Beyond Air (XAIR) 10 Aug 232024 Q1 Earnings call transcript

Good afternoon and welcome everyone to the Beyond Air Financial Results Call for the Fiscal Quarter ended June 30, 2023. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

And now, I would like to turn the call over to Edward Barger, Head of Investor Relations at Beyond Air. Please go ahead.

operator. you Thank and everyone, for us. joining Good thank afternoon, you issued release operational announcing Today and after fiscal press we close, XXXX market the a first results. financial highlights quarter our release A this & can website, www.beyondair.net be Events copy section. under press found of News the on

comments I and making Private prospects, purposes forward-looking for various we which will begin, everyone of we future Act of Reform the Harbor Litigation the like constitute Securities would Before remarks provisions the remind about to that be and plans under Safe expectations, statements XXXX.

and statements Beyond to cause that that differ these Air results cautions are forward-looking subject actual indicated. to risks uncertainties materially those from could

Form to limitation, those specific factors XX-Q, SEC, review everyone results filings company's that including, may encourage cause the with events from recent without most statements. materially actual to differ the forward-looking and which We company's or described identifies the XX-K the in Form

and is Additionally, for www.beyondair.net. website, recorded this audio call our will conference be on available being rebroadcast

this of time-sensitive date broadcast, XXXX. XX, content as information August of the the the only accurate conference of Furthermore, is live that contains call

obligation no date to of call. or statements to update undertakes reflect after events this Air Beyond the any or circumstances revise

are Duncan Chairman and Steve the Chief Executive and Officer; on me Larson, Chief Joining Fatkin, call Officer; Commercial Officer. Chief Lisi, Douglas Financial

I'll that, to Steve Lisi. call with turn And over the Steve?

short begun the commercial remarks six and we been Thanks, market the Ed, prepared of and well Phase good LungFit last we’ll afternoon received X the us to today. weeks be from about keep the we to it’s only PH everyone have launch. Since in joining time continues spoke, today.

contracted portion revenue, of that June revenues we recognized of though in $X to only happy million now have very small report in are quarter. are the these a excess annual in We

thoughtful continue commercial of our match momentum the with expansion our in team. to marketplace the We

on track. Commercial Everything minutes. pipeline our provided be will last continues thorough during call. the this few further a We Chief in review to Our discuss Officer a of

the catalysts data year, turning FDA a the Mark present first expansion, EU, call Beyond few near-term a the Before I'll from expect PH the for calendar PMA in-human label to Duncan, cardiac we submit By reiterate the highlights. in of and CE receive and Cancer's to over trial. LungFit to end supplement

be agreement with pneumonia study this a FDA, pilot following Additionally, we in will viral conducting United community-acquired in winter. States the

I Commercial Officer, Fatkin, for Now to LungFit Chief update commercial call an on the will turn Duncan? launch. our over PH the Duncan

to our Thanks, investors. Steve, afternoon and good

like we our the to hospitals from very have mark partnered hospitals positive, As thank to we building is and regarding Steve using as with LungFit overall committed the contracts. Phase mentioned, X our PH feedback of launch. annual would our and device. clinical team again staff have signed to extremely and continues that we progress for the with million-dollar be eclipsed with momentum We're pleased us all The

and sustainable Our PH field opportunities targeted on reach. ensure the broaden a plan growth. designed foundation be is to carefully LungFit we growing additions team will strong as These in and the and our based past the developed interest build year out to our for over

We also we hospital. label the team, to to expect expect cardiac pending expand the reach to the anticipated add in our expansion, significantly which

anticipated to thoughtful team for of size in our and is PH, increase the in LungFit of measured which year a next-generation calendar We planned the through our have approval XXXX.

I'm that to updates available looking the today, confident oxide by nitric we the LungFit is forward U.S. hospitals the received have PH to support continue technology In closing, be providing from the throughout and progress we in upcoming on best-in-class excited are quarters. we

to our June our provide quarter for will Doug? XX, Chief an overview Financial With call of the ended to XXXX. the over Larson, that, I results turn financial Officer, Doug fiscal

good Thanks, everyone. and afternoon, Duncan,

for Revenue ended quarter fiscal as June with follows; was $X.X fiscal zero XXXX. the for Our financial the ended fiscal as for XX, the results XX, quarter quarter June compared million, are XXXX

