Q2 2025 Milestone Scientific Inc Earnings Call and Business Update Call

Jenny: Good morning, everyone, and welcome to the Milestone Scientific Inc. second quarter 2025 financial results and business update conference call. At this time, all participants are in a listen-only mode, and the floor will be open for questions following the presentation. If anyone should require operator assistance during this conference, please press star zero on your phone keypad. Please note this conference is being recorded. I will now turn the conference over to our host, David Waldman of Crescendo Communications. David, the floor is yours.

Speaker #2: If anyone should require operator assistance during this conference, please press * on your phone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, David Waldman of Crescendo Communications.

Speaker #2: David, the floor is yours.

Speaker #3: Thank you, Jane. Good morning, and thank you all for joining Milestone Scientific's Q2 2025 Financial Results Conference Call. On the call with us today are Neil Goldman, Chairman; Eric Hines, Chief Executive Officer; and Keisha Harcum, Vice President of Finance at Milestone Scientific.

David Waldman: Thank you, Jenny. Good morning, and thank you all for joining Milestone Scientific Inc. second quarter 2025 financial results conference call. On the call with us today are Neil Goldman, Chairman; Eric Hines, Chief Executive Officer; and Keisha Harcum, Vice President of Finance at Milestone Scientific Inc. The company issued a press release yesterday afternoon containing second quarter 2025 financial results, which is also posted on the company's website. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1020. Company's management will now provide prepared remarks reviewing the financial and operational results for the second quarter ended June 30, 2025.

Speaker #3: The company issued a press release yesterday afternoon containing second quarter 2025 financial results, which are also posted on the company's website. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1020.

Speaker #3: The company's management will now provide prepared remarks reviewing the financial and operational results for the second quarter ended June 30, 2025. Before we get started, we'd like to remind everyone that during this conference call, we may make forward-looking statements regarding the timing and financial impact of MILESTONE's ability to implement its business plan, expected revenues, and future success.

David Waldman: Before we get started, we would like to remind everyone that during this conference call, we may make forward-looking statements regarding timing and financial impact of Milestone Scientific Inc.'s ability to implement its business plan, expected revenues, and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive, and market conditions and future business decisions, all of which are difficult or impossible to predict accurately, and many of which are beyond Milestone Scientific Inc.'s control.

Speaker #3: These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive, and market conditions and future business decisions, all of which are difficult or impossible to predict accurately, and many of which are beyond Milestone's control.

Speaker #3: Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FTA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in MILESTONE's periodic filings with the Securities and Exchange Commission, including, without limitation, MILESTONE's report on Form 10-K for the year ended December 31, 2024, and MILESTONE's report on Form 10-Q for the second quarter ended June 30, 2025.

David Waldman: Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone Scientific Inc.'s periodic filings of the Securities and Exchange Commission, including without limitation, Milestone Scientific Inc.'s report on Form 10-K for the year ended December 31, 2024, and Milestone Scientific Inc.'s report on Form 10-Q for the second quarter ended June 30, 2025. The forward-looking statements made during this call are based upon management's reasonable belief as of today's date, August 15, 2025. Milestone Scientific Inc. undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Speaker #3: The forward-looking statements made during this call are based upon management's reasonable belief as of today's date, August 15, 2025. MILESTONE undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Speaker #3: With that, we'll now turn the call over to Neil Goldman, Chairman of the Board. Please go ahead, Neil.

David Waldman: With that, we will now turn the call over to Neil Goldman, Chairman of the Board. Please go ahead, Neil.

Speaker #4: Thank you, David. Good morning, everyone, and welcome to Milestone Scientific's 2nd Quarter 2025 Conference Call. Before we get into the results, I want to start with what I believe is one of the most important drivers of our future success: the recent additions to our leadership team.

Neil Goldman: Thank you, David Waldman. Good morning, everyone, and welcome to Milestone Scientific Inc. second quarter 2025 conference call. Before we get into the results, I want to start with what I believe is one of the most important drivers of our future success: the recent additions to our leadership team. First, I am pleased to introduce our newly appointed Chief Executive Officer, Eric Hines. Eric brings more than 25 years of leadership experience in scaling sales-driven enterprise software companies and serving customers across multiple industries, including healthcare. He has built efficient, high-performance teams and delivered consistent top-line growth. At Ex Libris, a division of Clarivate, Eric led operations across the U.S., Canada, and Latin America, substantially growing the business, ultimately generating over $100 million in revenue. Early in his career at NYSE Systems, he managed a $90 million North American security business.

Speaker #4: First, I’m pleased to introduce our newly appointed Chief Executive Officer, Eric Hines. Eric brings more than 25 years of leadership experience in scaling sales-driven enterprise software companies and serving customers across multiple industries, including healthcare.

Speaker #4: He has built efficient, high-performance teams and delivered consistent top-line growth. At XLEBERS, a division of Clarivate, Eric led operations across the U.S., Canada, and Latin America, substantially growing the business and ultimately generating over $100 million in revenue.

Speaker #4: Early in his career at NICE Systems, Eric managed a $90 million North American security business. He is a leader who knows how to execute at scale, and we're excited about the vision and energy he brings to Milestone.

Neil Goldman: Eric is a leader who knows how to execute at scale, and we are excited about the vision and energy he brings to Milestone Scientific Inc. We also recently welcomed Jason Papes as Senior Vice President, Global Head of Sales and Marketing. Jason brings more than 30 years of experience in scaling commercial operations across healthcare and medical technology sectors. He has built national and international distribution networks, driven strategic growth initiatives, and led successful ventures to acquisition. His expertise spans orthopedics, neurology, pain management, and digital imaging, making him a tremendous asset as we accelerate both our dental and medical businesses. On the governance side, Chad Selingam has joined our Board of Directors. He brings in more than 20 years of global leadership in commercial scaling, reimbursement strategy, and product innovation across medical device and pharmaceutical industries. Chad's experience and track record will be invaluable to Milestone Scientific Inc.

Speaker #4: We also recently welcomed Jason Papes, a Senior Vice President and Global Head of Sales and Marketing. Jason brings more than 30 years of experience in scaling commercial operations across healthcare and medical technology sectors. He's built national and international distribution networks, driven strategic growth initiatives, and led successful ventures to acquisition.

Speaker #4: His expertise spans orthopedics, neurology, pain management, and digital imaging, making him a tremendous asset as we accelerate both our dental and medical businesses. On the governance side, shout out to Lingam, who has joined our Board of Directors.

