Neuronetics (STIM) 7 Mar 232022 Q4 Earnings call transcript

Good day and welcome to the Neuronetics Fourth Quarter and Full-Year 2022 Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Instructions will be given at that time.

As a reminder, this call is being recorded.

hand over to Mark like would the to conference Klausner. I

begin. may You

morning joining full-year quarter for thank XXXX for call. Good you fourth us and the Neuronetics conference and

Executive call Steve Officer, President on Chief Furlong. are me Sullivan; and today's and Joining Chief Officer, Keith Financial Neuronetics

by XXXX, forward-looking of begin, discussed of statements other Reform statements the harbor would provisions covered metrics. Private our financial certain I conference Securities business, Act this we issues operational the and to caution under during Before that related to revenue call the and Litigation and listeners impact including like information management will include strategy, COVID-XX of safe guidance,

can forward-looking business. the results implied company's materially to or associated stated by statements with Actual these from risks differ those due and uncertainties

of report with Exchange For which Form of you forward-looking course with risks I encourage company's associated update the to annual review and will statements the as this disclaims filed Securities today. and any made except company's business, on law. uncertainties to during the call, by The Neuronetics the company filings later required any XX-K, obligation be including a Commission, discussion

During information non-GAAP including financial for and in expenses both on trends our Management by certain discuss also investors basis, excluding GAAP non-GAAP the that conjunction non-cash of information other believes provide a that with operating in useful indicative information we'll EBITDA. taken are U.S. call, measures certain results. financial management not and

and presented tables decisions. press Reconciliations which to viewed Management for compensation competitors our U.S. can against uses website. our to GAAP performance and our performance relative forecast and non-GAAP measures benchmark accompanying non-GAAP strategic in plans our on financial release, to are compare certain be the results between externally

to Officer, Sullivan. pleasure my President Chief over and the Executive Neuronetics' Keith turn it's call to that, With

financial review Thank update. thoughts before providing thank conclude with followed will an then results overview some us. Good to by operational by morning you on Steve recent an Q&A. begin Mark. our and and our I'll joining I'll for of XXXX performance you, turning

XXXX, record our which XXX with shipped We the pleased bringing several shipped year over a achievements performance included customers, to are time to X,XXX. and systems We total systems throughout all of key over milestones. quarters

our drive continued has addition, to session efforts off. treatment increased In to utilization pay

As the treatment of growth the the surpassed of This contributed roughly of to million. year, the all-time XXX,XXX end Across of sessions XXXX. number XX% all revenue total for $X.X patients.

that XXXX, we the a level year. very way are in Proof work education employees, like this which made development, thank in of quarter. our initiatives marketing, success the of I'm investments and And who have delivered capped years working. accomplished we throughout off two to that their hard high I'd everything of the patient over fourth by past practice by proud strong

fourth $XX.X revenue of treatment revenue, strong million, fourth as was XXXX. quarter, For XX% growth. as over by total record was performance The the continued quarter session the equipment up sales capital primarily well driven

to $X.X robust area and team by another the over work our programs our which Who up quarter of due The success the found in pipeline, converting take group and sales was a NeuroStar XXXX. fourth we've ongoing NeuroStar million, was strong seen revenue yet system As nurturing strengthened managers. XX% their of is root. initiatives Summit. sold hard out of

integration. the growth than local our all-time through their accomplished, revenue the at an anticipated of positive was The million, despite way fourth record of result of was they session click record sites the over revenue This service U.S. provider at as treatment slower largest XXXX. $XX.X and work quarter up per XX% merger was growth

program. investments greater our more our availability of management success offices in was The X of training practice complete and into training. Star's expansion PHQ-XX Our by driven tool

highlights. operational our to turning Now

conversion once completely from again event XX We first Our outstanding sold in attended patient XX NeuroStar feedback, Summit the and practices. out number with focus customers This is have event growth high-quality had received Summit area the one for to The be practices. led Chicago, participants TMS of partnering and and which a different awareness. increasing several new the of educating to by pipeline. proven our customer NeuroStar

patients. sales done helping managers bring have area job them potential an customers and the can to benefits Our excellent see these NeuroStar their

have We The within identify to our XXXX. PHQ-XXs TrackStar allows include tool, we in easily their implementation who patients of practice, which for XX,XXX our in new proprietary manage who this enhance NeuroStar candidates identify extremely candidates treatment NeuroStar a practices to has PHQ-XX treatment. features fruitful. are collected and and patients, to better to digital expressed within NeuroStar tool interest And are will been for assessment continue

in NeuroStar our to University Carolina classes the continues we XX from capabilities users North the support had full receive that to list offer help customers, excellent evolve accounts. highly these Charlotte, year-end, incremental to continue By to we a as to will lengthy hosted Our the existing with we waiting of have as both well as services seek we representing And customers. new more patients suffer the platform, reviews leverage capacity attendees now the NeuroStar we as of for and classes be continue our disorders. beneficial power eight

