Q3 2025 Milestone Scientific Inc Earnings Call
Speaker #1: Greetings, and welcome to
Speaker #1: the MILESTONE SCIENTIFIC 3rd Quarter 2025 Financial Results and Business Update Call. At this time, all participants are placed on a listen-only mode. And a question-and-answer session will follow the formal presentation.
Speaker #1: If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. And please note, this conference is being recorded. I will now turn the conference over to your host, Mr. David Waldman.
Speaker #1: Sir, the floor is yours.
Speaker #2: SCIENTIFIC 3rd Quarter 2025 Financial Results Conference Call. On the call with us today are and appreciate everyone joining MILESTONE Eric Hines, Chief Executive Thank you.
Speaker #2: Officer, and Keisha Harcum, Vice President of Finance of MILESTONE Scientific. Good morning. The company issued a press release yesterday after market containing Q3 2025 financial results, which is also posted on the company's website.
Speaker #2: 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. The company's management will now provide prepared remarks reviewing the financial and operational results for the third quarter ended September 30, 2025.
Speaker #2: Before we get started, we would 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 revenue, and future success.
Speaker #2: 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 #2: 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'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 3rd quarter ended September 30, 2025.
Speaker #2: The forward-looking statements made during this call are based upon management's reasonable belief as of today's date, November 14th, 2025. MILESTONE undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Speaker #2: With that, we'll now turn the call over to Eric Hines, CEO of Milestone Scientific. Please go ahead.
Speaker #3: Thank you, David. So good
Speaker #3: morning, folks. And thank you for all Eric. joining our call. We're very fortunate to have so many people who believe in MILESTONE SCIENTIFIC, and we are making progress.
Speaker #3: During the 3rd Quarter, we continued to execute our plan to build a leaner, more focused organization, capable profitability. Through of sustainable growth and improved disciplined cost management and operational restructuring, we reduced operating expenses by over a half million dollars compared to the same period last year.
Speaker #3: stable revenue performance, these results reflect the early benefits of our transformational strategy, which is centered around three While maintaining priorities: streamlining operations and driving efficiency, strengthening commercial execution in both dental and medical, and advancing our reimbursement and payer strategy to position Compuflow for broad adoption in pain management.
Speaker #3: In our dental segment, we made solid progress expanding our direct sales programs in North America and advancing international registrations for our STA single-tooth anesthesia system.
Speaker #3: We have also enhanced our omnichannel marketing capabilities and our maturing e-commerce platform continue to drive brand visibility and recurring customer engagement. International dental sales increased year over year partially offsetting the decline in domestic revenue.
Speaker #3: utilization of Compuflow On the medical side, disposables rebounded slightly as we are starting to re-energize current customers ensuring them that we continue to work on a structured and we are even more committed than ever as supported Medicare reimbursement strategy.
Speaker #3: We are particularly encouraged by feedback from leading pain centers, both domestically and internationally, that are using Compuflow to improve accuracy, safety, and build confidence in epidural procedures.
Speaker #3: We also strengthened our organization through the addition of Dr. Dawood Syed to our board of directors. Dr. Syed is one of the country's foremost experts in interventional pain management and serves as division chief of pain medicine at the University of Kansas Medical Center.
Speaker #3: His appointment deepens our clinical and payer expertise and supports our strategy to accelerate adoption within hospital systems and integrated pain networks. In parallel, we continue to advance our reimbursement strategy for Compuflow.
Speaker #3: And as we discussed last quarter, the system has secured Medicare payment rate assignments under CPT code 077T in three jurisdictions supported by 2MAX, Novitas, and First Coast that includes large population states like New Jersey, Texas, and Florida.
Speaker #3: We are now building on that foundation, engaging with additional payers and expanding our commercial coverage footprint—essential steps for long-term medical growth. In summary, Q3 reflects disciplined execution and tangible progress toward our operational and commercial goals.
Speaker #3: We are a more efficient organization, our cost structure is leaner, and our strategic priorities are sharply focused on growth and profitability. I'd also like to just point out that we'd like to invite you all to join our Instagram and Facebook and TikTok pages.
Speaker #3: Our Instagram page is at the.1.sta. Our Facebook handle is just the1sta. And our TikTok handle is @the.1.sta. We continue to put tremendous energy into our omnichannel digital marketing strategy and we believe that will drive more people to understand who we are as an organization.
