Quotient (QTNTQ) 2 Feb 212021 Q3 Earnings call transcript

Greetings and welcome to the Quotient Limited Third Quarter Fiscal Year 2021 Financial Results Conference Call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the conference over to Peter Buhler, Chief Financial Officer.

You may begin.

Thank you, Walt. welcome of earnings fiscal and our call everyone quarter third year morning, to conference Quotient’s for Good XXXX.

through is Joining Chief me conference www.quotientbd.com. broadcast call call today available of Executive Walt, webcast live being at Officer of will the today Quotient. Today’s the is replay an audio Franz later and be conference

deal and the including with those Because as to projections this Quotient call, and timelines. results actual will During events, projected commercialization operating future be expected results may guidance such from and making statements forward-looking forward-looking statements, materially development future differ statements. in

guidance information Commission the as actual results provided forward-looking as Executive the obligation this morning’s statements. well Additional U.S. Walt. only forward-looking to Quotient’s to in would be call of assumes Officer, could are publicly can like the today’s With those in update and valid as no including during found in Quotient’s Chief Quotient forward-looking from over to factors these I to concerning The statements filings and release. that Exchange projections differ Franz statements, and this that, cause with call materially date Securities turn

everyone. to November, [Technical the happy in we Difficulty] last business notwithstanding customers. to seriously affected Edinburgh that second am wave the as response Since good reagents call in Europe. function earnings our manufacturing operations to well supply Government early continue in activities to Thanks, and pandemic report I and in environment, UK. has Peter, continue lockdowns our Europe this to and the the our reagent operations in imposed morning, of wave impacted second our global adversely travel restrictions

stand and gentlemen, by. Ladies please

ladies you one technical We’ll and difficulties. standing by We’re in moment. gentlemen. experiencing Thank resume for

You gentlemen. may continue,

but I know cut prepared with beginning when my don’t was, will remarks off here. exactly from I start the the Yes.

our has adversely to morning travel lockdowns in second Europe. in of impacted call pandemic Government and early affected in to reagents this UK. seriously our supply our in business happy continue continue Since restrictions we Peter, the to the wave our wave in notwithstanding as response thanks, operations the reagent customers. November, the that good Edinburgh to well activities global So manufacturing to operations to and everyone. environment, and Europe last earnings imposed function am second I report

hear was significant. As operating more reflected business moment results. our you in COVID’s on reagent will impact in success in our its a business Unfortunately, MosaiQ that was

product made conducting to field it I starting. We and our And trials continued have and to R&D on-site we as and rapid been are to hold make trials lockdowns the but MosaiQ, good important on were not field or our liked. have impacted. was especially Travel progress The as that to impossible would and lockdowns restrictions stopping our for teams kept difficult limited meant ability get-togethers restrictions travel spend collaborative time development. it

restrictions Finally, process travel the and products. lockdowns regulatory COVID-related have for approval our affected

site facilities. at For example, of Europe, of parts the inspections bodies in regulatory are performing not manufacturing moment, many

execution by now. release. on an of of we COVID commercial entire of for launch; our status need an appears Quotient the have the I update semi-quantitative antibody on new our and who I areas: have you product. approval timing focus focus COVID-XX made the position. progress expanded IH also MosaiQ for would like several the and to if site now current our cash earnings finally performance on proceed right proud team So your am since potential microarray will report our last European period. to a immunohematology to approval, I this tenders inspection continue delayed cannot our difficult on customers through test;

to submit antibodies XXth test Our antibody semi-quantitative is the microarray. blood able Authorization CE on test site of for and we The software an semi-quantitative Emergency did quantity application the COVID-XX Mark of present in marked MosaiQ to of our an was intend relative not the quickly. FDA primarily R&D The completed a software successfully organization upgrades, in January the CE Use development running February. were sample. inspections the was process get we Because of require update COVID-XX it based this on and enhancement

believe central reasons us this for our resulting not proof-of-concept not revenue significant COVID-XX this will that used, a clear, years out for from that But we For are the significant applications. widely a from capability we therefore, product few for do are enhancement, semi-quantitative nonetheless, tests be stream as a products not is antibody capability as entirely see lab being important test. and now and I roll

based On So on the expanded testing. MosaiQ on microarray field pipeline. November our preliminary of microarray. XX, MosaiQ After expanded analysis, [indiscernible] that number let we trials to me we the internal we not determined tests level expected announced now of to further our development limited the diagnostic perform immunohematology move did