PHQ-XX session to as in increase treatment see NSU We the directly training an from positive NSU the such benefits and linked increase utilization to in attendees. utilization of these have XX% classes, begun

their understand gained base In to quarter, From benefits area more second trends. to in allowing optimization and more to allow goals their our some towards help accounts started organization. implemented account set our progress effectively the achieving which efficiently existing them. see the PDMs efficiencies customers, patient is salesforce we tools the PDMs measure treat and own reporting Our tools, focus and the and our particular, newly within continued people from In help base. patient commercial from of their better our utilization identify These need. our

due will the These of growth the year, earlier base additional installed we customers with As our new our level of provide this support. service account and highest course XXXX. the and PDMs over to planned, support we additions ensure the growth hired of four

partnerships. TMS collaboration of which co-marketing leveraging devices access is we supplier to and awareness; We being and important announced patient replaced through and exclusive partnership the all equipment with commercial expanded commercial NeuroStars focus area publication. Greenbrook will several of an clinical agreement, will as leases enhanced their TMS runs expand the product third existing partnership and This With patient care; development be Greenbrook. improved Our Under including to a other on deliver co-branding year-end exclusive expire. synergies, opportunities; TMS, XXXX. with recently

our away from a model Success one. Importantly, and this fixed consumable pricing agreement converts price the including to entire Greenbrook organization, GMS

integrate PHQ-XXs We will spectrum reach practitioners. and Greenbrook we programs and to treat help and offer NSU more of TrackStar our In our particular, tailored full patients effectively. support centers to offer and classes and will Greenbrook

NeuroStar Health be With the to for Greenbrook growing illness. and make to agreement, Advanced help mental Therapy who Mental will able number with of a of people, accessible this Neuronetics are struggling

are integration we to the with about patient and ability centers. our drive long-term continued Success the and highlight subsequent of from of them want we disruption increased to partnership Greenbrook, Greenbrook have the volume While that to see help enthusiastic resulting two their I businesses. merger the did and in

headwinds combining their we our when he work as mention provides revenue As Steve companies. later, some expect through guidance, XXXX in they will to continue

the individuals clinical reviewed and and depressed set announced an majority in I and of regulatory patients this provide an have with want vast update with also actual peer majority as to and depression. associated a data January, comorbid crucial which TMS the treatment shows results establish effectiveness of the our TrakStar progress. depression. with Lastly, anxiety Thanks were of effective symptoms In for largest for therapy clinical with TMS We we option anxiety. present depression. Significant the publication, non-drug of anxiety depression study to for NeuroStar strength disorders patients to the able in anxious are

especially change have now healthcare as recognized the we the This patients quick their with medicare and practitioners a to the scope practice always TMS coverage. In depressive is are healthcare importance a shortage within in mental to their of order NGS major Now psychiatric February, and of for their treatments updated professionals. policy, This of practitioners nurse true disorder. expanded is on nurse care. who delivering health given assistants, provide allowing physician welcome update

announced benefit and of manager In health positive the coverage Health of for the which a addition, psychotherapy. requirement evidence-based change, from a Care recently two prior trial eligibility expands for behavioral United, for number therapy. down Optum, TMS United reduced remove the to failures NeuroStar access to medication four

real drug related Optum's To healthcare largest lives NeuroStar Health United make the the with our more reimbursement expanded depression. recently our and policies able accessible to Care's to alleviate decision NeuroStar larger difference favorable to XX.X the to access provide million will increase insurer continue team. in we helping best-in-class billing resistant As efforts team to of be covering to easily provide and therapy, country make greater our customers a reimbursement support. burden This health in and advocacy

all their suffering hard In from execute operating closing, the environment in navigating current us depression. during team and and relief to for my of on year dedication to gratitude This challenges our successfully like the initiatives patients ease. perseverance I'd enabled the to express work to bring with has