XX, fiscal XXXX. quarter development research, The an headcount increase ended was and in fiscal $X.X in the million quarter mainly $X.X XX, for with for expenses due and June were XXXX million, compared to June million autism. ended and increase Research $X.X incremental cancer the

field expenses $X.X due quarter XX, were headcount office. the to is $X.X the $XX.X additional Almost quarter as all salaries, and SG&A of ended increase XXXX. for needed for scale million, back in fiscal to fiscal was the operations the with compared million June the in million

and showed $X.X XX, mainly the the with million and this quarter income June for long-term of our the $X.X was remeasurement XXXX. debt. gain loss ended The with expense gain by warrants Other derivatives a quarter fiscal million year for compared associated fiscal a driven

$X.XX fiscal quarter and For XXXX. June to the of a recorded $X.XX the compared Beyond million, to a $XX.X per million, which loss attributable $XX.X or XXXX, Air, ended of fiscal million, net for net loss company was the the of a of Inc., June share, quarter $XX.X or XX, XX, shareholders with share,

Net quarterly to move our one-time quarter burn cash We as through XXXX. fiscal be $XX.X company, million average cash fiscal forecast the $XX expenses, approximately by used quarter. we was the excluding per during million

$XX.X June up $XX were drawn quarter. by million the in Capital, company financing In was Avenue XXXX, to of to provided debt in gross in million the which funds

$XX had securities million. of of XX, cash, the equivalents June cash Company and As marketable XXXX,

Steve. And call back with hand will to that, the I

Doug. Thanks,

We take any may have. you will now questions

from question Les. Please ahead, [Operator Instructions] And our Securities. go Les first from Sulewski Truist comes

Thanks and on Hi, congrats good guys. taking questions, for progress, afternoon. the my

with there year? remaining a $X over the and competing And many marked convert? can opportunity end your of the that's a confirm, to base, out this that Just you are have in to contracts annual how book opportunity for are market have a is now an hospitals you the remaining quantify of follow-up. there product I near of Do million the sense out

Les. it. Appreciate Thanks,

it wouldn't the quarter this X. be obviously be when be so start the year, us but starting contracts a base, April to that is above would I a sign at would level. start this yes, guess we of from So, beginning from $X fiscal the that get the million It not

be So on just clear I want that. to

going to anticipated we're we November hospitals information, probably that really year for full on reveal share for report now and but to some and think like of many I don't speaking how that want I year. for in we us. looks guidance fiscal position do we give that I don't in it for the think a in be look, you guidance the think terms that right of next some our to revenues when quarter Yes, opportunities will our to what rest the we're

what to label story TAM? Is that label into calculated the or through kind Got potential it. Thank think that there size is I walk understand. expansion. kind cardiac essentially your you. And initially figures cardiac Just opportunity, of of the more you then on overview here? you the us out, the high-level of is to rolled expansion of what that

Okay, so in cardiac nitric be the hospital cardiac there, for surgeries. biggest would I surgeries, of the, it's nitric oxide of oxide all subcategories the use use guess,

it's exclusively help I into So now very get to label important that's will think off-label. this expansion. area access us an have It

detail. market area we an that's don't So and we don't where

in So that's way, a good open to certainly think. would up things going I

Thank Great. you.

from Thibault Marie from BTIG. Please Marie. comes question next our go ahead, And

the Thank Hi, questions. good for taking you afternoon.

value contracts, really want have on these and LungFit time have detail Now try pH, revenue, length now contract of how I understand, that hospitals were additional contracts any would many offer some can just to signed, details at many of be you to this we any how helpful.

Marie, annual are probably not too contracts. of But most Sure much. the contracts

years hospitals with really to they're the haven't is going really of there's Not But another exact that. get us But two for few, apologize that sure are really for number. or years, we're give renew our too number we we for with want hospitals not there. out and might is customers many too not how there's competitive years. with our not beyond there environment. perhaps year of much the they for three more be it said, us very contracts product. a I from plenty have service three we're discussing say we the multiple there but But Again, don't to an for think happy Sometimes I plenty feedback to others. a many

things that. if people are of There other listening. we're vest, So understand keeping the to can kind you close

of how gross right first do But Of course, ask gross It's surprising, about expansion? about not launch. negative margins. of those year think can level they're that for to the the COGS flipping the maybe course, I of okay. you think Thanks positive? taking And the about and questions. in margins in early sort that for this start What's to

that are them. I is producing turn least, in can this the I in next we're that that to devices Hi, couple No, can to next, margin the depreciate Doug, drivers the one. positive. The behind that with starting going is of at quarters, in gross we're actually jump

