash balance and robust liquidity.
Of a growing and profitable business enables us to improve our return on Capital and we believe positions us to create additional value for our shareholders over time.
As the North American ENT business matures and our customers consolidate to benefit from economies of scale. We believe that oil field services providers in the industry will need to do the same engaging in strategic horizontal combinations like this 1.
At NCS, we believe that the capabilities of our people are infrastructure and the breadth of our product lines operating in strategic geography, along with our strong balance sheet position us positions us well to supplement or our organic growth strategy with complimentary transactions like the resmetrics acquisition over time.
Mike will now review our results for the second quarter and our guidance for the third quarter?
Thank you. Ryan as reported in yesterday's earnings release, our second quarter revenues or 36.5 million. Our highest second quarter Revenue. Results since 2019 representing a year-over-year Improvement of 23%.
Our Canada revenues improved by 49%. Driven by an increase in fracturing system cells, our U.S. revenues improved by 15%, also reflecting an increase in fracturing system cells as well as higher frac plug cells at Repeat Precision. Our international revenues decreased by 17%, primarily due to the timing of Tracer diagnostic projects in the Middle East, partially offset by an increase in the North Sea fracturing system cells and an increase in well constructed.
Revenues in the Middle East.
Sequentially. Our revenues for the second quarter decreased 27% reflecting, the normal seasonal, decline in Canada resulting from spring, break up offset, some light, by favorable increases for both the us, and our International operations, our adjusted gross profit defined as total revenues less total cost to sales. Excluding depreciation and amortization expense was 13 million for the second quarter of 2025 or an adjusted gross margin of 36% down compared to our adjusted gross margin of 40% from. 1 year ago, the decrease in our adjusted gross margin was primarily due to the mix of products, sold and services provided for the respective periods.
Selling General and administrative costs were 13.6 million for the second quarter of 2025 down by 1.2 million. Compared to the same period last year.
Other income was 1.6 million for the second quarter of 2025 and related primarily to royalty income from licenses of our intellectual property into a, lesser extent to gain on sale of fixed assets,
We recorded an income tax benefit of 1.0 million for the second quarter of 2025 of this amount. The tax benefit of 1.4 million resulted from the reversal of a portion of our previously, recorded valuation allowance on Canadian deferred tax assets, which was no longer deemed appropriate as these deferred tax. Assets are expected to be fully realized our net income for the second quarter was 0.9 million or dilute
Ed earnings per share of 34 cents and Improvement. Compared to the second quarter, net loss of 3.1 million or a loss per share of 1, a dollar and 2121 cents in the prior year.
Our adjusted IBA was 2.2 million and Improvement compared to 0.9 million for the second quarter of 2024.
Now turning to the balance sheet in an overview of our cash purchase of Resmetrics. As of June 30th, cash on hand was $25.4 million, and total debt was $7.7 million, which consisted entirely of finance lease obligations, resulting in a positive net cash position of $17.7 million. The borrowing base under our undrawn ABL facility was $17.2 million, and our total liquidity was approximately $42.5 million, including cash and availability under our revolving credit facility.
The total purchase price for resmetrics, is up to a maximum cash amount of 7.15 million subject to a working capital adjustment at yesterday's closing.
We paid 5.9 million, the purchase.
Agreement includes an earnout component of up to 1.25 million, that would be paid in the first quarter of 2026.
After yesterday's closing our net cash position remains above 10 million and our liquidity is approximately 36 million including cash and the availability under our undrawn revolver.
now, turning to a few points of guidance for the third quarter,
Ease of comparison to our prior results. I've excluded resmetrics from these estimates. However, Ryan will provide guidance separately on the expected contribution of resmetrics for the remainder of 2025.
We currently expect third quarter, total revenue in the range of 42 to 46 million.
International Revenue of 5 to 6 million.
We expect our adjusted gross margin to range from 40.
Percent to 42% and our adjusted EBITDA to range from $5.5 million to $7.0 million.
Our third quarter depreciation and amortization expense is projected to be approximately $1.4 million.
With that, I'll hand it back to Ryan to discuss our 2025 full-year guidance and for closing remarks.
Thank you, Mike.
We're making only slight adjustments to our full year guidance for 2025.
I'll provide you with an Apples to Apples update for our guidance and then prepare provide our expectation for the contribution of resmetrics for the last 5 months of the year.
While NCS performed well during the first half of 2025, we are a bit more cautious regarding the second half of the year as market and industry conditions have continued to deteriorate. This includes a further decline in the U.S. rig count, a slower than normal recount recovery in Canada following spring breakup, and the potential for an oversupplied oil market due to an increase in OPEC+ oil supply, as well as ongoing uncertainties related to tariffs and trade.