we Looking built XXXX. the we we have as ahead grow foundation build to have on solid anticipate to throughout that continue will XXXX, we momentum the laid

turn over to to With that, the like I'd Steve. call

fourth The the Thank XX $XX.X compared the revenue systems the fourth prior of XXXX. up quarter an Advanced of million, you, million U.S. QX, quarter $X.X XX quarter shipped System Therapy was revenue shipped was million, of revenue year NeuroStar of in over up for revenue systems XX%. XX% $X.X in from it million. fourth to Keith. $XX Total increase XXXX was company

of was per XX% an The $XX.X driven customer an fourth U.S. $XX.X local primarily our particular revenue XXXX million, Treatment among of increase growth session million. was in revenue utilization, increase in by quarter segment. revenue click over

site quarter prior In revenue approximately the XXXX the approximately of per to year compared $XX,XXX, active was in quarter. $XX,XXX fourth

Excluding the added Greenbrook year. new and revenue site active Success, during XXX consistent sites was despite having year-over-year, active approximately per

the compared an Operating fourth XXXX. pressures. $XX.X our was opening in the to driven were by clinical, primarily with well expanded increased inflationary and product incremental from costs fourth increase The $X.X headcount investments development, million, margins sales XX% quarter consistent commissions, force Gross the quarter of NSU, of the sales as expenses million, increase of were of quarter XXXX. during as higher-than-expected

quarter, XXXX the approximately Net non-cash share, fourth per per of was we or share the million quarter loss fourth to million compared during During $X.XX quarter loss expense. as $X.X or the for stock-based $X.XX million XXXX. net $X.X compensation of incurred a of $X.X of

$X.X compared of the XXXX $X.X million for XXXX. for of the to negative as negative was fourth EBITDA million, fourth quarter quarter

and XXXX, $XX.X equivalents cash XX, cash December were million. of As

to continue We work lender updated Partners Capital on facility. SLR credit our with an

new facility March this on We are close in XXXX. on track to

Now turning to guidance.

XXXX, full-year we range in the For to $XX the $XX million. million of expect revenue

As certain Keith guidance assumes click customers. from our XXXX our from mentioned strength service providers, for per continued revenue treatment session lower local but

revenue first quarter $XX the $XX of XXXX, we expect of million. million For to

We of expect to to expenses XXXX be operating for the full-year $XX $XX in million the range million. total

decrease from year and bonus payments; sales utilization expect the as utilization first For highest our we cash includes operations meeting, the as be sales full-year, well commissions the costs. to national during year-over-year. quarter retention prior Cash it will as

operating Our on flow show cash achieve hand. breakeven that we to continues cash plan with will

projections Our gross path of management profile to margin for still our careful to on thanks expenses. solid the growth, top profitability operating line our and is track,

the like Keith. back now call would to I over turn to

to year critical drive for Thank Neuronetics as a you, the continue accelerated NeuroStar. we adoption Steve. was of XXXX

shown have the clinical results We are superior. that

in have talented business. most significant made the building latest the team commercial investments in and We

We practices assisting awareness have and education patient to demonstrated by them our unmatched ability campaigns to promote support long-term success. with

of PHQ-XX into Three, University, clearly in at marketing. country the in treatment a at number have increased seen focus better these NeuroStar accounts and that as number success, a of we customers training creating NSU, with network increasing who including customers One, benefits percentage the NeuroStar has will University. working that during initial participation through high utilization. follow customers, to positive accounts, of a immediate continue practices. key participate across session the To the of Two, on XXXX. initiatives uptake of incorporate customer best Beginning increased we gone NeuroStar cohort co-op

them are such number the classes, Because prospective we expansion continue increase capabilities and the Cap. the deliver to develop attending patient customers well allow as to as introduction our provide to education features providers existing classes important NSU into The as outcomes. of this, better to MT and we NeuroStar and to crucial are working which OCD, of D-Tect the of as

marketing and year throughout are our we classes up program. costs forward, two co-op Going into the offering incorporating per to attendance month

us Our marketing There customers a who co-op regular TMS of benefits program over our XX second in a the higher are currently industry. co-op in care co-op The an one our average XXXX marketing is focus for partner through is It participated co-op co-branded, are patients Customers have their program to with program. our utilizing localized customers, customers seen to patients our percentage incorporate who and a the provide incremental of four to business an support marketing access basis. program kind with quarter. on marketing of with into per provides to increase campaigns. increased marketing opportunity have awareness of help with