Speaker #4: He brings in more than 20 years of global leadership in commercial scaling, reimbursement strategy, and product innovation across the medical device and pharmaceutical industries. Chance, experience, and track record will be invaluable to MILESTONE as we look to expand adoption of our company floor epidural and advance our commercial execution.

Neil Goldman: as we look to expand adoption of our CompuFlo Epidural System and advance our commercial execution. I believe this new leadership team is built for acceleration with the talent, experience, and commitment to take Milestone Scientific Inc. to the next level. With that, it is my pleasure to turn the call over to Eric Hines.

Speaker #4: I believe this new leadership team is built for acceleration, with the talent, experience, and commitment to take MILESTONE to the next level. And with that, it is my pleasure to turn the call over to Eric.

Speaker #5: Thank you, Neil, and good morning to everyone. When I joined Milestone Scientific, it was after conducting extensive due diligence—digging deep into the technology, the market, opportunities, and, most importantly, the people.

Eric Hines: Thank you, Neil, and good morning to everyone. When I joined Milestone Scientific Inc., it was after conducting extensive due diligence, digging deep into the technology, the market opportunities, and most importantly, the people. What I saw convinced me that this company is with tremendous untapped potential. We have world-class products, an expanding base of loyal customers, and now a leadership team and expanded board with the experience and drive to unlock the next phase of growth. One of the most important recent developments in a critical foundation of our medical segment was securing Medicare Part B payment rate assignment under CPT code 0777T in multiple jurisdictions, including New Jersey, Texas, and Florida.

Speaker #5: What I saw convinced me that this company has tremendous untapped potential. We have a world-class product and an expanding base of loyal customers, and now a leadership team and expanded board with the experience and drive to unlock the next phase of growth.

Speaker #5: One of the most important recent developments and a critical foundation of our medical segment was securing Medicare Part B payment rate assignment under CPT code 077T in multiple jurisdictions, including New Jersey, Texas, and Florida.

Speaker #5: This is a significant milestone, not only because it opens a reimbursement pathway for millions of eligible procedures, but also because it validates the clinical value of our company's floor epidural system in the eyes of payers and providers.

Eric Hines: This is a significant milestone, not only because it opens a reimbursement pathway for millions of eligible procedures, but also because it validates the clinical value of our CompuFlo Epidural System in the eyes of payers and providers. We've already seen early traction with respected clinics adopting our system. For example, during the quarter, The Painless Center in Tenafly, New Jersey, led by Dr. Chin Shin Jason Chu, a double board certified physician in pain management and anesthesiology, began using the CompuFlo Epidural System following a successful evaluation. This adoption broadens market awareness and reflects growing confidence among critical leaders in CompuFlo's ability to deliver safer and more effective epidural administration. Turning to Q2 results, revenue grew 25% to $2.3 million, driven primarily by performance in our dental segment, where international sales more than doubled.

Speaker #5: We've already seen early traction with respect to clinics adopting our system. For example, during the quarter, the Painless Center in Tennoflan, New Jersey, led by Dr. Chin Shin Jason Chu, a double-board certified physician in pain management and anesthesiology, began using the company floor epidural system following a successful evaluation.

Speaker #5: This adoption broadens market awareness and reflects growing confidence among critical leaders in the company’s floor's ability to deliver safer and more effective epidural administration. Turning to Q2 results, revenue grew 25% to $2.3 million, driven primarily by performance in our dental segment, where international sales more than doubled.

Speaker #5: By transitioning to a leaner sales organization and selling through our online platform directly to dental clinics and DSOs, we've created a more direct line of communication with customers.

Eric Hines: By transitioning to a leaner sales organization and selling through our online platform directly to dental clinics and DSOs, we've created a more direct line of communication with customers. This approach not only improves margins but also strengthens relationships, resulting in greater customer engagement, higher satisfaction, and more repeat orders. While domestic dental sales were relatively flat this quarter, we believe the combination of our direct sales model, targeted marketing initiatives, and enhanced e-commerce platform positions us well for growth in the U.S. market. With Jason Papes leading global sales and marketing, we are in a strong position to aggressively grow both our dental and medical businesses. In dental, our focus is on accelerating penetration in existing markets, expanding internationally, and capturing greater share in the U.S. through targeted marketing and direct engagement.

Speaker #5: This approach not only improves margins but also strengthens relationships, resulting in greater customer engagement, higher satisfaction, and more repeat orders. While domestic dental sales were relatively flat this quarter, we believe the combination of our direct sales model, targeted marketing initiatives, and enhanced e-commerce platform positions us well for growth in the U.S. market.

Speaker #5: With Jason leading global sales and marketing, we are in a strong position to aggressively grow both our dental and medical businesses. In dental, our focus is on accelerating penetration in existing markets, expanding internationally, and capturing greater share in the U.S. through targeted marketing and direct engagement.

Speaker #5: In medical, we are building on the reimbursement foundation, focusing on our federal presence and pursuing new distribution partnerships, both domestically and internationally. In short, the foundation is here, the team is in place, and the opportunities are significant.

Eric Hines: In medical, we are building on the reimbursement foundation, focusing on our federal presence and pursuing new distribution partnerships both domestically and internationally. In short, the foundation is here, the team is in place, and the opportunities are significant. My focus now is disciplined execution, accelerating adoption, and ensuring that Milestone Scientific Inc. delivers innovation, growth, and long-term value for our shareholders. I'm genuinely excited for what lies ahead. Thanks, and please go ahead, Keisha.

Speaker #5: My focus now is disciplined execution, accelerating adoption, and ensuring that MILESTONE delivers innovation, growth, and long-term value for our shareholders. I'm genuinely excited for what lies ahead.

Speaker #5: Thanks, and please go ahead, Keisha.

Speaker #4: Thank you, Eric. Consolidated revenue for the three months ended June 30, 2025, and 2024 was approximately $2.3 million, an increase of $470 thousand. E-commerce dental revenue for the three months ended June 30, 2025, and 2024 was approximately $1.3 million, respectively.

Keisha Harcum: Thank you, Eric. Consolidated revenue for the three months ended June 30, 2025, and 2004 was approximately $2.3 million, an increase of $470,000. E-commerce dental revenue for the three months ended June 30, 2025, and 2024 was approximately $1.3 million, respectively. For the three months ended June 30, 2025, and 2024, international revenue was approximately $1,489,000, respectively, an increase of $511,000. For the three months ended June 30, 2025, and 2024, medical revenue was approximately $32,019, respectively, an increase of $13,000 compared to June 30, 2024. Consolidated gross profit for the three months ended June 30, 2025, was approximately $1.6 million, an increase of approximately $206,000 compared to approximately $1.4 million for the same period in 2024. Consolidated selling, general, and administrative expenses for the three months ending June 30, 2025, and 2024 was approximately $3 million and $2.9 million, respectively.