Therefore, we're maintaining a wider-than-normal range for our annual operating guidance.
So, given that backdrop, we are modestly increasing our expectation for annual revenue to $168 million to $176 million in 2025, which represents year-over-year growth of 6% at the midpoint, led by Canada and also by product sales at Repeat Precision in the U.S.
We've modified our adjusted EBITDA range to $21 million to $24 million, a modest increase to the low end, with a midpoint of $22.5 million.
We continue to expect free cash flow after distribution to our non-controlling interest and excluding the cash paid for as metrics of 7 to 11 million this year.
Further strengthening our robust balance sheet.
As a reminder, our free cash flow generation is typically strongest during the fourth quarter of the year.
Finally we expect the resmetrics, will contribute an additional 4 to 5 million dollars of Revenue and 1 to 1 and a half million dollars of adjusted. The ibida for the last 5 months of 2025.
That would bring our combined revenue. Guidance range for the year to 172 to 181 million and our combined adjusted debe, dog. Guidance to 22 to 25.5 million for the year.
Before we open the call for questions, I'll close with a couple of brief comments.
Continue to deliver on the core strategies that we implemented in 2025 that are designed to generate value. For our stakeholders through organic growth and Technology, introductions
We have the infrastructure in place to support revenue growth in each of our geographic markets, providing leverage to grow future earnings.
We continue to benefit from the successful introduction of new solutions that meet the needs of our customers adding to our portfolio and expanding our addressable Market.
Our recent acquisition of risk metrics, complements our core strategies for organic growth.
With the acquisition, we've bolstered our global market position and Tracer Diagnostics, expanding our service offerings, adding operational scale, and enhancing our position in the strategic Middle East region.
We maintain a strong balance sheet and liquidity position with post-acquisition total liquidity, including availability under our revolver of approximately 36 million.
In addition, we expect to increase our cash balance by generating positive free cash flow in 2025, providing us with incremental financial and strategic flexibility.
This strong balance sheet and confidence in continued. Free cash, flow generation enabled us to fund the Strategic acquisition of resmetrics with cash, a transaction that we expect to be accretive to earnings and improve our return on Capital employed,
With that, we welcome any questions.
Thank you. As a reminder, to ask a question, please press *1, 1 on your telephone and wait for your name to be announced to withdraw your question. Please press *1, 1 again. Please stand by while we compile the Q&A roster.
And our first question comes from Dave storms of Stonegate, your line is open.
Morning.
Um, just want to start with morning, just wanted to start with the reset metrics acquisition a little bit more. Uh, you mentioned, there's not a lot of overlap between, you know, resmetrics, customers and Tracer, Diagnostics customers. Uh, I guess when we project this out a year or so, what kind of opportunities do you see? Uh, for cross-selling going forward. Yeah, either domestically or internationally, you know, how, how do you envision that playing out?
Yeah it's it's a great question Dave. Um so yeah we were um
You know, we we do serve a pretty distinct set of customers, especially in the US.
Resmetrics' service offering fills in where we have some unique attributes, whether that be on the radioactive tracers.
Um and then also some uh, field deployed solutions that we think we we bring to the combination and being able to um you know take those new technologies and bring them out to a a broader customer set is certainly something that's really compelling with respect to the deal. Um, we we do think there will be some Revenue Synergy opportunities. Um you know we think about reset metrics in a trailing 12 months basis um, generating about 10 million of Revenue.
Our Tracer Diagnostics business, uh, was between 15 and 20 million. So when I combine basis between 25 and 30 million dollars, uh, for for a trailing 12-month period,
And as you look forward, um, I do think that, um, you know, by by bringing that broader service offering to the existing Tracer, Diagnostics customers will be able to, to continue to take share in that market. And to also just build the use cases for Tracer Diagnostics, more broadly. Um, so hesitate to put a number on it, but we do think that there should be some Revenue Synergy opportunities as we move forward.
That's very helpful. Thank you. Um and you know with this acquisition you mentioned it did open up a couple of new geographies for you um I guess thinking about your International footprint, you know uh at the companywide level. You know are there any regions that that you're particularly excited to start targeting? Uh or is the market uncertainty? Kind of keeping you?
Uh more focused on your core competencies? Do you think of the the gear to medium term?
Yeah, so it's it's it's kind of a combination of geographic and and product specific opportunities that we're looking after. Um certainly looking to continue the momentum that we have in the North Sea and in the Middle East and the resmetrics acquisition. Absolutely helps with, with broadening our presence in the Middle East.