Speaker #3: With that, I would like to turn it over to Keisha Harcum.
Speaker #2: Thank you, Eric. For the three months and the nine months ending September 30, 2025, revenue was...
Speaker #1: Point 6 million for the same period in 2024 . Gross profit for the nine months ended September 30th , 2025 and 2024 was approximately 4.9 million for each period , reflecting no material year over year The stable growth change .
Speaker #1: performance primarily resulted from consistent product margins , favorable manufacturing cost management , balanced and a sales mix domestic and international markets . For the three months and ended nine months between September 30th of 2025 , SG&A expenses were 9 million , 2.7 million and respectively .
Speaker #1: Research and development expense for the same period was 16,000 and 437,000 , respectively . Operating expenses were approximately 1.1 million and 4.6 million for the three and nine months ended September 30th , 2025 , respectively .
Speaker #1: As of September 30, 2025, Milestone Scientific Inc. had cash and cash equivalents of approximately $1.3 million, and working capital of approximately $3.1 million.
Speaker #1: equivalents That my financial review . I'll now turn the call back over to Eric .
Speaker #2: Thank Keisha . As we move forward , our focus remains
Speaker #2: revenue and position milestone for long term profitability are strengthening our sales infrastructure , enhancing customer . advancing the commercial rollout of We Compuflo through partnerships , payer engagement and medical education .
Speaker #2: In dental , we continue to leverage our strong concludes product differentiation to drive international growth and expand the recurring revenue through our direct and e-commerce channels .
Speaker #2: I'm really proud of the progress we've made in such a short time: reducing expenses, stabilizing revenue, and advancing the foundation for future growth.
Speaker #2: The path forward is about disciplined execution, operational excellence, and ensuring that we continue to build value for our shareholders, customers, and patients.
Speaker #2: I can't thank you all enough for joining today , and we will now open lines the for questions .
Speaker #3: Thank At this you . time , we'll be conducting a worldwide question and answer session . If you would like to ask a question , please press star one on your telephone keypad .
Speaker #3: A confirmation tone will indicate your line is in the question queue , and you may press star two . If you would like to your remove from the queue question for participants using speaker equipment , it may be necessary to pick up the handset before star keys pressing the .
Speaker #3: please , One moment while we pull for questions . Thank you . Our first question is coming from Anthony Vendetti with Maxim Group .
Speaker #3: Your line is live .
Speaker #4: Thank you . So , Eric , it's it sounds like , you . You're very focused on stabilizing the business , which obviously is something that that that has to be done when you first come in and , you know , in terms of the dental business , which still obviously drives the vast majority of the revenue in this particular that we're in environment economically and dental , dental offices , clinics dental have always been I think , in just in my experience , very concerned about , you know , investing new capital or buying new equipment .
Speaker #4: How do you convince them that this a is must have product ? And also , if you could talk about the currently in clinics that you're .
Speaker #4: Is there a target utilization rate or a way to ensure a certain level of utilization of your , you know , Sta unit Thanks .
Speaker #4: Is there a target utilization rate or a way to ensure a certain level of utilization of your , you know , Sta unit Thanks ?
Speaker #2: Thanks , those Anthony . Now , are great questions . And , you know , the dental business is the company . Right at foundation for the day , you know , 80 or 90 or even maybe higher the end of percentage of the revenues come from the dental business .
Speaker #2: What we are learning is that there's three tiers of really customers are sort of low , low users , mid and high users .
Speaker #2: And we really believe that , you know , a challenge big for us in the marketplace in general is that we when moved we over to the the direct sales , e-commerce model , a lot of customers felt that we had really , you know , sort of gone , you know , more or less out business and didn't know a about whole lot us .
Speaker #2: And so we of customers who maybe thought that we didn't exist anymore , but more importantly , really sort of starting to expand our digital marketing to start to get to more dentists because , you know , a lot of times when we talk to dentists , just , you know , in my hometown and what Jason speaks to them in Dallas , they don't even really know about the or the wand in general .
Speaker #2: company So we think with , you know , one and a half to 2% of the market share in the domestic market , in more or same internationally , that it's about getting the word out and really telling people about the benefits less the of , of of the wand .