Speaker #4: For the three months ended June 30, 2025, and 2024, international revenue was approximately $1 million and $489 thousand, respectively, representing an increase of $511 thousand. For the three months ended June 30, 2025, and 2024, medical revenue was approximately $32 thousand and $19 thousand, respectively.

Speaker #4: An increase of $13,000 compared to June 30, 2024. Consolidated gross profit for the three months ended June 30, 2025, was approximately $1.6 million, an increase of approximately $206,000 compared to approximately $1.4 million for the same period in 2024.

Speaker #4: Consolidated selling, general, and administrative expenses for the three months ending June 30, 2025, and 2024 were approximately $3 million and $2.9 million, respectively. Consolidated research and development expenses for the three months ending June 30, 2025, and 2024 were approximately $52 thousand and $352 thousand, respectively.

Keisha Harcum: Consolidated research and development expense for the three months ending June 30, 2025, and 2024 was approximately $52,000 and $352,000, respectively. The loss from operation was approximately $1.5 million and $1.8 million for the three months ending June 30, 2025, and 2024, respectively, a decrease of approximately $296,000. The decrease is due to an increase in salaries and a reduction in selling and general administrative expenses. Consolidated revenue for the six months ending June 30, 2025, and 2024 was approximately $4.6 million, an increase of approximately $453,000. E-commerce and dental service revenue for the six months ending June 30, 2025, was approximately $2.6 million and $2.7 million, respectively, an increase of about $0.5 million. For the six months ending June 30, 2025, international revenue was approximately $1.9 million and $1.4 million, an increase of $500,000 compared to June 30, 2024.

Speaker #4: The loss from operations was approximately $1.5 million and $1.8 million for the three months ending June 30, 2025, and 2024, respectively, a decrease of approximately $296,000.

Speaker #4: The decrease is due to an increase in salaries and a reduction in selling and general administrative expenses. Consolidated revenue for the six months ending June 30, 2025, and 2024 was approximately $4.6 million, an increase of approximately $453,000.

Speaker #4: E-commerce and dental service revenue for the six months ending June 30, 2025, was approximately $2.6 million and $2.7 million, respectively, an increase of $0.5 million.

Speaker #4: For the six months ending June 30, 2025, international revenue was approximately $1.9 million, and $1.4 million, an increase of $500 thousand. Compared to June 30, 2024, for the six months ending June 30, 2025, sales to China revenue was approximately $110 thousand, compared to June 30, 2024.

Keisha Harcum: For the six months ending June 30, 2025, sales to China revenue was approximately $110,000 compared to June 30, 2024. For the six months ending June 30, 2025, medical revenue was approximately $83,000 and $26,000, respectively, an increase of $57,000 compared to June 30, 2024. Consolidated gross profit for the six months ending June 30, 2025, was approximately $3.3 million, an increase of approximately $178,000 compared to the $3.1 million for the same period in 2024. Consolidated selling, general and administrative expenses for the six months ending June 30, 2025 and 2024 was approximately $6.3 million and $5.9 million, respectively, an increase of approximately $384,000. Consolidated research and development expenses for the six months ended June 30, 2025 were approximately $421,000 and $409,000. The loss from operation was approximately $3.5 million and $3.2 million for the six months ending June 30, 2025 and 2024, respectively, a decrease of approximately $237,000.

Speaker #4: For the six months ending June 30, 2025, medical revenue was approximately $83,000 and $26,000, respectively. This reflects an increase of $57,000 compared to June 30, 2024.

Speaker #4: Consolidated gross profit for the six months ending June 30, 2025, was approximately $3.3 million, an increase of approximately $178,000 compared to the $3.1 million for the same period in 2024.

Speaker #4: Consolidated selling, general, and administrative expenses for the six months ending June 30, 2025, and 2024 were approximately $6.3 million and $5.9 million, respectively, an increase of approximately $384 thousand.

Speaker #4: Consolidated research and development expenses for the six months ending June 30, 2025, were approximately $421 thousand and $409 thousand. The loss from operations was approximately $3.5 million and $3.2 million for the six months ending June 30, 2025, and 2024, respectively.

Speaker #4: A decrease of approximately $237 thousand. Now, I would like to turn your attention to liquidity and capital resources. We continue to carefully manage expenses and have maintained a solid balance sheet.

Keisha Harcum: I would like to turn your attention to liquidity and capital resources. We continue to carefully manage expenses and have maintained a solid balance sheet. Milestone Scientific Inc. had cash and cash equivalents of $1.3 million and working capital of approximately $3.9 million, with no long-term debt. For the six months ended June 30, 2025, we had cash flows used in operating activities of $2.8 million and $0.4 million, respectively. At this point, I would like to turn the call back over to Eric.

Speaker #4: MILESTONE had cash and cash equivalents of $1.3 million and working capital of approximately $3.9 million, with no long-term debt. For the six months ending June 30, 2025, we reported cash flows used in operating activities of $2.8 million and $1.4 million, respectively.

Speaker #4: At this point, I would like to turn the call back over to Eric.

Speaker #5: Thank you, Keisha. There will be a quiz at the Q&A session. As I said earlier, I believe there's untapped potential here. We have the opportunity to accelerate adoption, in both medical and dental, deepen our relationships with our customers, and expand into entirely new geographies and verticals.

Eric Hines: Thank you, Keisha. There will be a quiz at the Q&A session. As I said earlier, I believe there is untapped potential here. We have the opportunity to accelerate adoption in both medical and dental, deepen our relationships with our customers, and expand into entirely new geographies and verticals. Our path forward is about disciplined execution, focusing on revenue expansion while rationalizing expenses, turning our vision into tangible, sustainable growth. I am energized by what we can accomplish together, and I am confident that the next chapters for Milestone Scientific Inc. will be the most exciting and rewarding yet for our customers, partners, employees, and most importantly, our shareholders. I would like to thank you all for joining the call today. At this point, we would like to open the call up for questions. Jenny?

Speaker #5: Our path forward is about disciplined execution, focusing on revenue expansion while rationalizing expenses and turning our vision into tangible, sustainable growth. I'm energized by what we can accomplish together, and I'm confident that the next chapters for MILESTONE will be the most exciting and rewarding yet for our customers, partners, employees, and, most importantly, our shareholders.

Speaker #5: I'd like to thank you all for joining the call today. At this point, we'd like to open the call up for questions.

