Akumin (AKUMQ) 11 May 232023 Q1 Earnings call transcript

Good morning. My name is Laura, and I will be your conference operator today. At this time, I would like to welcome everyone to Akumin Inc.'s 2023 First Quarter Results Research Analyst call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator

may conference. you begin Zine, your Mr.

Akumin. Thank joining the to name us morning, Chief call. everyone, Financial CEO is Kretschmer, this want join by you of for and thank you of and us for Chairman thank Zine, Officer. I'm on you. joined our time and today David Good Riadh the I'm to today's all I presentation. My taking for

discuss progress proceed some In our initiatives. quarter. key growth Q&A. Akumin's and to regarding presentation today's our will call, QX David of financial and our over impacted the an metrics. will I some I review first transformation the of overview our operating key of results then I we'll provide also will recent the then that and conclude factors results in go and will

is of that A download go deck section Relations copy slide at & it Presentations. with today. from is of a meant available for akumin.com under our our Investor presentation Events to There's website the along

that or begin, Akumin's forward-looking that financial could in or subject and certain call performance. these statements. conference be matters that results we or let risks to differ you may today's statements information to forward-looking those could in to answers anticipated questions Actual me constitute uncertainties given asked from relating discussed Before are remind business future materially

our full at as results affect These statements sedar.com. risk the disclosure forward-looking to statements The public results Akumin's the well refer disclaimer of accessed Please can forward-looking detailed be periodic these as and our of at are and X may under documents press disclosure. presentation public section Slide that sec.gov factors release. and earnings our

such to during We adjusted certain as margin. EBITDA non-GAAP call, measures may adjusted EBITDA, also and EBITDA, conference this refer

EBITDA non-GAAP net an EBITDA measures, earnings most of non-GAAP appendix. loss, these A release. comparable GAAP regarding well and the reconciliation as included adjusted X to in presentation, on information Slide definitions as including section find presentation can of measure, is measures of our again, as You our the the

not in we reconciliation a not produce any have unreasonable non-GAAP provided presentation as to be referred such able forward-looking to efforts. We would for reconciliation a measure without this

QX volume see in Slide you our can Turning key growth results X, to on oncology and our consolidated XXXX. starts our in same-store radiology the On results. services in our segment versus QX our patient

MRI which reflected our strong for up Specifically, shortages clinical some of the persisted prior that were X%, and procedures MRI of demand quarters. in volumes alleviation staff

was particularly our PET/CT efforts for repositioning up as from Our were $XXX.X of from volumes XX.X%, of $XXX.X this million in increase year. of continued $X.X patient were XXXX. starts million in in hospital last that X.X% first to million $XX modality. Adjusted the partners, up an up million Total momentum revenue was $XX.X after strong demand, X.X% year. EBITDA oncology segment last X.X% of a QX the a million, in quarter impressive from build quarter continues up first

quarter. up margin in quarter levels. quarter And the that volumes our period. in downward given from Recall is first EBITDA that is slowest XXXX high margins of XX.X% on lower QX also seasonally put of Adjusted pressure leverage, our operating X.X% typically the first

million record XX days consolidated end low to sales $XXX.X equates at QX accounts were million end near $XXX.X basis, On receivable levels. a of This quarter versus the XXXX. of at outstanding

begun to labor market address and pressures the were initiatives constraints half as we faced clinical pay in impact of within to We in MRI growth moderating X, normal our off. renewed of XXXX. radiology see less Turning from to to volumes impactful a because our them experienced More shortages reduced growth second in volume pleased specifically, the were labor to we Slide are our segment. return the

for strong, applications PET/CT that the an volume demand PET/CT Our of particularly partners. impressive growth in our clinical hospital from volumes by to modality expansion continue driven and This our robust of remains is development as demonstrate growth tracers. very new

was growth in first facilities by negatively for impacted certain However, our segment this from period. renovations Florida a radiology the revenue loss quarter, closed organic in in the

In our growth on XXXX. we in focus efforts is see were undertook the following Oncology repositioning our firmly patient in starts. segment, now to continues We pleased organic growth

of organizational embarked on all business. also of you As in our areas align the in million XXXX initiatives know, synergies. and in we transformation realization a streamline resulted approximately significant $XX These to

they Although other and cost last increases the offset pressures were inflationary year, by during somewhat year.

our continue optimizing procurement business systems, processes, by to related enhanced consolidating implement rationalizing our to leveraging and scale. We initiatives

call, in by As basis on the an synergies QX XXXX. end from in million $XX we additional efforts indicated a of run-rate realize our we to expect these

highlighted past, in is we leverage there in have significant As model. the business Akumin's operating

per are clinical labor where environment and On As sites. is hour, an an front, existing additional focused in such, important on we very treatments that and our especially labor capacity scans consideration. continue increasing through utilization volumes to focus improving drive shortage on we