So our supply actually costs so wherever the up that devices deployed chain opportunity. And across or there setting an can infrastructure we there's U.S. that expand some for have we aren't then yet.

are quickly expand. So very as be we the you will, those going fixed to absorbed costs, that are basically if

So or either quarter, again, my expectation the territory. be positive in following quarter, that is next will

Thank you for that.

ahead, And our next Henry Scott. from from Capital. Please ROTH Scott go question comes

questions. good couple Thank A of and afternoon. you,

we market First, how peak, sense costs to about think should get And quarterly the today? the that I just estimate at would reps to with expenses would they all trying of pay you it regards how selling expenses, be selling are to what where number? guess, a much

there Scott, So a standard loaded is a, industry wrap. fully there a, is there, an for

things, been where you people certainly phase know end hire of them. on modeling our this and time. we the starting to So long a you've just started bring low I'm more We're second that in we're sure for

so probably to around well, quickly and two from now, that from close how up, probably growing, at XX, in. bring a is depending XX on side we’re will be, number to probably pure three of probably to headcount, we the XX, on people XX years going and peak. that or peak commercial And north people people get So

with is training others, level to going out that not it's but respiratory service number, ones would hospitals industry right, will the be much to all we reps. that need reps, not are to those high, are say ratio our that have to the will need the, we it's important working good clinical will people really But specialists, Right very that lower and us I those majority it's beginning, because rapid very later. a peak, reps be get us, because train we numbers a there very the be mentioned, the therapists the to when for reps average now, are the expanded in so So a out to vast I've be and customer the expansion.

then Just sense is in get that And of how helpful. that's cancer? of $XX That's, have? great. a cash the the beyond net much you of cash, Okay, you million so

maybe. third a About so? or XX% About

low you. a this say when about the profit. gross sales, thank time, of quarter in expanding you and million is is Would sales. XX of then I probably the this And mean, we the this of Okay, out bringing safe you'll a be also think burn by to at it low kind point be same burn to you'll max point is in kind you add going as where be

So we thereafter. soon about maximum make not this but burn the being decreasing, sure think maybe this year,

I on it Scott, no, we what and with Yes, pipeline. do depend our does mean,

few our number fifth a that and for look to So if of or expect very it'd obviously, We've that's in done calendar whether studies during four good just study, pneumonia have going the terms going pneumonia first reason. pivotal so And to But we and into to be like for we're spend, the money. or we safety NTM, in that efficacy study, for move overall well. be pneumonia profile. five a months, cost XXXX worked would

But say pivotal But XX then running get those costs study of studies, than I that yet, us money just FDA. don't know. not confidence on right. spend waiting kind study, done spend the if speak wouldn't to million going I We you're still know going how it last a we're we're will with and yes, with to can't we're then So don't it. that to in more big into pivotal force money quarter. be one this

you kind these, leads working programs capital that. bigger too for you, it I a is From A a new the to cast it's often lot the in faces great. it's net? there are might But of, of question mean, And that of problem. a the you any board. the these business wide that standpoint Okay. picture concern

can there thin, If you distress. yourself stretch too be financial

right do that? do now. how now. sheet know you I chasing Okay, But got of good ideas a you a have how good you right you're you pretty lot balance that balance

sure. all. we're chasing Scott, That's Yes, them not for

not we're mean, I we're not reason. not until that chasing moment. For the is COPD XX. NTM at

almost study love launch an it years be to away not This in from we're on But, love NTM where based we to months. is So three funds, two important going to can't. most we'd starting available COPD do do we'd mean, is thing. we're the stretching. it, I in

we So of part the funded, is other haven't yet. cancer programs entered into it's real like, expensive cancer the

We That's there's obviously the into studies, another in the likely. our X is being Autism with spent. Israel. big Program partner much not gotten be Phase is most which it's money moment the at And will haven't human stage that this, XX occurrence spent still on in preclinical where

XX kick So, probably expenses again, Heavy expense, that in XX won't till won't that in. kick or calendar.

right good But gross we're we now, pushing more quickly being and If then them. how cash can come of accelerate which very and we a in we prudent in, we're yes, sales we're or things? So can. have terms profit, on, programs working these have we Sure.