to to customers expansion the throughout of will the We the their of emphasize year the patients. program participation continue benefits bring customer to more and

that focus follow XXXX, third best and network final the our for practices. accounts creating a Turning NeuroStar country of to across

made the drive customer market practices the company of effectively of accounts. would We in broader growth. to practices long-term best significant certain a the proven has investment aspects of take development for few Over each years, and network like to and past these organization our to our

consistently ahead levels we XXXX, their As patient of the increasing look service we as serve, marketing offering certain high offices. standards to accounts within across set want we such and to

see NeuroStar the to utilize in to standards fully who and approach the the of our these customers, expect We uniqueness market. offering

our to will follow continue plan XXXX. in We

last more mental tremendous to of relief We the success. over work adoption the disorders. from two health the and up drive accelerated strategy in to set done NeuroStar ourselves suffering And have have to we bring patients years for place

line questions. the open to for like I'd that, With

first question Our Bill comes Instructions] Plovanic Canaccord. with from [Operator

Your open. line is

Thanks. Good great. Hey, morning.

expect that is So think what obviously, contemplate you with kind Greenbrook, biggest your and are does question And what of kind reflected rest and the do low-end what the business? the versus, guidance that Greenbrook. high-end in on you of I -- they of today? One, of, your at do term percentage Thanks. revenues of, out how

scramble with release a Hey, don't we Spravato guidance. impact Bill, are we know yesterday, which Steve. stores percentage mix, know to know all do versus and revenue, know have the closing At this is we this did TMS. we is anticipate NeuroStar, which Obviously, the we with point, they don't of press is XX XX% don't stores adjust on revenue

growth. And XXXX really we XXXX based on so, our their the in in took contributions for versus approach expectations

mode point. in at I think and a wait see we're this

bit K you K yet, well, saw you they're will, So, business. of of XX% our -- in north -- there but you haven't seen our little a an

this So, million to we believe time. the $XX million $XX range is appropriate at

from see You and revenue for can we clarity of million our part impacts we end the plans month $X the early into be how out also $X range did through the see QX. to need plays March to their typical into this March and the year of maybe and of announces the some just Again, expand in million. more Greenbrook how there'll us. it

You’ve in back, as out you historically, even not XXXX of XX% out business - XXXX of XXXX? XX% in in Steve ‘XX you out non-Greenbrook I go to core and businesses. if growth grew asked expect of exited do the what another way, was your we the look

your So, the given that's Thanks. out XX% core as kind you of business, what think that contemplation of, of growth about business of XXXX? was

Yes.

QX our I look Again, second-half in think what Success's by so performance. range. consistent impacted prior year, if you saw of negatively over and XX% number at we be XXXX, was with that that the it in Greenbrook will XX%

So, are of click quite other performing consumable segment the per some the well. and segments

in again, that will XX% be I So it range. think

like the do for move jump the kind do question XXXX probably centers XX think hands how assumptions guidance It's Thanks down this on of, getting in in. then how disposable last our they're capital around versus questions. I'll think we around especially they shutting capital capital given versus back my can taking and then about, And about just we disposable?

more We Sure, consistent than be did XXXX, Bill. year. we've with Yes, capital in slightly systems year and we that going XX consistent level a to and XX last anticipate XXXX. is that between so communicated

impact won't integration there an from the So, be efforts. Greenbrook

to will international related flat, sessions. so be expect growth revenues ‘XX in all also We the treatment of to be

XX to You not the full-year, correct? quarter, systems mean XX a for

yes. quarter, Yes,

Thanks.

you. Thank

Our with Sandler. next Adam Piper from Maeder question comes

is Your line open.

here. cadence. a Steve. guess of follow-up about Hi, And for Thanks to ask question. the questions little Hi, kind Wanted guidance bit Keith. line I taking I'll on the of

we'll hair then maybe You progressing QX but a or a help think follow-up I business, guidance obviously the you kind us have how start lighter-than-expected, and of, see kind gave Maybe just your year? of, over Thanks. of two. through, there kind

Thanks, our to prior quarter strongest is of so XX% about revenue XX% then XXXX, Adam. revenue. by to our QX always XXX is our IPO, is go XX% and quarter to XX% XX% I historical year annual performance you Yes, is QX XX%. to cadence if to at QX the back and to look QX at XX%,

we so go deductibles, and through always QX, their investigations get redone. patients And of benefits have reset the have to