Speaker #2: The other side education . Right . So , you know , to the low end users to the , to move the high end users , you know , typically we find that the high end users are spending about 2500 to $3000 per year on with us disposables .
Speaker #2: We need to get the others moving in that direction . And , you know , just by the nature of the name of the unit , the Sta , the single tooth anesthesia , we've learned what is many people are using it for all the other injection types .
Speaker #2: And I think as most of the people know on this call , the wand can do all of not the injection types that a dentist needs during the course of , you know , operating their clinic .
Speaker #2: So we really need to do a better job of educating the low and mid tier users to make sure that they understand . And it's clear that the wand can be for for many more used procedures than just single .
Speaker #2: I don't know if that covers what you asked, Anthony, but let me know.
Speaker #4: Yeah , no , that's that's that's great . So so there's there's an active effort to to try to increase the utilization of the wand within the current installed base .
Speaker #4: As well as getting the word out . And like you said , there's a huge opportunity because you don't have lot of a penetration at this time , even though vast it's the majority of your business .
Speaker #4: On the medical side, maybe I know you decided to refocus on the current clinics that are using it and building that base for broader commercialization.
Speaker #4: On the medical side, maybe I know you decided to refocus on the current clinics that are using it and building that base broader. Before, can you tell where the company is at in the U.S.?
Speaker #4: With that refocused effort ? And then the plan for , you know , for broader commercialization is that something that's occurring in , or is that this quarter more of a 2026 goal ?
Speaker #2: Now ? Another good question , Anthony . And let me just the say one more thing on dental . So you know , Jason brought to me .
Speaker #2: 11 objectives that he has for the dental business moving forward from a from a sales perspective . So education and along with the so we've got , you know , objectives to forth , after , you know , some of the dental schools .
Speaker #2: We've got dsos that are part of that mix . We've got the digital marketing to existing customers . We've got lists from our old distributors that we're starting to go through now discussions and have with those folks .
Speaker #2: So it's a kind of a multi-tiered program on the on the dental side that attacks , you know , 10 or 11 different objectives , including Dsos .
Speaker #2: But to answer your question on copy flow , and as I stated in the last conference call , you know what I what I felt when I , when I stepped into this role is you know , we had that , a lot of things going in a lot of different directions .
Speaker #2: And really the is to is to plan now focus energy our on a on a handful of states , a handful of jurisdictions .
Speaker #2: But more importantly , to put the right structure in support place to the physicians they start using flow copy and even more importantly , is once collect the data meticulous very in a so that we can share that way Medicare to the from a reimbursement folks perspective .
Speaker #2: We also to plan attack , you know , the commercial equation as side of that well . So in parallel to to Medicare , we also plan to look at at least not a one , if couple of the commercial payers to see if we can get some traction in those areas as well .
Speaker #2: And then while we're doing all of that , start we will to , you know , tackle maybe one other jurisdiction . But again , the plan is to try to stay as as focused possible .
Speaker #2: And I'm kind of reins holding the until we back proper review of of the sort of the , the business case or the value proposition for pain management .
Speaker #2: recall , we sort of Because if you started down the path of labor and delivery and then pivoted over to pain management . And I want to make we've got a clear message for sure that pain management the clinics , because it's a slightly different value proposition than it is for labor and delivery .
Speaker #2: Where fluoroscopy is not used .
Speaker #4: Okay , And great . to be and just right . So the focus is on the jurisdictions in Texas , Florida and New Jersey .
Speaker #4: Correct ?
Speaker #2: Correct . Nova toxin first first coast are two Max . That are supporting those . Those the three jurisdictions .
Speaker #4: And
Speaker #4: just just . maybe it's to say , but just a little bit too early on the timing of you said you're going to collect that data and work with Medicare and make sure about reimbursement , but is that is that a 6 to 12 month process ?
Speaker #4: At this , in terms of your your vision point of what of when brought a commercialization will you have clarity on that at point this start ?
Speaker #4: ?
Speaker #2: I mean , the Yeah . broad adoption is is is challenging . But , you know , we on sort of restarting the in the program here plan handful of weeks .
Speaker #2: We're doing a lot of due diligence behind the scenes with people who have a lot of experience in in that world . And we're gearing be ready to sort of reroll out up to Like I Compuflo .