So and ahead. right steam right programs not And are moving, now. the full autism pneumonia now, is other moving cancer are but

Just that do. the because want we I have everything tells you're to NTM it's not begs it data as do. balance a the Right, everything are strong that data sheet we to NTM are, question we're want do do. everything very doing Pneumonia pneumonia And right, study. we not it's to why as with mean, don't very being And strong. to us strong. COPD they the and

study. answer funded the is not again, do But we're that

good more beats our launch successful, successful, our everybody. already being that Doug up bide we're we're works out. We'll like this So is spending to a Make money. He's, successful. been or very very cash. just how that CFO. it's But yes, see prudent sure going with He doesn't time. he's

So…

questions. into great. taking Okay, you for the jump queue. Thank the Thank on you color I'll the that. back for

Bednar Jason. Piper our And Sandler. from Jason ahead, comes next from go question Please

the and plans? difference so much afternoon, and I could can expect to to what might expect down there road going far, if in the But thanks where Totally Phase the speak you with anything X maybe are we're sizes contract taking start you any in able And see, so can move reaching contracting $X that your only for is Hey, you'd there? Just contract whether to the far? understand, be good on you on further questions, Maybe milestone. as there's congrats overall you million future? share the you them share. size so commercial of be

overall I of the in is we U.S., have that with hours, think year. that XXXX hours your there's size. they're fairly right, nitric range in a plus doing line hospitals hours, hours, doing, There, you mix, what hospitals XXXX XXXX at hospitals thought in XX oxide volume huge terms of a a XXX the

the place. it So, all over varies

seeing much entering now that the anything with So I And line pricing, the what that really in the had expect think about expected. we not into it's of the so pretty we market. would it's, say parameters I had outside what right we're well thing same as we that's

to the from your I'd peers. some curious, great that's on closest of competitive be And then response maybe Alright, just hear.

their follow and at up contracting you're getting hope thinking, As how they two, contracts you how to some and enlightening. on influencing aggressive and Just to given Again, today holding have would at behave a where success perspective them behavior all? more curious Are year to starting be you? I the seeing is think or you're just their they where pricing? they to having contracting be Are the in you are would And start be line lose where just maybe efforts?

don't from day think aggressive one. been They've it's changed. I

how they're might acting, I same it's the they're They're behaving. they're in I worried. nervous. think if thing do That's shoes. were their how I

some things can there's So their expect to environment, certainly a I of it. either they're don't it's players to done. surprising that keep doubt not would doing And everything to, they're the think again, doing. be take that, they're competitive were all would some everything if might there's to anything in no is customers about they a expect I customers shoes, But us. that I competitor. doing that things the from doing would the I do to But they're do do. you or of I

Duncan, on mean, I line. the you're So

you're else little I you am. anything If that to have to add than a closer

question. the appreciate Jason,

there's couple I firstly, think competitor get to I that a of contracts. would things, say, we activity to a the was started of apparent lot before even us

even to us work the there the was of done in from lot in a first block So that place. getting was

do locations. they and then using to the So to work through build. hospital we've done that they then more these area the, broken things is etcetera, things another confident. and actually, the exposure is that is I way get And think their in get we've And various see device, start evaluations, that people once in start what then

start And so the hospitals to neighboring get involved.

with that that is The initial thing of happens nowadays. is other contracting individual there's not many the those that hospitals, easier

groups And And a lot that the to which beginning of those longer. a we're now. the are small getting and launch. out, bit larger to our take starting contracts networks those running of little wasn't to at case the phase where So get we're

better it's us. environment much So a for

we're thrown lot getting from ammunition once we're already competitive in stop the positive as In that about sort we where get us to that process. other are response words, feeling of isn't in us we much at different? of So through more a a

right, it question to Maybe quick Thank off. finish you. clarifying All perfect. one just

no that. on timing there's seems CE the Mark, receiving I and think time change it like or expected

the next calendar couple we it you expect that the said, within last October still year, saying know that the I but Does months? quarter here of the in hold? originally still should September I or timeframe. think end had by you're

That this is next this goal. control. would to But my -- announce our it I is would I on be love out of quarter. our