And March. internal a so, teams or about that's XXX week processing continued have the early and BIs into so been here

that's it's on very years. really pressure the typical the But five So biggest QX. again, past for

I the more Okay. we announcement ex-Greenbrook. of guys. that very Steve. a But I on on And the kind and, then broadly, guidance one of I like obviously lot in the follow-up. yesterday impacts kind just guess you it focus more if color, confident But of that kind you just business how of, sounds just Greenbrook a appreciate back are look had

philosophy potential anything Are macro guess the how on the some for year is have you Just additional there? one I in into the this XXXX the question maybe conservatism? guidance about kind I recessionary allowing Has walk a factored you So, are on thinking just through outlook? of environment.

a sure were million New time communicated I you I growth saw in that high-teen performance XX% were was and at your Adam, we're is able I through no to need little $XX Again, in I we in are -- consensus slow year the release conference mid still level. the to that and Otherwise, for We with we some also say, where comfortable at and that think them, recessionary think we'll York growth I mean, you we from year-over-year. to range. that be were QX. surprising, work our just remember, the other impact. that there no would segments. And maintain I'm was the press Greenbrook that impacts there yesterday so with, was confident QX guidance, bit to Even Yes. anticipating in the in

Okay.

and in, up the his and stores remaining stores. this team standpoint, a marketing would From Adam, see the Yes, over we with plan how of we so past some is plan PHQ-XXs put the a Keith. closing couple practices, the they get was of of But together believe them there within the months closely how to get levels. they them team. to Greenbrook a service we take prior have can would Bill their attend NSU, we if working their market I how hints on together would that Putting been have with solid help back

of, the any several quarters Okay. Is taking do need maybe how materialize? ultimately developments? impact the from we kind Thanks on from week you color Medicare tailwind business streamlining think expanded again one those Appreciate I this of United Or payer therapy, just, the see that this something can kind impact News just you guys. to, think the of, questions. the near-term? And about for and changes, may, one the do last if some coverage

is does. follow on great Adam, two, a United Care other from Health the of think payers United Care reimbursement dropping four Many to Health side, sign. it what So, with the I

four, As because as was. Aetna where last that's from went fall, UnitedHealthcare to recently two

the it the And follow need our a have lead. the -- expand drop there's four other in payers prior does no plenty United that prior down I process, two. out Care's and we to drugs, and to our think it through make now failed not accounts hoping patients we so simplifying is payers that their help honestly, So, to with market other now to so authorization Quite when United requirements it go I are shortage of easier patients there Health we our help it does are market, there expand drop we're authorization. does hope it that our -- the

Thank you.

Kaczor next William question with from Margaret Our Blair. comes

line Your is open.

the good taking Thanks Hey, for morning. question.

Margaret. Hey,

colleagues and because a going I range, one the But on I'm for guess with low-end simple obviously gets high that. kind the the guidance apologies broad. to quite of in so of side, more, chime to you all it's guess it's what one. my I the

So, range? a on high-end the can you of and that more to to improve that similar the do I need do of the then to base of Greenbrook guess, specifically, that? question low-end range? And get kind Or

release we either of their No, and need Greenbrook Greenbrook I in don't, any stores, contribution the those related XX get haircut Margaret, I growth on one some think incremental need we to from don't to to revenue from based the figures.

So represent that should that the and the growth really target. XX% other from segments would be

Okay.

is right? Am yes, a or range. the in then mean, growth or range, So worse. the wider or the that and kind good XX%, understanding you know, again, is base other I I sorry, low-end, better of, two, the kind if so if And we're of XX% the high the depending midpoint better figures, from of, it's

it think I midpoint. represents Yes, the

then continuation to or year the scale a a fews, and maybe times some cetera. on both more spent of times the you end growth Or lot in X base a with then get just those? wanted a kind walking on at through can the the and engagement? is X kind of guess I et follow-up I where XX% it kind a solid goals where perfect. efforts those basis for can because through And of XXXX or Okay, broader of Is XXXX, the you and PHQ-XX, XXXX of strategies, that of beginning time

question, the Margaret. for Thanks

has as our accounts universal at think a that all look up. gone business of seen we have almost the their on we the I programs NSU, And through come basis. adopt result, if a NSU

try the more And our focus of -- went PHQ-XXs program. NeuroStar So, get University to I over in $XXX have fourth of we to quarter using seen our accounts that are just the we I that through accounts number a is million. from little our $XXX that million and think the think

to we some gaining is think that that XXXX is traction, going anticipate I drive for be be us I can standout what's so think the going help a that, it year And is So it. to growth. going to

Okay, great. you, Thank guys.