Speaker #2: said , in a very structured manner , to first and foremost , our current customers , importantly , a handful of others who are waiting jump to to on but more as far as broad commercialization to know , the more data we collect early , the quicker we can get to a commercial , larger commercial rollout .
Speaker #2: So again , we just need to be I don't have a problem of having people want to use it . problem The bigger is , is making sure that the people that do start using it get the proper information back to the to , to Medicare .
Speaker #4: Okay . Understood . Thanks for that color . I'll hop back in the queue . Appreciate it .
Speaker #2: Thanks , Anthony .
Speaker #3: Thank you. Our next question comes from Bruce Jackson with the Company. Your line is live.
Speaker #5: morning . Hi . Good taking my
Speaker #5: . I touch on the to tariffs real just quick . Last quarter you said that from the supply chain perspective , you're you're Benchmark set .
Speaker #5: You pretty well had inventory in the states . And for the international accounts could ship of out . Has there been any change to that during this quarter .
Speaker #5: And then secondly , with the international customers , are they have they changed their their purchase behavior because current current situation ?
Speaker #2: It's a good question. Thanks, Bruce. So, as far as the tariffs, we're really not seeing much of an impact at all.
Speaker #2: We, as you have mentioned, have the ship China internationally. To avoid that, we have plenty of supply here in America to handle our business here.
Speaker #2: So, we're not really seeing a whole lot of impact as far as changing behavior. We'd like to see more customers initiating sales, you know, orders coming out of China.
Speaker #2: It's been a little bit lighter than we than we wanted it to be . So we're potentially having a bonded warehouse in the if US tariffs continue to persist so that we don't so that we can ship out , you know , out of the US and or China .
Speaker #2: But we're not really seeing a tremendous impact from the tariffs .
Speaker #5: Okay , okay . . And then in terms of the Great the United States marketing effort , any any thoughts on the the sales force the the or composition of the force ?
Speaker #5: sales do you have , for example , reimbursement specialists on staff ? Tell us a little bit you're about how structuring the sales force , thinking about the right sales force now .
Speaker #2: Another good question . The as far as reimbursement , we we've really tried in the past for on the reimbursement dental side , you know , unsuccessfully .
Speaker #2: We've talked a little bit about trying to get a pediatric code based on the use case there in pediatrics . So we we go back and far as looking forth as to attack the reimbursement market on the side , because dental of cost that .
Speaker #2: We've talked a little bit about trying to get a pediatric code based on the use case there in pediatrics . So we we go back and far as looking forth as to attack the reimbursement market on the side , because dental of cost obviously a lot And in doing difficult as organization .
Speaker #2: far as the You know , sales we we on , you know , ramp continuing to We've got a handful of people doing it here locally .
Speaker #2: And so we're anxious to add horsepower to the dental, and we've got a handful of programs that could expand our sales footprint pretty dramatically in the North American market.
Speaker #2: And I think there'll be more to be said about that in the coming coming weeks .
Speaker #5: Okay . And then last question for with your your sales , is there me a seasonality pattern where the fourth quarter is generally a strong quarter for you ?
Speaker #5: And as we're looking at the model, should we be thinking about an uptick in revenue for the fourth quarter?
Speaker #2: That's funny you I used to be in the software business , and had the we always hockey stick in Q4 . It was always you , you know , know , we shoved all the business into into Q4 .
Speaker #2: And then it was a light Q1, a heavy Q2, light Q3, and then a Q4 here. It seems to be massive, quite a bit different.
Speaker #2: It's very steady . I think we were two four , two two , two four . And , you we know , expect a , you know , a similar quarter in Q4 .
Speaker #2: So , so no real huge inflection in Q4 . It's a pretty steady which business which is wonderful , but we'd love to we'd love to see it pick up .
Speaker #2: And we expect a similar quarter as we've had in the past, or no big, huge hockey stick.
Speaker #5: Okay . Got it . Thank you very much .
Speaker #2: Thank you . Please .
Speaker #3: Thank you . Our next question is coming from John Korb , who is a private investor . Your line is live .
Speaker #5: Thank you . Good morning , Mr. Hines . Nice to hear your presentation this morning . I am a long term shareholder of MILESTONE SCIENTIFIC INC. .
Speaker #5: I would say at least 15 years . Permit me if you will , to give you the perspective . of a long term shareholder .