We moving quickly is can. as regulatory this as a again, matter. But is are, we this

than And sometimes, it you longer just takes a expect. little

announce next That's our my quarter. on hope goal. I to So it

So where we'll November, roughly. be like, second week in

expect guidance to told be But it half instead month. If then. yes, announce just based I I this a to stand we had give the half not, Steve, with guidance of consistent our got know saying let you I So there. me, we -- here where I'll guidance on that

end to going I'm by to And So we'll say the year, with but say the go hope that. November. of

guys. Thanks, helpful. very right, it. Appreciate All

from And our Kaplan from next ahead, Matt question comes Matt. go Thalmann. Ladenburg Please

guys, kind of there guess questions. potential can for the a signing in test contract contracts, thanks you're tell then in how I of conversion what a Is bit now contract? lot to maybe a Can a taking be little does period that that you you mechanics the us period drive of Hey, about the phase or work? demo signing helpful. would and

the Yes, an was always in a it Matt, demo and beginning then there’s evaluation.

I important every as evaluation not think hospital the is anymore. for

there there's arty people on. about out each the of experience a other and and what's little world, to world, they're And, we're talking Now conferences, each meeting all, it's that small going and [Ph] chat lots other. there's

think to contract. need be be all. evaluations would may sometime probably, we longer. XXXX, any do go every potential say And in I we not just It'll customer. what calendar an we evaluation a in testing. at doing So call that won't be I at into we forward, we going eventually, won't bench then evaluations And that doing

a aren't, eventually, the no and phase, need kind there there's evaluating it being because us was over there's company where be evaluating, and where when just much some initial hospitals, to that and point so the everybody more the gets support point our that that and more we're much are evaluation. comfort some for So to still where of confidence to in no experience able as will evaluations, product, so with

phase in that see I guess, in of you second do the signing you're launch, new bottleneck the And kind contracts? as then the now what of

not going thing would one, let specific But you think stops one contract. Duncan I'm to there's from that I bottleneck, that don't that go on one I a getting there's one. say

all different hospital have to I important think they specific, that things them. it's, are

hits And sometimes, and doesn't. it times other spot, it our sweet

opinion simple it's think every or don't that or the So I hospital say to same viewpoint needs. so has

think follow want bottleneck. Duncan one So I And I might you there's don't know up there. to

it's Oh, question, good no, Matt.

I area first was months think part those the, to that hospitals time lot had of the are now. most I contracting we XX systems, spend of as navigating described a definitely and because during just the

a the do do with they So definitely that, our like think I was over then once biggest initially of in sort challenge. the changing hurdles, bureaucracy there device investment involves one associated way training, start you become others individual lot those hospital, those And of to and the are dominoes, an of of And it knocking etcetera. another from situations, hospitals then one some freer.

have willing in mean time, within on category their the they're to depending to a kind where process, they is other related focus might also supply particular to are that the which So current chain at on they priorities related of priorities. contracting, our not particular hospital, but that individual hospital's

clinical on a it's navigate side of we're not have more point back getting really that. we clinically From the where pushed view, to contracting

of most improving. really our where and work is that's evolving, So

average Okay, the of hospital helpful. for average device? we expectation per And and the then devices that? should per revenue about think is that's How the number

you per big of said. know. year it's how per hospitals pretty is I've to Matt, wide not terms needs, in range like it's have many hospital everybody pretty different I'm then uses, else tell to would hours different a system But, think about there, because how that a going

know it's it's think we in how very it we that of difficult any we to want how because competitors very I question approach So how to and a our answer. And things. about don't view important

I But, I you can't those mean, I but won't. So answers. I but can, I wish could I give

enough. Fair Yes, fair enough.

parting what's go U.S? do plan the outside of Mark, and your strategy alone where or last getting to it the to you close as Just ex-U.S. question, CE you're

moment. for that's commercial We outside We U.S., sure. in build up it's the to alone a U.S. the are enough not going that's for we handle the team all it can

sales, do. on royalty and rate will partner ex-U.S. to our the can best and we'll that's net is we we goal get what So

talk we'll that about So near the talk more more in be future. able hopefully, to

Steve. Thank congrats progress, Right. Great. on Well, you. the

Matt. Thanks,

our Yale. And from question Company. next go Laidlaw Please Yale Jen ahead. comes from &

sales. and we And taking your of And behind should congrats how what's quarter, My about how going for terms principle thanks XX,XXX of accounting principle revenue the terms been question think in commercial on same forward sort first sort is, afternoon, Good the first of the applied? the and in recognized? has questions of that this it? of

Sure.