because more difficult notified use still product. by was between decided a until requires inspection. submission to time decision submit results, test on a CE on in expect the site allowing what not right of then CE a XXXX performance not postpone that While us Germany. application improve will and is Frankly, an and application would application second the to which we this Mark and body conducting further be possible Mark is And now Mark inspection of microarray, CE now, quarter competitive to the body, be the those site a we better with this the the IH to

but be best to the there, submitting because our by revenues and think further from market then the anticipate site XXXX. So having we hope that we programs fourth this, enhancing pandemic. due lifted much affects commercial and been pretty are our postponed by will by all be then, potential than menu customers the future this COVID will we the pandemic the MosaiQ the anticipated don’t our first are this IH We see going and a restrictions materially make possible. timing I our ready time on that microarray market end in on CE by menus, situation we as will the impacted call. transfusion progress tenders the provide lines have making the Mark of application Other just of inspections donor various this on submission until rather product at With later for quarter full submit nevertheless an difficult update sits year the of well, to in a of the application are

observed is look OEM Sales and performance organic This X.X% of antibody with commercial tests Now by direct quarter. our that changed X.X this, an market Alba X our were is million on basis. has million antibody exceeded excellent of to Despite in With growth for the vaccines driven demand testing, adversity, COVID-XX deliver year-to-date low rollout both it let’s not sales. Quotient a a there we seems a it. prior and the third year. at performance continues performance. sales business that by over We

previously, for the antibody lab mentioned enhancement demonstration I the future is the of and to its a platform of quantification as application. test central COVID-XX of and applicability deliver development the flexibility However, MosaiQ the

the and menu. that technology, to service and demonstrate could new of transfusion we sign sales could the this for launch addition, our test organization we willing contracts prior to are customers In

global equity company to appropriate is safely was the financial in in equipped September the preemptive Finally, means our sure XXXX decision with through navigate pandemic. order the make the right offering to

is cash us turn sufficient for strong With it financial Our in carry I back that, Peter position update. will commercialization. to the to now the

the quarter. a year’s increase $X.X Thank the Sales third of customers XX% million, million, Fiscal Sales standing payment sales, of our are sales in in and changes XXXX. $X.X costs. $XXX,XXX, $X.X year-to-date X year, work year, share to financial were net of our X.X%. due a mix and $X the share interest $XXX,XXX Net ‘XX. for product year $X.X amortization X quarter exchange Alba the Eysins fiscal consisted with to antibody $XX.X costs the increased costs Overall, the the by due third $X X incurred received process. XXXX. and in on the the and our the the on see million a a net provision improved with $XX.X the compared the insurance quarter year-to-date $X.X provision sites of fiscal current G&A decrease gain cash million $XX.X inventory to compared $XXX,XXX revenues, of Operating the ordinary to in loss million million a $X.X offset decrease X.X% were a in pricing operating assets third expense quarter third the per cash reached or expense $XXX,XXX of use margin in million by and the year. $X.XX cracked. Sales million $XX.X The the $X.X of in quarter. manufacturing marketing increase at the margin Capital for year-over-year of last is product to third and with in third U.S. $X.XX activities an and legal On compared quarter third operating in by direct over that an million million was third million slight Diagnostics loss million year-to-date net it driven of by development you, million to of the prior customers from to quarter of third administrative loss was increase Gross On the of share are $X.X The prior $X.X in Ortho quarter. million year. with million and an gross both of $XX.X third expense million upfront due material milestone expense MosaiQ The expense quarter in prior In Within compared of product XXXX of X loss and year upfront from On million operating product a the $XXX,XXX XXXX in depreciation total Research expenditure $XX to million or was XXXX despite our lower $XX.X year a versus for million, prior by year’s or quarter fiscal versus interest compensation XX.X% September compared or XX.X%, basis, compared year and ago. the by FY quarter ago. current of increase $X.X are progress fiscal $XX.X year. raw compared $X.X were with million, also to certain quarter used milestone. million, versus in in Franz. product XXXX. include was last sales the were million related was $XX.X XX%. $X.X of prior year last other D&O COVID-XX orders. certain In to Clinical to following $X.X in depreciated. while $XX.X $X.X XX.X% in $XX.X expense we $XX.X strong XX% related per $X.XX year-to-date reached $XXX,XXX million reached the second Quotient per ordinary months the primarily while was fiscal and OEM improvement year-to-date in sales versus months at quarter, an General year-to-date million of of in we sales with per line quarter first $X.X compared recorded third prior during is year. third includes transition continued were gain sales stock Total depreciation decrease sales the costs increase significantly termination of were the totaled for the million the increased test year. year. current quarter the of Net X.X%, increased exchange and increases of a quarter compared direct expense quarter, in reported year. sales of million ortho the $XX.X first fully last in and inventory share quarter the in a costs year fiscal million $X.X foreign foreign million in basis, improved benefit in On and a a XXXX. to materials of The sales prior expense million now basis, level product other million lower months financial million Total year. basis, last $X.XX in XX.X% a