We have call see scheduling capabilities, in benefits these starting rates we are of utilization. the our reduced to center also measures abandoned enhanced and and and improved

site We identify further underperforming opportunities fixed to evaluate improvements operational to footprint also sites. for to related continue our

patient business The to we another initiatives technologist element and capabilities in the and in to investments are care operations is experience. we've enhance patient know, the you remote made our digitize examples of As journey streamline Akumin's key of underway. have patient to strategy order the the

rationale and hospitals to for service Part better out-patient in delivery Akumin partners acquisition ever-growing position Alliance strategic in XXXX to the for health was systems their needs and functionality the capability. of service

in facilities and markets, for hospitals services are partner density key out-patient of attractive place, and including health systems. suite extensive we an we network in have the With

potential mutual will hospital opportunities time formalize, to relationships our for explore Akumin's to we While to continue take partners. these of the leverage capabilities benefit

presentation key through I us metrics. and our will of to over who David, financial turn will the now some operating walk

everyone. Thank And you, Riadh. good morning,

our of first for and metrics at As the financial the review will key business Riadh quarter. some mentioned outside, I operating

diverse we very are services, we offers areas Slide focused Akumin's illustrate of of suite with value-added modalities. on high growth X, and Starting that high a platform while

volumes As coming a you derived segment. diagnosis can key see, making in our of from significant of our oncology XX% radiology treatment player procedures from also radiology of a MRI XX% driver total our MRI PET/CT our is revenues that XX% and revenues cancer of revenues Akumin and with from division.

These treatment. critical across to by care from modalities are to screening physician quality care of to of and utilized specialties are continuum patient delivery variety diagnosis a the

continue XXXX site and As footprint to an to footprint our now our to we underperforming fixed-site have identify XXX and initiative opportunities evaluate previously, operations. all operate fixed sites. we in highlighted sites sites improve eliminate optimize consolidate radiology to to fixed radiology We undertook

care lower Akumin benefit to the cost partner to with of know, well-positioned delivery. hospital clearly to ongoing to we delivery you As as is systems and shift from out-patient transition sites service hospitals

We XX% continue X. over Slide revenues to our from of out-patient generate on see as procedures can you

balanced mix and with services for payers representing a hospitals forma revenue our no customer third-party of have more out-patient between than X% revenues. pro We one consolidated

solution provided our out-patient or our procedures half of from preferred come hospitals, government Balance third-party revenues hospital of revenues reimbursement and payers. customers. to As patient paid by for

radiology new search continue hospitals for share both out-patient in and revenue both to oncology. and existing of as the customers partners hospital grow to and expect solutions We

Our financial driven volumes. primarily procedure performance is by

radiology. procedure radiology both business biggest across and and mix platform. current PET/CT independent radiology noted scan are in radiology track the of contributors scans volumes MRI by volumes, we and a sites, hospitals Previously illustrated operating our actual Slide revenues in key we as to our includes our X, procedures Given together percent track the performance These as the performance our financial the segment. that with to metrics on of are modality the use

Slide can In see the percentage those X, the last over and in MRI, PET/CT the quarters procedure XXXX in periods. four changes same-store you volumes

our staff. volumes second in in were XXXX impacted shortage MRI we growth of As in last the labor half by clinical in call, of constraints, particularly negatively noted

these develop some augmenting seen continues leader recent have We which pressures XXXX modality procedures. our have growth earlier perform It's market tracers, ability note allow of years in the for to that and as took to late PET/CT, that to started measures as in diseases. strong detection MRI industry improved in pharmaceutical see benefits we mitigate can in more to important to

constraints sets better highly to this labor strong the are mentioned, able demand are of less given factor skill we PET/CT, previously for clinical and the modality, on for in we capitalize personnel specialized of As these a services.

In Oncology segment, volume. level we patient by starts track activity

starts see, patient and QX can we completed and repositioning in you QX review the in business grew year. As as of QX that last

more Halcyon, value platform including replacing our cost-effective faster this of proposition in experience equipment bring with mobile oncology expect patients compelling We and hospital radiation over treating and programs improving time, given fleet, division we therapy to growth Varian's which provide treatment which partners modality, treatments. our keeps while significant this new the our to our trajectory continue

On and revenue for EBITDA Slide trends adjusted quarterly segments. we X, Radiology present and Oncology

from five contribution segments our the Oncology XX% and have past been Radiology of balance between XX% quarters, see, XX%. with and of the can making ranging Radiology the consistent and total Oncology revenues to up XX% you over As the

For EBITDA before allocation of adjusted XX.X% margin corporate first was Radiology segment, our quarter services.