So for this question, is thanks Yale. Doug, the

to that. have the for things the I So we're most to way annual over about ratably the we a like to revenue. XX But contracts, make signing mean, it. testing range most most use of contracts to part, recognition life the you is is, But best complicated going see think machines contract if that we're safe. it think about pretty for months how the a ratably and quarter contract, every revenue over to of annual from of it's I'm little we're do of it, to going more some recognize perspective. going the than I within that's if the the we're the do part, how mean,

a great. you off labor benefits? after a world That's, could get is has time? previous up side. just it real for Question the one, additional If helpful. very the to your, follow system? which label, label Okay, for question is in long your presumably reimbursed So also guys get can used what for that be on The regarding cardiovascular been on that's getting

to main there's well as time our directly it no code. reimbursement, as obviously, surgeons, are cardiac takes potential I ability mean, get doubt. the to for to yes, Well, But, a specific benefits, market Yale

So know. a you There would we there take is miscellaneous anything wouldn't Those looking those? day were of be might code, the benefits? as any else are direct one. Right. several code main a there sort, years, have codes but besides you direct two some for Was

in the be suite currently, so one also Okay, reimbursed? or reimbursed the surgery get does necessarily use but confirm get the cardiovascular that that just not

off it label. use. I off speak the but is XXX% can't what it No, hospitals for is do, label There's,

is reimbursement think that I So difficult.

bit is others? last terms this sort question you here and in phase one design, Okay, how VCAP great. work, intend the a X, the us of how categorize this that? we be of thanks. should you more regarding your to phase Maybe employment X, should that And winter? including study give a color little trials maybe and Could start as considered Let's

going study. Yes, not would we registration of study. it's that for to a be And that very the at look similar I so this to will in be design study had Israel pneumonia, our

So device you're drug. we're a a not

So it's no phase pilot X. X, It's pivotal. X,

So will has requested study, that. be another pilot this FDA

So a one after this study, would the be registration pivotal study. or next

So then approval get would and to would we we hope one study, that. this more, from

to memory just was any end maybe the pursuing are point our And on terms study? and refresh in that of the point, colors they what other the

it efficacy was It oxygen patients these for oxygen time the in so it the in primary endpoints, so obviously, an study not pivotal the hospital. Yes, safety out to the is specific endpoint. easy, a cessation of Israel, be pitch, will on study was that that's but a and in the on

many how along oxygen hours oxygen. that So lines something similar endpoint they or long how will those something either along you an time oxygen. we could whatever to how the related need to for look But lines didn't pick you’re of period, on be

the infants did we when no in there pneumonia, Again, were comorbidities.

the multiple to easy beyond besides of with that stay was adult And the the episode. not hospitalization look comorbidities. resolution or it caused So have them just hospital be for the could at, to they as endpoints there for are reasons other infection hospital several pneumonia being those pneumonia viral discharge, discharge fit relevant

we'll something one looking So that to need endpoints be measure at besides I some will And that closely. we is other there be else. the action think related, but

point end approvable that issue. which that terms have that does this And agency considered with is of maybe -- in spoke endpoint therefore, I’ll because you from squeeze as one, FDA, in could be

won't study. So this, be this a registration

this be would endpoints I be FDA current the to hopefully, reason that we considered looking in are this because in are what endpoint be it. in But guarantee way secondaries have for the not, a upon team would used at exact we and in for study. that study. the endpoint as that no would at me my the But this guess to I So have my be still what that, I be pivotal sit say something mimicked this we're not to can't an believe that Pivotal, would study. be it's But to what would in we study for similar endpoint to no agree could study, to there's primary would with looking is my registration you there's close

But have the We endpoint pretty to we haven't FDA endpoint. I going will the on that efficacy is something primary that work. give agreement agreed an get pretty side we to have to what think going that I'm our confident is on with yet. us a we're answers standard. And need secondary to that's

Okay, Again, step. very helpful. on That's the first congrats great.

so Yale. Thanks much.

I to over back And out time, questions. are at there no to this call Steve to the the close further the call. like turn turn

to everybody. to Thanks, you in Look your forward Appreciate talking months. time. three

This you today's concludes conference call. for attending. Thank