Thank you.

with next question Daniel Stauder Our comes Securities. from JMP

line is Your open.

Yes. Hi, thanks.

back coverage previous touching Just updates. policy the surrounding questions the on

mentioned but criteria past? a a You gating been larger you creates funnel that for coverage in do this of patients has factor market, adoption feel and runs the the the

Number I have that's is we our has think physicians do approve within a authorization insurance is an onto single it's that Typically, the to is have the the and prior so with down implementation through slows factor. appeal. practice to that programs, the the and reimbursement appeal then hand all criteria. paid actually what payers. some you’ll getting a they of struggle the process every payers number one has getting of and out other the credential patient the patient go rejected met simple with They if two

to gating So in recognizing Medicare I with I make need they way, Health encouraged the and finally access yes, the simpler. the now that to are leading care they But United quite Care it a that think we're here. moves think honestly, is factor

just then And follow-up for one me. Great.

this. double two for highlighted what treatment But XXXX? of Thank charge quarters initiatives if you one you’ve look last that You've really here, called that's out for two I few as like revenues think But quarters. be you. here, the of or a your point could per this in are could session some higher driver your utilization to digit those the a segment what leaving and driving in would click then aspects

think is I development couple practice that utilization. our of Number that points managers. the So, drive help one

to people we account practice those We managers to one of of have a of practice assigned one within and education. now help our of into XX front to capture is exactly and awareness, that are development education heavily the invested have responsible treater to them is the right staff the each team each generate that and patients how those their educate managers desk on from do

spear our X think are us various So the deploying and practice, that ones is a are levels I practice within who the to marketing. in the PHQ-XXs of tip for are development pure doing Success, they're which including education the the the the Stars practice, managers at

think I rely now University to those are educate practice on driving accounts. heavily managers our really NeuroStar development our We force. help So, the and

Great. Thanks a lot.

Thank you.

question Plovanic a Canaccord. next Our is with Bill follow-up

Your open. line is

Great, thanks.

kind as for of they say Just question the centers, only ask while to the reread lot Greenbrook, a XX% the that again to down a have they're I case growing of it's of on mean, just the you're the a scenario over the announcement, business is the shutting Or worst the almost that if of XX%, a I at looking the -- the low-end assuming trends down XX%. guidance today? which low-end math newness decision revenues. closer And that information the given lot you're I seeing in Is of just don't XX% of rest upon Greenbrook information, make like of is some on napkin based you the you're sounds at the business because do back the the to it if commentary, today you're midpoint assuming your Greenbrook? to little at of

we it. disruption. would saw spite significant expected of and that amount week. five So, months, But single have decline our before in utilization the And has it's accounts which the all growth grow a of every in think be I some over Greenbrook’s said, QX we and in said their there on segments past of think utilization were Bill, we've as they I we to able monitor decreased

we Greenbrook, is if trainings that with working think that are of think I that the us together we done. very and to into get supportive doing the I to which rest accounts our the of are able deploy education very, closer Bill

I think on get third track. them the fourth help we did back in the and we decline quarter. can But see the

treat. just nurse getting How important is on order that? NGS the Okay. then April clarity and impact the X, the practitioners of starting And significant on or to

a It's question. great

practitioners. looking out So, nurse there at we with been have payer-by-payer opportunity that's the state-by-state,

authority say guidance Some been under years. of nurse five full the practitioners have, the that for states a have psychiatrist of have if they

Virginia to lowered gone the since and as requirement an reversed psychiatrist years. the pandemic, During they But five. example have to under back a that two

So, are patients. where And those identifying their that motor do to diagnose process we're educate allowed country of and nurse how the beginning there the the to are the help the threshold areas is opportunity treat. going are practitioners and patient, of what to we to on areas then nurse to practitioners

Great. Thanks taking for my questions.

Thanks, Bill.

are There at for closing to Keith over further time. back call Sullivan the no questions remarks. to this you. I'd like turn Thank

Thank for joining forward you today. you to We quarterly on next Thank updating all. our you again call. look us

program. Ladies conclude this and does gentlemen, the

You great disconnect. have a Everyone, now day. may