upgrade The majority manufacturing to system execution related the in compared Instruments of X MosaiQ in the prior the For Eysins. current million our manufacturing our CapEx $X.X months, quarter the CapEx the of and was the fiscal $X.X first total year. facility in of million acquisition to in MosaiQ

debt the to $XXX million and December while cash totaled million reimbursement $XX.X facility reserve $XXX.X to MosaiQ. related customer is million the $X.X last while December of XX, accounts the first to short-term the increase decreased in is receivable activity company totaled March million a of XXXX. at accounts the our of compared with in The sheet, with inventory $XXX payments, An our and XX, under year, additional inventory lease. due million. on timing and Moving changes investments terms $XXX.X of available end Accounts to of receivable held has of April The Eysins of On outstanding compared related million. million accounts cash XXXX. is by balance receivable inventories $X $X.X in to restricted in fiscal at decreased of borrowing the XXXX, an end million

we As is debt the of generated announced, exploring from substantial MosaiQ. sale options previously until to defer are cash reimbursement restructure or the

XXXX our and revenues million reagents year our No further range increased product expect sales full in expected. by we revenue to sales other the milestone-related guidance, for Quotient on $XX.X million. of Moving from of $XX to are Alba fiscal

of of XXXX, quarter forecast be fourth and the the reagents of we to capital approximately fiscal sales the for $X turn the to let expenditure to million call cash operations in million $X.X by fiscal now million. the of to Franz. year million With Alba and in between that, For million $X $X million used month. per me $X.X expect Quotient We in $X back range

Peter. Thank you,

first forward Looking to I plans share upcoming the like would for quarters. next now, few

generation business XXXX, IVDD the the must Our for started additional certificates May will as of by be under process certified to IVDR products have that as the the first XXXX. includes to Alba renewal Quotient which of data by extend well batch

We submit transition to the expect will time so body from to be IVDD notified to we on to June in ready IVDR. XXXX,

On Europe, development plans menu that, for will transfusion the use as taste plans the further the emergency we The transfusion first COVID-XX. for diagnostic focus platform, will have in for is on the antibody no finalizing following: our to following: our concerned, next semi-quantitative After will submit of as MosaiQ taste COVID-XX are FDA we pipeline our development we far authorization steps donor related market. the our commercial be in the February.

Europe. see the will expanded global the to in time by mentioned run trials opportunity As an burden beginning December, of improve this with call, and in of the certain of we of the month IH further pandemic, particular to we use increased tests our additional since disruption caused in field the the microarray,

in the to [indiscernible] transfusion calendar donor We the be this we CE will current will European report QX of in the onwards. results expanded of we Mark microarray on to finalize tenders of from receiving – Mark enter of will quarter field and enter At current anticipate participate the fourth and ready point, and calendar development that On trials year year, expanded in QX SDS, CE the – plan potential the in the year. yes? potential calendar market

costs We submission. and trial for will U.S. reduce in sites year Submission will run also lines CE calendar XXXX. and field in the second Europe advance changed with in of we Mark quarter parallel. is U.S. to This approach a field our and time FDA the the anticipated trials, combined for

donor started that we patient announced Regarding the immunohematology have which incremental November an the already the product. development development, microarray, existing immunohematology is ortho we over in

the of steps resources to the performance our the of XXXX. initial December first year additional announced the half microarray. the on concerning to We XXX(k). on planned regulatory U.S., assay information resubmission hired the towards the additional that our individual filings now next calendar are And have characteristics requested FDA in progress We FDA’s XX the of

in resubmit calendar the expect and data this collect will second We quarter of to year. the current

obtain once confident approvals information. additional to we the are FDA gather We same