Speaker #5: Janie?

Speaker #2: Thank you very much. We are now opening the floor for questions. If you would like to ask a question, please press *1 on your phone keypad now.

Jenny: Thank you very much. We are now opening the floor for questions. If you would like to ask a question, please press star one on your phone keypad now. A confirmation tone will indicate that your line is in the queue. You may press star two if you would like to remove your question from the queue. For anyone using speaker equipment, it might be necessary to pick up your handset before you press the keys. Please wait a moment whilst we poll for questions. Thank you. Our first question is coming from Anthony Vendetti of the Maxim Group. Anthony, your line is live.

Speaker #2: A confirmation term will indicate that your line is in the queue. You may press *2 if you would like to remove your question from the queue.

Speaker #2: For anyone using speaker equipment, it might be necessary to pick up your handset before you press the keys. Please wait a moment while we poll for questions.

Speaker #2: Thank you. Our first question is coming from Anthony Vendetti of the MAXIME Group. Anthony, your line is live.

Speaker #6: Thank you. Good morning. Eric, welcome aboard.

Anthony Vendetti: Thank you. Good morning. Eric, welcome aboard.

Speaker #5: Thank you.

Eric Hines: Thank you.

Speaker #6: I was wondering, if you could talk a little bit about the medical side, since obviously you know most of the growth to this point and most of the revenues—the vast majority—have been dental.

Anthony Vendetti: I was wondering if you could talk a little bit about the medical side since, obviously, most of the growth to this point and most of the revenues, the vast majority, have been dental. There has been this Medicare Part B coverage, which we hoped would drive adoption, but it has been a very slow process on the medical side. Can you talk about how many facilities have adopted the CompuFlo Epidural System on the medical side? Then, what specifically you intend to do to try to drive adoption at a much accelerated rate or get that moving in the right direction? I know you hired a new Head of Sales. If you could talk about what you are going to do differently than what prior management has done on the medical side.

Speaker #6: And you know there's been this Medicare Part B coverage, which, you know, we hoped would drive adoption, but it's been a very slow process on the medical side.

Speaker #6: Can you talk about how many facilities have adopted the company floor system on the medical side, and then what specifically you intend to do to drive adoption at a much accelerated rate or get that moving in the right direction?

Speaker #6: I know you hired a new head of sales. So, if you could talk about what you're going to do differently than what prior management has done on the medical side.

Speaker #5: Good question, Anthony, and thank you for the question. The plan really—it’s all about reimbursement, right? And I think that, to answer your question, we've got between 5 and 10 clinics that are actively using the product here in the U.S. market.

Eric Hines: Good question, Anthony, and thank you for the question. The plan really, it is all about reimbursement, right? I think that, to answer your question, we have got between 5 and 10 clinics that are actively using the product here in the U.S. market. I think in the past, we have been trying to boil the ocean, and what we will do is be a little bit more focused. It is all about the data. It is all about getting the doctors using the solution, collecting the data, submitting it to Medicare, and so forth. We really need a team that is focused on doing that.

Speaker #5: I think in the past we’ve been trying to boil the ocean, and what we will do is be a little bit more focused. It’s all about the data.

Speaker #5: It's all about, you know, getting the doctors using the solution, collecting the data, submitting it to Medicare, and so forth. We really need a team that's focused on doing that.

Speaker #5: So, the plan is to invest in some specialists that can really help us usher through some of these claims and different stuff through the clinics and collect data, so that we can confirm that the reimbursement will be at the right place, so the doctors will want to use this solution.

Eric Hines: The plan is to invest in some specialists that can really help us usher through some of these claims and different stuff through the clinics and collect data so that we can confirm that the reimbursement will be at the right place so the doctors will want to use this solution. The short-term plan is, again, to be a little bit more focused, not try to cover the entire U.S. or even all the states within the respective jurisdictions where we have approval, but more importantly, to spend our energy on a handful of clinics early, get the proper data collected, get it submitted, and make sure that it is very clear that doctors will be reimbursed the way they want to be reimbursed.

Speaker #5: So the short-term plan is, again, to be a little bit more focused, not try to cover the entire U.S. or even all the states within the respective jurisdictions.

Speaker #5: Where we have approval, but more importantly, to spend our energy on a handful of clinics early, get the proper data collected, get it submitted, and make sure that it's very clear that doctors will be reimbursed the way they want to be reimbursed.

Speaker #6: I would just like to add that the hiring of Jason Papes as our Head of Sales is a key part of that plan. He brings 30 years of experience in medical distribution and selling, and he has a team that he can work with to really help us succeed on the medical side.

Neil Goldman: I would just like to add that the hiring of Jason Papes as our Senior Vice President, Global Head of Sales and Marketing is a key part of that plan. He brings 30 years of experience in medical distribution and selling, and he has a team that he can work with and really help us succeed on the medical side.

Speaker #6: Okay, so Jason is a key hire. And I know you just recently joined, Eric, but have there been other hires either under Jason or other key hires? Or if Jason has a team that he's identified, have those individuals been offered positions yet?

Anthony Vendetti: Jason is a key hire, and I know you just recently joined, Eric, but have there been other hires either under Jason or other key hires? If Jason has a team that he has identified, have those individuals been offered positions yet? Approximately how many other key people do you think you need to hire to implement what you just outlined?

Speaker #6: And approximately how many other key people do you think you need to hire to implement what you just outlined?

Speaker #5: Yeah, so Jason brings along with him his prior distribution business of sorts. We're working through some of the details on that. So he's got a team of folks primarily focused in the Texas region.

Eric Hines: Yeah, so Jason brings along with him his, you know, prior distribution business of sorts. We are working through some of the details on that. So he has got a team of folks primarily focused in the Texas region. We obviously still have a relationship with Axial, and we still have a relationship with Shamrock that Jason and I are evaluating and looking into because there is quite a bit of coverage there. So, you know, the plan will be eventually to perhaps, you know, hire additional distribution, but our focus for CompuFlo will be primarily, you know, U.S.-based and primarily in a handful of states and probably the VA where we have got some traction right now. But as far as additional new hires right at this moment, we need to evaluate the talent that we have got out in the marketplace right now, and we are doing that.

Speaker #5: We obviously still have our relationship with Axial, and we still have a relationship with Shamrock that Jason and I are evaluating and looking into.

Speaker #5: Because there's quite a bit of coverage there. So, you know the plan will be eventually to perhaps hire additional distribution, but our focus for Company Flora will be primarily U.S.-based and primarily in a handful of states, and probably Virginia, where we've got some traction right now.