Um, you know, I think another thing that um, you know you can you can think about is most of the success that we've had in, um, in the North Sea has been, you know, shallow water offshore in general, and the North Sea is not the only Market that's applicable, um, offshore for our technology. So, we're, we're looking to push into other offshore markets whether that be, you know, Gulf of America and other operating regions that would Leverage, The operational success that we've had with our technology offshore.
That's very helpful. Thank you. And then 1, 1 more. If I could, um, just when we're thinking about the guidance and and the range that you've given us, um, I guess
At at a high level what would you need to see either in the macro environment or maybe you know in in your sector specifically that would give you the confidence to maybe tighten that guidance range. Uh in Q3 is it just rate counts? Or are there other things that you have your eye on anything that would be helpful?
Yeah, look, I think given the fact that, you know, about 60% of our revenue historically has been generated in Canada, we're certainly keeping an eye on the Canadian rig count. In the comments, I’d mentioned that the rig count is a little bit lower coming out of breakup versus last year. The first half of the year, the Canadian rig count was pretty flat year over year. If we look today, I think the rig count is in the high 180s. This time last year, it probably would have been 215 to 220. So, we're about 10 to 15% below where we were.
So you know, as our as a, you know as the customers in Canada continue to bring rigs back um and as that Gap as far as the the recount relative to the next last year, Narrows I think we'd get have a little bit more confidence to narrow uh the range as well.
Very helpful. Thank you for taking my questions. Good luck Q3.
All right, thanks Dave.
Thank you.
And our next question comes from Joshua, Jane of Daniel Energy Partners, your line is open.
Thanks, good morning. Uh first 1 is just on the acquisition. You talked about potential first synergies over time. Um and I think you highlighted the 30% Epic on margins just where do you see the opportunity to get margins to in this business over at? Let's say the next couple of years as you as you scale it.
In mind, we're going to identify those best practices.
Uh, but we do think that within that, whether it comes from the way, we prepare samples, the way, we calibrate our instruments
That we should be able to reduce our cost of sales through using a smaller amount of chemical or potentially being more strategic about the cost of the chemical that we deploy into the customer's wells.
Um and think that, you know, in time that we can generate synergies, whether it be I, I hesitate to frame it on a margin percentage on the resmetrics business because the opportunities will come across, you know, the broader combined portfolio.
Um, you know, but do think there's a potential for um,
you know, somewhere between, you know, 1 and 2 million dollars over the long run. Um, as far as operational synergies, that could could come through running the businesses together.
Okay. Thanks and then, uh, maybe you could just speak to the mindset of both your, uh, Canadian and Us customer base. So we've had a, a pretty volatile second quarter just from a news and macro and commodity price standpoint, starting with Liberation day and then, um, just a lot of volatility from both OPEC and a lot of different pockets. And is there a case to be made that where we sit today you highlighted, you know, the rate counts lower. Both in the US and Canada on a year-over-year basis. But is, is there a case to be made that? Um, the customer base is sitting in a, a better spot. Now the things have calmed down today versus where we
Where say I need to 100 days ago, and maybe you could just speak to their mindset and sense of urgency. Uh, today of operators would be great. Thank you.
Yeah, thanks, Josh. I'll do my best there. Um.
So, you know, I think specifically in the US. Um, I think you're you're right. There was a lot of
Um, you know, concern post-Liberation Day, um, you know, oil prices fell. Uncertainty around trade and tariffs, um, you know, oil prices have hung in there, um, better than I think most would have expected.
But, you know, I also believe that, you know, the customers are looking at, um, you know, the actions of of OPEC plus, and, and just waiting to see if the market really turns into an oversupply situation later this year. So I think it's more of a wait and see. Um, you know, I I I do think that a lot of the oil directed activity from a from a rig count reduction standpoint.
As already happened, I think it'll moderate a bit as you move through Q3, but probably some further reductions. Um, and as you move into Q4, you know, it's hard to tell. Um, obviously um.
You know, you you could run into the situation where you have budget exhaustion and some further recount decline there but I think the the tone is kind of cautiously optimistic. It's worse than feared but you know, folks are still looking at the fourth quarter and and and wondering when is that OPEC Supply?
When it hits the market, how will it impact the market?
Um, you know, I think in Canada, there was a little bit of a pull forward in activity ahead of some of the tariff fears in Q1 and early Q2.
Um, and you know, the Canadian market with the breakup has a chance to kind of sit back and reassess their forecasts.
Um, you've also seen specific to Canada. The local gas market acho has been has been really weak, um, lately, so, some of the gas directed activity. Um, has been curtailed. And, you know, I think we've heard similar comments from whether it be trykon or Precision drill drilling about, you know, solar start to Q3. But some general confidence about activity picking up in the latter part of the year. So I think we just Echo the comments that some of the other more, you know, kind of candidate exposed services, companies have expressed over the last few days around that.