our With process. the our ability product we COVID-XX a approval test, antibody through demonstrated MosaiQ FDA get to

year the calendar the in pandemic at U.S. the allow on do of then in field path is, and participation. to is will perform here IH reminder, the expanded sites trials expanded XXXX launch trials. QX X that across commercial donor for by separate U.S. commence not As only to the microarray. U.S., together labs intend And Not the under SDS XXX(k) for we Field and are the critical The their in everything independently, assumption confirmed is microarray a IH customers to access approval control. us with situation the sell not initial but our the planned therefore,

announced, in and trained independently previously to the U.S., trials hired Europe. ground we run the staff us field As on from allowing

expect during that On like a the provide some development Quotient, earnings microarray, detailed – disease a and living our adversity unprecedented plan times are know other our call. more year faces caused global we and we any molecular work continues company, screening update all through the We to by detailed full pandemic.

we first and to ever forward commercial available proposal have a path However, are have as confident soon. our clear

Our sufficient high launch. provides the cash commercial position us get to into us liquidity with

identified should In non-dilutive have addition, to case this be additional required the future. we in generate funding in options

experts MosaiQ believe Award. Although Innovation XXXX as that we our and dates of we confirmed is launch is our innovative that the business value BIG some the underlying Even the of changed, technology won anticipated promising external unchanged.

and With hand our So would transfusion to Rob substantial to the we Q&A open to product time. launch I for shareholders year market the like donor session. ready this to generate offering this, over to are value an attractive over

Josh with of Please line [Operator Instructions] with is proceed Thank first question. question our your Jennings you. from the And Cowen.

Mark. questions. you challenges through. the guys is to and on the like optimization understand are us and to are you which Peter. what that are going morning to Hi, detailed tests? those Can you you ask you the tests facing lot there are waiting from I steps wanted Franz It taking the CE pandemic to sounds taken help process – be while optimize optimized Thanks and initially good need submit for of be navigating to

we in press PPA and that concordance Yes. in below has and to analysis data made these kit antigen seen internal you technology further there not where have testing, improving. types are press three release But the the was better. XX% a perform Basically, transfusion were the values the saw the that shown release we

CE then we Mark processing be as document required the And not us it right the field that to the anticipation come to be And the November, the would told as on-site comes also CE a to anyhow stop body the an in down, So everything are there decided cannot will – would possible Mark. right tenders there for be if inspection which precondition receive now. process force now first notified the no is tender. because is

So the of microarray have previous suboptimal, test The work be And we an if will the we product. – improvement we even we the like it processes which show think small can that field implement we the it the to we couple tile as field time. decided more extra confident were then on to conducted are a time, conditions are field under or trial, there use normal yes. trial a the can conducted make stronger stable

a they the customer the And they there go, – testing. then policy the to a well, redo training, customer, a ready and you you they can’t Then different entire us, have can onsite to to you do you site, then move collect tells go. you COVID, with you the everything contract everything, a do basically and You go have install because work. do of you are

it. then and stop they start halfway You through

even not always to various XX%. confident stop get just results. we are go get have So we stop decided ideal that it to and because [indiscernible] over stop the go, this sites was on more the – and required values test anyhow technology but some we could do can We go, do that’s submitted

What there need that enhancements, mostly the process? those concordance reagent steps improve optimization anything has the to to on or are this for performed exactly Is enhancements are to what be happen And levels software in to Great. microarray? disposable XX%? it

Yes.

to the So Saturday, technical any we run we are actually But we and were disclosing have necessary run not steps that. wanted where the have them. levels on test test already for

market. So we to the we to do it course, proceed, do have process soon product testing. with And and now, are that, as And willing come a we the we pretty have confident. as can strong of will customers to

Great. understand on is And But on it’s Are pathway, FDA doesn’t CMV help I you The of front. the XXX(k). the or the the are just questions Quotient? about got there... can timing that just anything back the FDA impact – the the focus specificity us commercialization know thinking test the to

No.

with Issues the the that system is... FDA

data. some what same have more using get we machines operators externally to assay during multiple you multiple get results should of testing, wanted have the twice with reproducibility basically is over they No, XX And the lots means day which to different nonconsecutive multiple days. a

basically, fully So automated it’s process. a

want to the same would it if So I it, then the button, they if been start have you have would pressed know result. push

a this in not the and to we us for expanded then have do recollected still anyway, have to we which we we it’s I plan submission. the that the a and the But we attractive commitment. have product So proceed testing path customer for on IH March customer think, who is to commercial about do can with need willing combination, if I because a wait critical correctly, launch. And gave is, the that,