Speaker #5: But, as far as additional new hires right at this moment, we need to evaluate the talent that we've got out in the marketplace right now, and we are doing that.

Speaker #6: Okay. Any other, maybe just high-level, Eric, as you've evaluated the company in general, any other obvious changes or directions that you want to take the company that you've evaluated and noticed that need to happen as soon as possible?

Anthony Vendetti: Okay. Any other, maybe just high level, Eric, as you've evaluated the company in general, any other obvious changes or direction that you want to take the company that you've evaluated and noticed that needs to happen as soon as possible?

Speaker #5: Yeah, no, I mean, what I've found—and I knew coming in, and after looking into this and being a patient of the STA—you know we have one hell of a foundation that we've got here with the dental business, right?

Eric Hines: No, I mean, what I've found, and I knew coming in after looking into this and being a patient of the STA Single Tooth Anesthesia System, we have one hell of a foundation that we've got here with the dental business, right? There's an opportunity here to continue to grow that business, hopefully more dramatically than we've done it in the past. At the same time, refocus our energy on the right way to bring CompuFlo Epidural System to market, especially on the Medicare Part B side of the equation. I think the bit of an epiphany for me is, there's quite a strong business here that will continue to support the investment that we need to make in CompuFlo Epidural System to take it where it needs to go. But focus is very disciplined, focus is crucial to having success in the medical field.

Speaker #5: And so you know there's an opportunity here to continue to grow that business, hopefully more dramatically than we've done in the past. At the same time, we need to refocus our energy on the right way to bring Company Floor to market, especially on the Medicare side of the equation.

Speaker #5: So, you know, I think the bit of an epiphany for me is, you know, there's quite a strong business here that will continue to support the investment that we need to make in company floor to take it where it needs to go.

Speaker #5: But focus is very disciplined focus. It's crucial to having success in the medical field.

Speaker #6: Okay, and then last question is, international with what percent of revenues this quarter and what drove the growth in international this quarter?

Anthony Vendetti: Okay, and then the last question is international. What percent of revenues this quarter and what drove the growth in international this quarter?

Speaker #5: Keisha, the question was the percentage?

Eric Hines: Keisha, the question was the percentage?

Speaker #4: The percentage of international sales is 48%. The international growth was due to additional distributors, larger orders coming in, timing of when we're getting the orders out, and doing a better job of reaching some of our distributors that had fallen off previously for different reasons.

Keisha Harcum: The percentage of international is 48%. The international growth was due to additional distributors, larger orders coming in, timing of when we're getting the orders out, and doing a better job of reaching some of our distributors that had fallen off previously for different reasons, and just making headway to get everything out timely.

Speaker #4: And just making a headway to get everything out timely.

Speaker #5: Yeah, what I'll share is the international business is quite lumpy. When people when the folks internationally place orders, it's usually large orders for a group of customers whereas the you know, the online e-commerce business, within the US, it's kind of a steady you know business.

Eric Hines: What I will share is the international business is quite lumpy. When the folks internationally place orders, it is usually large orders for a group of customers, whereas the online e-commerce business within the U.S. is kind of a steady, steady business. So it probably will not be unusual even here moving forward to see some lumpiness in the international business where we might receive a very large order from Canada, for instance. So that is part of the reason maybe for a little bit of the exaggerated growth on the international side, although we are quite bullish on new countries being added and the impact that they will have.

Speaker #5: So, it probably won't be unusual even here moving forward to see some lumpiness in the international business, where we might receive a very large order from Canada, for instance, right?

Speaker #5: So, that's part of the reason maybe for a little bit of the exaggerated growth on the international side, although we're quite bullish on new countries being added and the impact that they will have.

Speaker #6: Okay, very helpful. Thanks so much. Welcome aboard again, and good luck. You know.

Anthony Vendetti: Okay, very helpful. Thanks so much. Welcome aboard again, and good luck.

Speaker #5: Thank you.

Eric Hines: Thank you.

Speaker #6: We concur that you have, we think, a market-changing product on the medical side and a great opportunity in front of you. So, with that, I'll hop back in the queue.

Anthony Vendetti: You know, we concur that you have a, we think, a market-changing product on the medical side and a great opportunity in front of you. So with that, I'll hop back in the queue.

Speaker #5: Thank you.

Eric Hines: Thank you.

Speaker #2: Thank you very much. Our next question is coming from Bruce Jackson of the Benchmark Company. Bruce, your line is live.

Jenny: Thank you very much. Our next question is coming from Bruce Jackson of the Benchmark Company. Bruce, your line is live.

Speaker #7: Thank you. Good morning, I'm Eric and Jason. Welcome aboard. I wanted to look at the international number a little bit more. What was the role of tariffs in the quarter? Was there any behavior where there was some international stocking to avoid the tariffs, or are tariffs just really not a factor in your business?

David Waldman: Thank you. Good morning, Eric and Jason. Welcome aboard. I wanted to look at the international number a little bit more. What was the role of tariffs in the quarter? Was there any behavior where there was some international stocking to avoid the tariffs, or are tariffs just really not a factor in your business? It sounds like you had some new distributors come online, but I am just trying to kind of gauge the lumpiness in this business given the market dynamics.

Speaker #7: It sounds like you had some new distributors come online, but I'm just trying to gauge the lumpiness in this business given the market dynamics.

Speaker #4: At this point, the tariffs haven't hurt us so much in getting our orders out for international shipping. We have set up some other opportunities where we will be shipping directly from our warehouse in China to some of our international partners and distributors.

Keisha Harcum: At this point, the tariffs haven't hurt us so much in getting our orders out for international. We have set up some other opportunities where we will be shipping directly from our warehouse in China to some of our international partners and distributors like that. We have already gotten in front of the tariffs. We do have enough inventory here for the domestic sales, so that won't be affected into our inventory. We already did an inventory buildup in 2024 preparing for the tariffs where we have enough inventory on hand that's not affected by the tariffs of bringing in the hand pieces from China at this point.

Speaker #4: So we have already gotten in front of the tariffs. We do have enough inventory here for the domestic sales, so that won't be affected in our inventory.

Speaker #4: And we already did an inventory buildup in 2024, preparing for the tariffs, where we have enough inventory on hand that's not affected by the tariffs of bringing in the handpieces from China at this point.

Speaker #4: So we don't think that in the near future we will have an issue with the tariffs because we are already set up for international shipping that we have already started.

Keisha Harcum: We don't think that in the near future we will have an issue with the tariffs because we've already set up international shipping that we have already started and that for domestic, we do have enough inventory here on the mainland where we are good, and tariffs will not affect us at this point.