an that Our benefit of Note, our plans adjusted as weather of results the rollover higher is weakest already is first had as seasonally EBITDA typically some winter lower in Oncology margin in quarter segment margin regions allocation for those mentioned, volumes. with annual services. XX.X% we corporate and quarter

of in which the was the in Ian segment, Hurricane negatively left, pronounced QX discussed because the labor you impact of second the impact on As us can half XXXX clinical see chart shortage impacted on Radiology the our part in the we in of XXXX. seasonality and less

repositioning business. essentially Oncology the our revenues flat we as addition, were that segment of in In undertook XXXX

now development previously stronger focus. as high we this have activity to we stated, typically growth are segment business is in see in renewed years segment efforts future and expect As our Oncology growth our a

The the can of seen quarters. business more margin our quarterly EBITDA past EBITDA chart and the illustrates this chart. seasonality adjusted on right The clearly five over be in in the impact

period. our XXXX, segment put to QX business, modest we foundation QX have year-over-year believe on the in operating margins we which see and did volumes with costs high EBITDA we some in growth noted, a labor leverage the of the Given and in adjusted in bit a pressure established for solid downward revenue higher That both in build.

the results XX, with in Arizona. oncology and businesses assuming segments Alliance adjusted the the quarter to you and legacy XXXX as of pro the for our that Oncology September forma the of were fourth performance the combined annual as financial period trailing XXXX the consolidated radiology Note in for Alliance divestiture completed was XXXX EBITDA. Turning results, entire XX-months Slide of the see and which well last adjusted Akumin combination

total. revenue the revenues; total of of XX-month and trailing you see the of revenue As the million left, approximately in contributed segment segment approximately period, oncology chart the $XXX $XXX XX% representing radiology XX% the for on million or while of contributed

mentioned adjusted calls, consolidated have and in recent focused XXXX. and have periods, prior we growth internal on as As we constraints initiatives address in labor on reviewed integration EBITDA transformation in

confident growth made Going for forward, improvements and market demand volume EBITDA, are we and labor improving the that revenue driving given the see we have our conditions. operational we'll services in

free a our quarter. the Slide to our from cash EBITDA bridge flow XX in is adjusted first

As note general payments fell that quarters our you the meaningful position of by have $XX can in in of free look service, to end lease cash our single as quarter at X. anticipation change payments continue flow. When quarter. platform approximately balance in million on the the Business ledger you is And decreased in migration accounts finance cash slide, of payable the impact $XX see the you'll at April past that in on by our capital. a we from to working driver accelerated the million largest sheet, our

distributions minority hospital cash these partners relates interest a profitable more you become primarily more well. these partners as is know, increase ventures function a of and minority centers with our and for to obligation cash cash oncology as as not generate of And as fixed performance partnerships joint to

by should It which related over which hard incurred as that of Port as QX, facility, noted costs was $X.X cash hit our Ian, Hurricane ongoing to our be were efforts. particularly Charlotte we restructuring well site in million in repairs

will on the reimbursement be repairs partial Port We Charlotte have receive recovering and more.

notes, This reduce we the will later to had the offset burden XXXX, will payments cash of of the charges restructuring to subordinated be earlier, related discussed expect additional the In will to synergy interest Stonepeak flow. in capture benefit by part which with additional cash cash pay year. somewhat our continue we which together free

announced guidance to overview we call. an in XX, XXXX Turning Slide QX our present of the

$XXX to As a million. XXXX, million to for revenues consolidated to reminder, and EBITDA in the range range in to the be $XXX we $XXX million adjusted of be expect $XXX million

constraints year. labor and that guidance the inflation XXXX some some cost improvement this Our these persists have thus markets, on far fact some we fronts reflects although ongoing in seen

Turning to deployment to our to expenditure with priorities. based markets refine near-term our aligned prioritize and we criteria ensure most for that continue equipment continuously as potential capital strategic greatest in XXXX, our our we the evaluate better those CapEx, efficient plans of did the We on growth. have

to We new CapEx growth for $XX with the continue to of be and sites total million and allocated to million, to range new balance customers XX% for approximately in expect the $XX maintenance CapEx. CapEx

Recall new define hospital spend for capacity sites that we as as customers partner existing towards CapEx we acquisition, is CapEx existing for maintenance growth customer primarily at oriented well expansion.

to approximately OEMs, in balance continue banks. financed be return, growth customers of sites on Higher cost a capital. of finance a high to the and be to anticipate funded XX% with CapEx by Our financing the companies, new We bit equipment, total and combination investments cash in in payback and may the headwind coming four-year typically by a quarters. be local

to capital structure the depict XX, we Turning Slide at end QX our of XXXX.

see, you secured As is can leverage times. for unsecured X.X now leverage times of X.X Akumin