Understood, thank you very much. I'll turn it back.
Thank you.
And our next question comes from Galaxy street from singular research, your line is open.
Uh, good morning, guys. Can you hear me?
We can morning gashi.
Good morning. Um, my first question is, uh, given your comments about um,
kind of the the distraction you're having in Canada, giving you outperformance, can you desegregate on how much growth is coming from new customers versus the expanded activity with the existing core clients, especially with light of the overall Canadian US US rig count
A lot of that has to do. As I mentioned in the prepared comments about, um, you know,
the fact that we we've grown our customer base in the Monty, which is the most active region in Canada and, and for us the region, where customers will run. You know, the highest number of sleeves. So, the opportunity on a per, well basis, for us in the Monty is greater than it is in in many other regions.
Um, we've also had some interesting trial opportunities in in some other markets that would represent growth initiatives for us. And in a certain other regions in Canada some of the customers are are simply you know, drilling longer laterals or um experiencing tighter stage counts, so running more sleeves for well. So there are a number of factors that are kind of driving us. Outperforming the underlying rig count
um,
And we, we, we do think that can continue in the second half of the year, maybe not to that same, um, degree of outperformance. But it's also why I think if you unpack, um, you know, the revenue guidance, we're probably flat to down a little bit, um, in the back half of the year versus 2024, with the backdrop of the Canadian rate count currently being 10% to 15% below where it was last year. So, the expectation is for continued outperformance relative to the market there, and if the market firms up a bit, we would certainly benefit from it.
Um, on the margin side, um, were there any competitive price, concessions product near sell input cost headwinds. Um, most most responsible how much pricing power. Um, do you believe you can maintain if uh, if the softness continues into H2
Yeah, this this is Mike. I think the question was, you know, kind of the, the margin, the 36 to the 40 compared to last year. You know how much that was concessions. And, you know, they answer to that not not really much if any, you know, kind of as I said, in my prepared marks, it was really more the just the mix of products and services just in the Middle East, we had a little bit fewer Tracer projects during the quarter compared to how we ramped up you know 1 year ago that high margin work. So it did have somewhat of an impact so so I think overall yeah, we we see it. As, you know, we can maintain you know, kind of Who We Are.
Okay.
and and on the uh, integration of the of the um and with the new acquisition, um,
How are the project level profitability payment terms trending? Um for the recent Middle East uh, North Sea jobs. How do you see that? Um, sensitized? Uh, these modules potential, uh, any execution rates or payment, delays or how, how does the integration and and and the project level process.
Ability will Trend in the Middle East.
Yeah, I I'll talk to maybe a little bit overall first and the, you know, the North Sea. And the Middle East are are different markets, I guess with respect to payment terms, maybe similar with respect to our our you know kind of margin profile that we expect in the markets. You know generally um you know when we participate in projects internationally we are being brought into those based on Technical and technological differentiation that we provide and we tend to be able to to earn a better than average corporate margin as a result. So the work in the North Sea in the Middle East is generally pretty good from a margin standpoint.
Um, it's a, it's a good question with respect to payment terms and they are different between the 2 markets in the North Sea. Um you know our customers are some of the best and quickest paying customers in our portfolio. Um in the Middle East, we tend to operate through local operating partners and that process tends to extend payables a bit as a result. Um, so we we need to make sure that we kind of price that
Working capital drag from operating in the region into, you know, the price we charge our customers and the margin that we receive and we think we do that appropriately. But, but yes, is is, if we were to grow disproportionately in the Middle East, you might see our receivables, um, term out a little bit as a result, but we, you know, if we account for that, in the way, we scope the projects and price them.
Awesome. That's all I have. Thank you guys.
All right, appreciate it.
Thank you. I'm showing no further questions at this time. I'd like to turn it back over to Ryan Hummer for closing remarks.
All right. Thank you, Dey. On behalf of our management team and board, we'd like to thank everyone joining the call today, including our shareholders, analysts, and especially our employees, including the team that just joined us from Resmetrics.
I truly appreciate the tremendous work and dedication demonstrated by our team. As we implement our long-term strategies and as we welcome and integrate Resmetrics, we are aligning on best practices within Tracer Diagnostics.
Demonstrate why? I believe we have the best team in the industry.
Our team continues to provide excellent service to our customers. While developing new products and services, that will enable our customers and NCS to be even more successful.
We appreciate everyone's interest in NCS multi-stage and look forward to talking again on our next quarterly earnings call.
includes today's conference call, thank you for participating and you may now disconnect