Speaker #4: And for the domestic market, we do have enough inventory here on the mainland, so we are good, and tariffs will not affect us at this point.

Speaker #7: Okay, great. And then turning over to the reimbursement side of it with the JMAT coverage and the private payers, is there anything in the funnel right now?

David Waldman: Okay, great. Turning over to the reimbursement side of it with the JMAT coverage and the private payers, is there anything in the funnel right now? Could we, do you have anything near term in terms of adding either more JMATs or more private payers to the reimbursement? Or is the idea to just kind of go deeper in the regions that you have currently got reimbursement for?

Speaker #7: And could we do, do you have anything near term in terms of adding either more JMATs or more private payers to the reimbursement? Or is the idea to just kind of go deeper in the regions that you currently have reimbursement for?

Speaker #5: So, Bruce, you nailed it. Yeah, right now the thought and the focus will be on investing in the folks that are already using the company floor, understanding how it's working for them, understanding how the claims submission is going for them, and hiring the appropriate people to help them through that process.

Eric Hines: So Bruce, you nailed it. Right now the thought and the focus will be on investing in the folks that are already using the CompuFlo Epidural System, understanding how it's working for them, understanding how the claims submission is going for them, hiring the appropriate people to help them through that process, and making sure that we have a really clear understanding of reimbursement that's solid before we start taking this out more broadly to the rest of the market. In the meantime, we will pick and choose for the different jurisdictions some areas where we want to start developing the data as well with the support of our board members, which are fantastic to help us through that process. I do not know if the folks on the phone know, but Chad Selingam, one of our board members, that is kind of his specialty.

Speaker #5: And making sure that we have a really clear understanding of reimbursement that's solid before we start taking this out more broadly to the rest of the market.

Speaker #5: In the meantime, we will pick and choose, for the different jurisdictions, some areas where we want to start developing the data as well. With the support of our board members, who you know are fantastic in helping us through that process, I don't know if the folks on the phone know, but Shane, one of our board members, you know that's kind of his specialty.

Speaker #5: And so we plan on engaging him to help us move this through the different categories, but also to help us with some of the reimbursement plans.

Eric Hines: We plan on engaging him to help us move this through the different categories, but also to help us with some of the reimbursement plans.

Speaker #6: Just as an aside, Shan's.

Neil Goldman: Just as an aside, Stance is running a private company called PainTech. When he took it over, they were losing, I think, a million a month. He has turned it profitable within two years and has grown sales dramatically. I think he and Dr. Desmond, who also is on our board, who is a practicing surgeon, the two of them will help us significantly focus our medical business going forward.

Speaker #4: Running a private company called PainTech, he took it over when they were losing, I think, a million dollars a month. He turned it profitable within two years and has grown sales dramatically.

Speaker #4: And I think he and Dr. Desmond, who also is on our board and is a practicing surgeon, will help us significantly focus our medical business going forward.

Speaker #5: Yeah, there are really three pillars to reimbursement. One is the clinical aspect of it. The other is the business side of it.

Eric Hines: is really three pillars to reimbursement. One is the clinical aspect of it, the other is the business side of it, and the other is the academic side of it. Over time, we will continue to invest in those three areas to help us sort of solidify the foundation for reimbursement so that we can do that across the other jurisdictions. It needs to be programmatic. There needs to be a lot of data collected. There needs to be a lot of contact with these reimbursement claims. We will have a much more disciplined program in place to make sure that we get the reimbursements that make the most sense.

Speaker #5: And the other is the academic side of it. Over time, we will continue to invest in those three areas to help us solidify the foundation for reimbursement so that we can do that across the other jurisdictions.

Speaker #5: But you know it needs to be programmatic. There needs to be a lot of data collected. There needs to be a lot of contact with these reimbursement claims.

Speaker #5: And we will have a much more disciplined program in place to make sure that we get the reimbursements that make the most sense.

Speaker #7: Okay, great. Thank you for taking my questions. That's it for me.

David Waldman: Okay, great. Thank you for taking my questions. That's it for me.

Speaker #5: Thank you, Bruce.

Eric Hines: Thank you, Bruce.

Speaker #2: Thank you very much. Our next question is coming from Dr. Richard Durando of Dr. Richard Durando, DDS. Your line is live.

Jenny: Thank you very much. Our next question is coming from Dr. Richard Durando of Dr. Richard Durando DDS. Your line is live.

Speaker #8: Good Good morning.

Dr. Richard Durando: Good morning. My question is very similar to most of the other questionnaires. The native reflection by clinicians as you've approached for sales, how bullish are they on the technology? You know, I've been an investor for a very long time, and I'm a dentist. I love the product. It's a great product. Is there a way to recruit these people to be cheerleaders and effective? You've got what? We have eight other jurisdictions where there's not much going on. Can you give me some color, some depth in those areas? Thank you.

Speaker #5: Good morning.

Speaker #8: My question is very similar to most of the other questionnaires. The native reflection by clinicians, as you've approached for sales, how bullish are they on the technology?

Speaker #8: And you know I've followed the, I've been an investor for a very long time. And I'm a dentist. I love the product. It's a great product.

Speaker #8: Is there a way to recruit these people to be cheerleaders and be effective? You've got what? We have eight other jurisdictions where there's not much going on.

Speaker #8: Can you give me some color, some depth in those areas? Thank you.

Speaker #5: It's a good question, and one that we're thinking about every day. We do have an advisory group, and that's kind of how this all got started.

Eric Hines: is a good question and one that we are thinking about every day. We do have an advisory group, and that is kind of how this all got started. The challenge is trying to identify, is it three, is it five, is it 10, is it 20? I think the number is smaller than larger. I think that, again, starting to understand the pros and cons of the clinicians using the product to make sure that when we go out to the broader market, that we have a very clear story. We know the right use cases and so forth is so vital. I think we had a little bit of a shotgun approach. We were out shooting in a lot of different directions without collecting information and collecting insights.

Speaker #5: The challenge is trying to identify: is it three, is it five, is it ten, is it twenty? You know, I think the numbers are smaller than larger.

Speaker #5: So I think that you know again, starting to understand the pros and cons of the clinicians using the product, to make sure that when we go out to the you know to the broader market, that we have a very clear story.

Speaker #5: We know you know the right use cases and so forth. It is so vital. And I think, you know, we had a little bit of a shotgun approach.

Speaker #5: You know, we were out shooting in a lot of different directions without collecting information and insights. So, the next phase of growth will be collecting that insight, having a clear understanding of what doctors are liking, where it is, where the best use cases are, and then expanding from there.