Speaker #5: And I might say a suffering shareholder, because my hopes have been dashed repeatedly for the turn of events that might allow us increasing revenues and positive cash flow and positive earnings for Milestone.
Speaker #5: I don't think you would have taken this job unless you believed , as I do , and the product I , my dentist , uses stay has used it with me and it's a wonderful product .
Speaker #5: And it was just terrific to get an injection like I received with the state product . I try to attend quarterly every call .
Speaker #5: I started off by talking to Leonard Oster years ago , and he was enthused about your products , as am I . But when milestone received FDA approval and my hopes really got up , that was the beginning of a downslide that really , really took me by surprise .
Speaker #5: time Since , the balance sheet has been ravaged and I thought at one time , I really know where milestone going , and was now I'm kind of at sea .
Speaker #5: I don't know where milestone is going . I don't know what the challenges or pushback have been . You know , I don't know .
Speaker #5: I don't know how many pain clinics are using this. I don't know what their feedback is from the clinicians or the doctors.
Speaker #5: you help me with that perspective on where we are and where you what do you think the possibilities are for milestone scientific and where those dramatic possibilities may be ?
Speaker #5: The commentary flow . But what is going on that we went from ten salesmen to no salesmen to when your predecessor ended were inching along with trying to get 100 cases for authorized payment .
Speaker #5: It seems to me the cart may have been before the horse on this, but I don't know. Maybe you could help clarify what I don't know and give me some hope for the future of Milestone.
Speaker #5: From your perspective .
Speaker #2: Thanks , John . So , so welcome . Welcome to the club . Right . So I've been a shareholder since 2018 , pretty significant investment company .
Speaker #2: in the And so I've been like you following it have not not quite so long as you have . So definitely got a you've history than me .
Speaker #2: I And appreciate , you know , you continuing to support milestone and and for your patience and , and hopefully for the future perseverance of the organization .
Speaker #2: But to answer your question , you know , again , what I've in the few months observed in the that I've been here is first and foremost , we have fantastic technology , right ?
Speaker #2: So the Sta , as you mentioned , the dynamic pressure sensing capabilities that also apply to to the Compuflo unit , our is , is what it is , right .
Speaker #2: That hasn't changed . You know , I think what has happened to milestone is that and I've seen this in other organizations that I've historically invested in is that it was probably a research oriented company with a lot of inventions and a lot of patents and a lot of IP where , but it fell short , at least in the past , from what I can see , is it really didn't have true sales leadership that was driving the execution in the discipline required to scale and grow a business in proper a way .
Speaker #2: Right . And so when they rolled out Compuflo and so forth , they had a little bit of a shotgun approach and , and got a lot of excitement going and a lot of use of the product .
Speaker #2: But they really didn't have a structure in place to maintain that business . And it's sort of all , you know , started to sort of fall apart .
Speaker #2: Right . And so what we're doing is stepping back just a , not not a little bit And we're taking a much more focused approach with a very targeted group of customers and with support on the reimbursement Medicare front , so that we can do a proper rollout that can scale .
Speaker #2: And again , I think that's really it . The technology is great . The sales has been execution and the structure in place support a scalable , sustainable business was just not put to in place .
Speaker #2: And so your expression of the cart before the horse , you know , I'm requiring that we build an ROI , a a plan , a strategy we jump into the market .
Speaker #2: And so your expression of the cart before the horse , you know , I'm requiring that we build an ROI , a a plan , a strategy we jump into the before And when you jump medical market , into the extremely it is sophisticated .
Speaker #2: It's extremely political . There's lots of moving parts . And if you're not prepared , get you can yourself into into a tough , unsustainable an situation .
Speaker #2: So I just ask that you be patient . I know you've been here 15 years . And again , we appreciate your support .
Speaker #2: But we're going to do this the right way this time.
Speaker #3: you Thank . Our next question is coming from Elliot Shapiro , who is a investor . Your line is live .
Speaker #6: Hi , Eric . Congratulations on a great quarter . Best one in in a long time . I hope the trend continues . My question is , is along the same what you've lines as just been answering to Anthony Vendetti .
Speaker #6: And now John I'm curious why . had many , many successful trials and demos over the years with fantastic feedback from those people .
Speaker #6: they How come never translated to sales ? And then B again , as you've been explain what is going to be trying to different this time around ?