[indiscernible]? hand-in-hand IH Great. And that optimization process working STRATEC Quotient’s Quotient’s for just partner they or this is how the internal team extended menu in is as Are all with involved microarray? the optimizing team is involved a the

fantastic really STRATEC. are we and getting support hand-in-hand, from It’s

hand-in-hand. we team Every good it’s in, collaboration to with on they that our something incorporate working see improvement. are have very of collaboration and continuous a be and improvements, building who software in so we are dedicated instrument could But and that. improvements STRATEC course, side time on improved, it We work

guys I Great. XX follow-up think the last think ordered, you one just quantified antibody ordered received? prepared forX MosaiQ’s year. in testing you testing and number I been has the COVID XXXX, from you internationally? the any on but those installed systems that update your one of don’t of – systems demand I know the over last Have U.S. just STRATEC in STRATEC, remarks of And had on waned you base course mentioned one,

We have go have in They we COVID in that the instruments are pickup. place in are and testing to antibody case place ready if there happens.

instruments we upcoming have We in. ordered enough instruments few have the a trials, a in field for and coming months for successful and launch they’re Europe in now, from

more. speak we – As receive every over we week,

So and ready be we the will market on launch. be will ready, we time for

same. We is the business value us before value cumulative also the in total as planning it’s launch, have is redone the pandemic. internally for but delay and exactly the internally a our There same

for Great. my Thank taking you Franz. questions,

you much. Thank very

from the BTIG. is your Nam of question question. Sung next line Our with Ji Please with proceed

of Hi, the Maybe thanks to get just the a it out COVID way. for questions. question, test taking

there. to out, just measure being the that’s don’t would might understand if on, sense and Just the love you antibodies, you your are given to But that in want not effective. see rolled thoughts generation cases make being in or many are cases, the significant totally vaccines that to and right, obviously, it certain the would priority, anticipate revenue vaccines get

not to going for it of, follow-up is the kind or demand so a be after business there’s Quotient, just vaccination? kind do of your prioritizing core of on testing curious, you think function And antibody that just

has go tests who antibodies. They the antibody governments But is people process, terms use or be to were to we according have underlining reality, and others, expecting first with right vaccines different a there conditions. and in for vaccine now protected the get once vaccines enough already So all which anticipated stratification in And we see who started, available maybe antibody the population of crisis should versus very become immediately. which age a and won’t ones everyone those the therefore, for whole no have – they when use for would parts priority temporarily the vaccines approach. of available,

very immune categories. But go saw So it’s in first. and separate like Switzerland, are down antibody But nobody deploy are like the others they we deciding XX They’re health and care in difficult or more a on using the currently vaccinations. are who have here less and it’s the deciding because seen to the it’s beforehand older, government which to tests this. the authorities yes, who vaccine not in never the to those coming, that strategy speculate countries then crisis or and the

COVID very That’s of at curious, anything others just going the helpful. just that’s not And is that resubmission, FDA FDA the moment. reviewing then to U.S. Gotcha. from hearing kind back related the not

additional So it just timing kind available? resubmission, when your kind any of line? from in a might your you terms time the estimate of just if curious of in Or that’s in indication be is terms second that’s quarter of target of or have timing – gotten think – of FDA your you feasible they do terms when they

Yes.

think done have is a now. this have customer just we need can’t I have we a it and and we us. customer commitment, extra what do study doing not right be with the And but we data, a to to – get yes, is this who reproducibility

customers a BLA the to to takes expanded we a for So it’s one IH And available we we longer, is critical we’re need then the waiting and product XXX(k) addition in months, anticipate for that launch. for not months I SDS initial on because X for the and time. is said microarray, as because this submit. and path BLA our But this approval a about the then XX XXX(k) before,

Got it. That makes sense. And then just lastly for me.

of are programs, underway, kind given R&D others, of Sorry capabilities and curious other terms those of if developments currently missed molecular the I in pandemic? for well as testing but delayed other it, also your kind