Eric Hines: The next phase of growth will be collecting that insight, having a clear understanding of what doctors are liking, where the best use cases are, and then expanding from there. But I think until we really press down on the folks that are actually using it and collect a lot of really good insight, we would be not doing the right thing by taking this out to the broader market until we have a deep understanding of all of that insight. The plan is not to just go push this out to other jurisdictions. The plan is to make it work in the jurisdictions where we have already started, primarily in New Jersey, quite honestly. Then, once we have that established and we have good data and we have good reimbursement, then we will start taking it out to additional areas. I do not know if that helps.

Speaker #5: But I think until we really press down on the folks that are actually using it and collect a lot of really good insight, we would be not doing we would be not doing the right thing by taking this out to the broader market until we have a deep understanding of all of that insight.

Speaker #5: So the plan is not to just go push this out to other jurisdictions. The plan is to make it work in the jurisdictions where we've already started.

Speaker #5: Primarily in New Jersey, quite honestly. And then, once we have that established and we have good data and we have good reimbursement, we will start taking it out to additional areas.

Speaker #5: I don't know if that helps.

Speaker #7: So in the last three to five years, there have been numerous reports of people using it in certain clinical settings that seem to be more hospital-driven than individual clinics.

Dr. Richard Durando: In the last three to five years, there were all these reports of people using it in certain clinical settings that seemed to be more hospital-driven than individual clinics. You get these very bullish reports about how much the clinician loved the product. There wasn't enough data generated to approach the general anesthesiology field with something like, wow, this is really slick.

Speaker #7: And you would get these very bullish reports about how much the clinician loved the product. And so there wasn't enough data generated to approach the general anesthesiology field with something like, "Wow, this is really slick." I mean, well.

Speaker #5: I I think you know to my earlier point, you know this may be a little bit of a lack of focus, right? I think some started off maybe in labor and delivery, then we sort of start you know more recently, there's been personal injury, and you know the focus needs to be and these are very different you know parts of the organization.

Eric Hines: I think, to my earlier point, just maybe a little bit of a lack of focus. I think some started off maybe in labor and delivery, then more recently there has been personal injury, and the focus needs to be in either very different parts of the organization, which is on the pain management clinics. A lot of it, again, all has to do with reimbursement. With personal injury, doctors are seeing very large payments from the insurers. But with the pain management, we yet have not collected enough data to make sure that the reimbursements are good for them. It is just a matter of really doing a lot more focused cases in pain management versus labor and delivery, personal injury, and so forth.

Speaker #5: It's on the pain management clinics, and I think a lot of it, again, has to do with reimbursement. So with personal injury, doctors are seeing very large payments from the insurers.

Speaker #5: But with the pain management, we yet have not, you know, collected enough data to make sure that the reimbursements are good for them. And so it's just a matter of really doing a lot more focused cases in pain management versus labor and delivery, personal injury, and so forth.

Speaker #5: So it's again, you know, I don't know what was said in the past or not, but the technology is real. The technology is great.

Eric Hines: Again, I do not know what was said in the past or not, but the technology is real, the technology is great. It is just we cannot try to boil the ocean. We cannot try to be every jurisdiction, every type of use case. There is CAPS check, there are lots of different components to this. I think if we just focus, not exclusively, but mostly exclusively on the pain management clinics with a handful of doctors, we will get to the right reimbursement code so we can roll this out more broadly.

Speaker #5: It's just that we can't try to boil the ocean. We can't try to be, you know, every jurisdiction, every type of use case. There's cast check.

Speaker #5: There's lots of different, you know, components to this. So I think if we just focus not exclusively, but mostly exclusively, on the pain management clinics with a handful of doctors, we will get to the right reimbursement code so we can roll this out more broadly.

Speaker #7: Thank you. And one last question. Have you had a failure, in other words, a wet tap, in all the procedures that have been done?

Dr. Richard Durando: Thank you. One last question. Have you had a failure, in other words, a wet tap in all the procedures that have been done? Has everything held up well so that you have this product that is rock solid in that particular vertical?

Speaker #7: Has everything held up well so that you have this product that's rock solid in that particular vertical?

Speaker #5: No, no wet taps to my knowledge.

Eric Hines: No, no wet taps to my knowledge.

Speaker #7: All right. I understand the problem is not necessarily the wet tap, but the short tap. You're not in the space, so the anesthetic is not as profound as it could be.

Dr. Richard Durando: Right. And I understand the problem is not necessarily the wet tap, but the short tap. You're not in the space, so the anesthetic is not as profound as it could be.

Speaker #5: Yeah, I guess if they don't get to the space, yeah, I'm not aware of any short taps either, but that's a good question for, you know, a person like Dr. Desmond, since he's probably done the most with the solution so far.

Eric Hines: Yeah, I guess if they don't get to the space, I'm not aware of any short taps either, but that's a good question for a person like Dr. Desmond, since he's probably done the most with the solution so far.

Speaker #7: Okay, thank you very much.

Dr. Richard Durando: Thank you very much.

Speaker #5: Thank you.

Speaker #2: Thank you very much. Our next question is coming from Elliot Sparrow, who is a private investor. Elliot, your line is live.

Eric Hines: Thank you.

Jenny: Thank you very much. Our next question is coming from Elliot Sparrow, who is a private investor. Elliot, your line is live.

Speaker #8: Yeah, thank you. And welcome to the company, Eric and Jason. I'm looking forward to a new regime and some success. But my question is, can you give us an update on the VA status and what is going on there?

Elliot Sparrow: Thank you and welcome to the company, Eric, and Jason also. I am looking forward to a new regime and some success. My question is, can you give us an update on the VA status and what is going on there first?

Speaker #8: First, great question.

Eric Hines: Great question. It is top of mind for us as well. We have already been in touch with our partner, Shamrock, on that opportunity. We have got a handful of VA visions that we are working with. The next step is for us to focus on, again, not boiling the ocean, but focusing on one vision where we think we can have an impact. Winning one means more than likely winning several at some point. But again, each VA operates highly independently, believe it or not, and they are all unique and different. They also work in conjunction and many times with some of the private hospitals. The plan is to focus on a particular vision in the eastern part of the country and make some progress there, but we are actively engaged in that opportunity.

Speaker #5: So, it's top of mind for us as well. We've already been in touch with our partner, Shamrock, on that opportunity. We've got a handful of VA visions that we're working with.

Speaker #5: The next step is for us to focus on, again, not boiling the ocean, but focusing on one vision where we think we can have an impact.