Speaker #6: Thank you .
Speaker #2: Yeah , I think one of the big changes and it's sort of I'm , I guess a little bit that the surprised question doesn't get asked .
Speaker #2: Right . So we've got Doctor Who is an early adopter . Right . So and he's been wonderful . He continues to to the product .
Speaker #2: And surrounded by a he lot of customers in new Jersey that are that are still using the but we've also added some some use high caliber talented people .
Speaker #2: Shantha product , Gillingham and now doctor Sayed , who have been advising us , you know , at least a little bit here over the course of the past handful of weeks .
Speaker #2: But we expect that with them on board , helping us navigate this complex environment is going to be done in a much focused more , again , you .
Speaker #2: But we expect that with them on board , helping us navigate this complex environment is going to be done in a much focused more , again , you . way know , not not to to hit on the the old team who And so know , trying their best was , you and working very hard .
Speaker #2: But again, it's a very complicated process to go from a Category Three to Category One, and it's a very difficult process.
Speaker #2: And lot of data to be generated in order to get the proper reimbursement code number . So the doctors want to use your solution so that they can make money .
Speaker #2: So again , I to think , you know , sort of reiterate , we are stepping back . We're taking advice from many doctors that community .
Speaker #2: And engaging engaging have companies who experience in tremendous that community to do it the way so that we can start off very right get the data we need , get the reimbursement where we it , and need then seek a larger commercial rollout over over a handful of , weeks or months .
Speaker #2: But , you know , that's really just it . It's it's , you know , sometimes the thought is you just go out there and start selling like crazy and you hope that it will latch on .
Speaker #2: But what I'm finding is in this world , doesn't work . You have to have data . You have to have structure . You have to have all those things in place .
Speaker #2: And I think with the board that we now have in place out , we plan on leaning on them to help us navigate that complex infrastructure , namely Medicare .
Speaker #6: Okay , great . Fantastic . My second question is totally different , and that is just about how are we set for capital and cash ?
Speaker #6: And know I we saved half a million this year with our longer are we good much for or are we going to need capital ?
Speaker #6: you . Thank That's it for me how .
Speaker #2: Thanks , Elliot . For for your second question . So you know , the initial focus for me stepping into the company was to get control of the cost .
Speaker #2: Right . And so we've we've done decent job of that . We still have more opportunities to , to work on that . As far as the the front end of the equation , you sort of know , I'm turning the a little bit to the , to the sales focus .
Speaker #2: So like I said , I've been holding back a very strong horse by the name of Jason Paps , who's sitting here with us .
Speaker #2: the plan And is to turn the sales jets on full steam ahead very , very here shortly . But the companies , you know , from a cash perspective is has got plenty of cash to keep going for , for several quarters .
Speaker #2: And so we always are looking at opportunities to improve that if we need to . But right now the company is in good shape .
Speaker #2: And so we are always looking at opportunities to improve that if we need to. But right now, the company is in good shape.
Speaker #6: you very Thank much . Eric , and I hope we have more good news from you in the short Thank you very much term . .
Speaker #6: you very Thank much . Eric , and I hope we have more good news from you in the short Thank you very much term .
Speaker #2: Appreciate it Elliot . Thank you .
Speaker #3: you . As we have further no questions in queue at this time , I'd like to turn it back over to management for any closing Thank remarks .
Speaker #2: No , I just folks joining the I appreciate call . I appreciate the the shareholders . You know , being part and sticking with us .
Speaker #2: I share the sentiments that all of you do. Part of the reason that I joined the company, and I can't say enough about how good I feel, is that I hear from a lot of different shareholders. What I want to leave you with is that everything I do, every single day, is driving shareholder value.
Speaker #2: So for me , it's about anything that I can do , and I tell on the team , we need to turn everyone into a focused organization .
Speaker #2: anything you do , whether it's So it's management , whether R&D , customer service and so forth product be thinking all can sales , how that can benefit our customers .
Speaker #2: anything you do , whether it's So it's management , whether R&D , customer service and so forth product be thinking all can sales , how that can benefit our about And finally , how it can benefit our shareholders .
Speaker #2: So thank you you , David . And thank , for setting up the call . And we'll look forward to speaking with you all at the end of Q4 .
Speaker #2: Luck to all good of us, always.