It’s progress like as get have together. it, think board, I to yes? the difficult we fast we but across as not to made seen people

from people from UK guidance. Switzerland, and Ireland has jurisdictions different and everybody parts France, are different scientists and UK development the Our to Scotland different Wales, and to

circumstances. way work So together them to get have possible could it together was and normal the under they not like

time, in about was on XX% point given any at location. the the So workforce of

second So, backward, a significant have the day needs impacted has special last everybody to individuals imposed are of forward wave lockdowns for go France, XXX XX% and the coming cross-border days. especially and And self-isolation every in XX where significantly to and certificate and had workforce, in – able strict for we the and they to since essence, us with the order that. cases to be over had pandemic, do from

do continuous So possible, as everybody can’t as and do good to interruptions you everything tries it’s but by everything phone.

but recognized as of So we fast unique. made changed is this with business proposition a we bit plan solution. the as has BIG late. And – also And business unique wanted. the this just Innovation is not the Award not externally but is we little underlying the value really it’s creative technology same, progress, but our It’s a that and and value a think

I mentioned think I QX. call, are to have the in intending earnings Europe that commercial last time during we in launch the

towards we it’s for this to we year. that hypothesis normal factored a and QX. be of that back Now And more the restrictions in. lifted That’s mid underlying that what will the go is

that of portion be now, lockdown. or you the some given be is everything from government, will expect vaccinated population listen have And policies relaxation complete in midyear. end if February. signal There So most recommendations big that to government by by authorities from a right should the the different the a of they

maybe we go have line that, to than a we not assume from of that couple situation on based back that’s will much today. And next adjusted normal, we why QX. time the QX to but better in So the to months,

a sense. Got much. lot of it. Thank you That makes so

questions. your for you Thank

of Our with Brandon next line the with your proceed questions. question Couillard Please is Jefferies. from

morning, good Franz. Hey,

Good morning.

number of times site you’ve referenced on-site regulators the start inability to be Just off, a physically inspections. of for to

of which this sites I have still at type was requires time that impression the inspection? you an already curious, that a line Just behind was visibility for of on And your under us practice. do any point.

Yes.

Eysins. we – So had it’s

expanded this – are observation, already Eysins. have That we inspection talking and any ISO be to this at we microarray, of additional and in certification, no inspection. had but the are problem as the pass to Eysins IH Eysins on-site get they as microarray part [indiscernible]. And immunohematology about because in We come without will inspection now, order conduct so an produced submitting all. expanded We an was in

travel In policy necessary. restriction notified are case are policy For existing they and But is going the then this improvement an depends improvement will what We going in not in – the this is required. And particular SUD an on Switzerland, Switzerland. for was when, kind – don’t of the in the test, to Munich. mid-February, don’t exactly in That February. antibody was what which to also right place. semi-quantitative depends also Germany they was end not have test, risky on know say of loosen COVID-XX February. it the now, it over to they it this software TUV them have then to they body, know how situation I in

So, all together. these have to come

with think were our assumptions careful here. we I

and that that As can assume we before, everything towards process we new launch everything QX. to in a I normal we can said back mid-year, be and will

should QX estimate. a So be careful

of, line now holding talking end them back be of also you tenders the sort able that have are the even curious who about sort communicate And you those of line because I a year, been, extent, to how MosaiQ. this do Okay. communicate to had coming up customers. sort revised this mean, have of may some time then And customers? to evaluate bit to how time

this are And us then And is remember months. long for So will when whole we last. our the a tenders they had tender But dialogue with sales in the the now, you in also I the couple right very customers. And already saw maybe no months, how customers beginning, in force in the continuous start, think sight. their customers will this. but full we told beginning, no there X is into year of they a now postpone maybe clue

think – up happen we think ones what backlog. this going will There I certain that first in the November is year. a come is the to is

have will So we after product that about our in launch expect [indiscernible] in XX in such participate the first months we XX tenders. QX

onwards. So will on it’s couldn’t the as they activated. of as intelligence signals anything. get be because QX us we from be the postponed, tender then soon tell it is backlog, tenders They been about – tell have more November. the might And But don’t we customers their public intensive well, have, based

you. Thank Okay.

time, if turn Walt add the to to this At end of the closing we’ve remarks. you. anything? over I Thank Franz call for Franz, will you reached the question-and-answer now session. want

Okay. Yes. Thank you, Rob.

and us our call. made So call of conference for time XXXX by have today, full you on this this in joining thank you, to updating everybody, we fiscal look forward the to we progress year expect

very everybody. thank Bye-bye. safe, much. Stay So you

And this everyone. Thank conference. today’s you concludes to

your may thank at time. lines this your you participation. We for You disconnect