Speaker #5: And so you know winning one means you know more than likely winning several at some point. But again, each VA operates highly independently, believe it or not, and they're all unique and different.

Speaker #5: And they also work in conjunction and many times with some of the private hospitals. So the plan is to focus on a particular vision in the eastern part of the country and make some progress there.

Speaker #5: But we are actively engaged in that opportunity.

Speaker #7: The one thing I will add,

Neil Goldman: The one thing I will add is that the pricing has been set, and it is very favorable for us both from the instrument and from the disposable. If once we start achieving success in the VA, DOD, and Indian health reservations, we think that is going to be the real fast forward on the medical side. It is going to take some more work, but we are confident that the team can do it.

Speaker #8: is that the pricing has been set and it's very favorable for us, both from the instrument and from the disposable. So if once we start achieving success in the VA DOD and Indian Health Reservations, you know we think that's going to be the real fast forward on the medical side.

Speaker #8: It's going to take some more work, but we're confident that the team can do it.

Speaker #7: Okay, sounds great. One other question.

Elliot Sparrow: Okay, sounds great. One other question. About a year ago, again, obviously way before your time, we heard that, you know, we won Brazil and that we had all the groundwork laid and it was ready to roll. Here we are a year later, haven't heard a peep about Brazil since. Is it a dead issue or is this just another, since you're here, we're not boiling the ocean?

Speaker #8: About a year ago, again, obviously way before your time, we heard that we won Brazil, and that we had all the groundwork laid and it was ready to roll.

Speaker #8: Here we are a year later. Haven't heard a peep about Brazil since. Is it a dead issue, or is this just another "since you're here, we're not boiling the ocean"?

Speaker #4: I would say it still remains.

Neil Goldman: I would say it still remains a long-term potential, but nothing is happening in the near term. We had an individual working on that. Recently, I do not know if you have seen the tariffs that have been put on Brazil by the U.S. government. In the short term, I do not expect any news. But again, it is on the plate. Jason Papes and Eric Hines are focused on renewing that over time, and hopefully we can have some success. I am told there are more dentists in Brazil than there are in the U.S. despite this difference in population.

Speaker #8: We see long-term potential, but nothing is happening in the near term. We had an individual working on that, and now, recently, I don't know if you've seen the tariffs that have been put on Brazil by the U.S. government.

Speaker #8: And so in the short term, I don't expect any news. But again, it's on the plate. Jason and Eric are focused on renewing that over time, and hopefully we can have some success.

Speaker #8: I'm told there are more dentists in Brazil than there are in the U.S., despite this difference in population. So.

Speaker #5: Yeah, so Elliot, sort of exactly, you know these all respectively are massive markets, whether it's Brazil, whether it's 13 jurisdictions. And you know what this new team will do is we will be precise.

Eric Hines: Yeah, so Elliot, that, you know, sort of exactly, you know, these all respectively are massive markets, whether it's Brazil, whether it's 13 jurisdictions. This new team will do is we will be precise. We are going to be extremely focused on reimbursement for CompuFlo Epidural System in a very small segment of the population before we try to roll this out to the rest of the world. Each geography is different, each jurisdiction is different. It is wonderful to talk about all these great opportunities, but it is different to execute within one of them. We will be focused on execution.

Speaker #5: So, we're going to be extremely focused on reimbursement for company floor in a very small segment of the population before we try to roll this out to the rest of the world.

Speaker #5: Each you know geography is different. Each jurisdiction is different. And you know it's wonderful to talk about all these great opportunities, but it's different to execute within one of them.

Speaker #5: So, we will be focused on execution. We will be focused on getting the right reimbursement amount, and we will do that with precision—more so than, you know, waving our hands that there's this massive, huge opportunity, which there absolutely is.

Eric Hines: We will be focused on getting the right reimbursement amount, and we will do that with precision more so than, you know, waving our hands that there is this massive, huge opportunity, which there absolutely is, but we have got to do it in a very pragmatic and programmatic way in order to ensure that doctors are getting what they deserve. I will just say one more thing, since you are a shareholder, I was a private shareholder, you know, before this, since 2019. One thing we will do here moving forward is we want to hear from you guys, right? You own the company, we own the company as shareholders, and if you have got any insights, if you have got any contacts, we are happy to listen. Know that this will be a very transparent board, a transparent leadership team, and we work for you.

Speaker #5: But we've got to do it in a very pragmatic and programmatic way. In order to ensure that doctors are getting what they deserve. And I'll just say one more thing since you're a shareholder.

Speaker #5: I was a private shareholder, you know, before this. Since 2019, one thing we will do here moving forward is we want to hear from you guys, right?

Speaker #5: You own the company. We own the company as shareholders. And if you've got any insights, if you've got any contacts, we're happy to listen.

Speaker #5: So know that this will be a very transparent board, a transparent leadership team. And we work for you.

Speaker #7: Okay, great. I'd love to hear it. My biggest goal for this call was to hear a plan coming forward from you. And you have it.

Elliot Sparrow: Okay, great. I would love to hear it. My biggest goal for this call was hearing a plan coming forward from you, and you have it. I am happy. Thank you.

Speaker #7: I'm happy. Thank you.

Speaker #5: Thank you.

Eric Hines: Thank you.

Speaker #2: Thank you very much. Well, we appear to have reached the end of our question and answer session. So I'll now hand it back over to the management team for their closing remarks.

Jenny: Thank you very much. We appear to have reached the end of our question and answer session, so I will now hand back over to the management team for their closing remarks.

Speaker #4: I just want to thank everyone for joining us on this call. I think with the addition of Eric, Jason, and some other plans we have for the future, we will hopefully make this a successful company.

Neil Goldman: I just want to thank everyone for joining us on this call. I think with the addition of Eric and Jason and some other plans we have for the future, we will hopefully make this a successful company. We are going through a complete evaluation of where we should spend the money and where we can cut to make sure this company is successful. Thank you for your time, and I appreciate any questions. You can just reach Keisha Harcum or myself if you have any questions after the call. Thank you very much.

Speaker #4: We are going through a complete evaluation of where we should spend the money and where we can cut to make sure this company is successful.

Speaker #4: Thank you for your time, and I appreciate any questions you may have. You can reach Keisha or myself if you have any questions after the call.

Speaker #4: Thank you very much.

Speaker #5: Thanks, everyone.

Eric Hines: Thanks, everyone.

Speaker #4: Thanks.

Keisha Harcum: Thanks.

Speaker #2: Thank you very much, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day.

Jenny: Thank you very much, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. We thank you for your participation.