As over Near as in technology-driven leverage reduction time. streamlining of capture, this an a result focused of outlined increasing will EBITDA our on as delivery, synergy QX service deliver from reducing drivers rationalizations, the come call. are organization, network and standardization, we we term

shareholders, Note do optimized and significant conditions that continue to are capital as options incentivized very as evaluate to to the prudently market we'll permit. so structure, we highly

over before take back it up turn we Riadh I'll questions. wrap to And to

portion presentation. now the I on start question-and-answer period. the more remarks color performance ask quarter. that first prepared the the of to hope of concludes provided That David. we We Thanks, the would the operator

[Operator now Thank begin will Noel first you, question-and-answer ahead. sir. Instructions] the Ladies Atkinson Please from go Securities. session. of question and Clarus we from comes the Your gentlemen, line

this and David for and done Riadh morning. morning, QX. Good questions in taking Thanks Hi. well our

of provide, Florida and was EBITDA line. in QX when can adjusted was from you be on I if closures you if in think are back a revenue of sense in wondering off, they that First us terms could impact the ongoing give what center those then might and you

thanks morning, impact line. you Good Thanks. on Noel, give the the We'll for the Sure. and top question.

quarter of of and first the know would in couple first that operating in the business. So just XXXX, quarter in a millions think I you the the be leverage

as EBITDA. well -- impact that will the would it So have on

this and the year. XXXX already has One in of reopened second quarter others are later

of And was there you are were -- last closures the rationalization opportunity rationalization, upgraded closures, -- permanent closures closures that that we've of the did, a other much the it some with reason are to was of related a are the was long just we obviously for it what planned David actually that network. in know, bigger ago. as equipment do nothing But part discussed, to those year, and markets the have time but and these some where

had. weather hurricane Others we issues control were related the to it actually the outside was our and and

real to imagine, ones because had temporarily really, in we the that The closed sites are weren't of proactively generating hurricane. in lot bulk we jump that EBITDA. mentioned closed the were of closures consolidated terms and of a quick. they due lot were generating revenue a I'll weren't you as what can Those closed of

back good bulk the closed news the right of now coming is line. is on So what

PET/CT. the can I about Okay, great. talk bit little guess we a Then

of volume sustainable same-store do growth period over Is issues? your start in of So extended or sharply rate? growth of utilization running this an accelerated it capacity time QX. into kind pretty you level Is

slow is We're reason is we that type we outlined, but know of no there's trend good it's you've shift. experiencing to recent growth, question know new obviously, organic believe down. another What But still that it this Noel. a -- Again, will what as here.

demand. is from a not growing To It's applications sit So we're you, not of yet. going to fundamental not we say, honest going to know going it's slowing what It's that for here keep development years. know But the new the we and this is is demand with we huge five next demand pent-up COVID-related. and a don't not know be down. actually tracers. And

in And Xx, is have normal that up, comes terms outlined. in part we And the is as CapEx with plan in where customers our the much digital new better foresee of utilization of so picking already PET/CT. equipment don't Xx PET/CT we capacity with volume upgrades you markets or throughput as utilization to constraints,

profitable share, So it for we up got very fundamental this very higher are high we it's and margin, excited about as shift. And us. continues business a

get So what savings? Okay. then could now this $XX of again say in that of out you And integration efforts. quarters? next expecting million sort that's of lastly, of for over maybe us cost this cost to that next see the rolling you're us more you just you Can than savings remind again phases of out you remind kind round of you're next hoping few couple how and

and just it. let that. I'll I'll I illustrate to But on give want you just David one build example,

the million labor functions, significant us So inflation as year was hit And offset of that last in medical portion know. the and you unfortunately, of duplication a $XX with supplies. both was

The require that there $XX of is we're the million significant work end that working year, run a overlap. by the it and rate does more is on

a legacy the eight in delivery had workflow the to So HR were from all do systems, systems example or systems process, business that the to way you we of give whole recruiting different an two your applications. the end. and excess to the around of legacy seven From

to there end to we've it end. an does done from went all what is we that So ERP platform

out come consulting place, and you're you new in you're third-party for cost those, you're of It's all for paying one a new some and implementation. for brought paying for the you meantime, as contained. legacy the But business it's paying systems in more So the process,. and

it that's does time for the of these. are that's takes said And end actually the goal we to why there is get -- These in of synergies type why by to be So it place. our year.

So just what we in by want that provide business to example mean process.

you we're but fancy. Sounds gave a example doing. really that real of I what not fancy just like concept, it's a

Okay, great. All the queue. right, I'll much. back very get in Thanks

Thank you.

the comes Please next Leno from Your National go of question from ahead. Endri line Bank.

to sitting year? to the in it first is on some My Maybe morning. color why on CapEx. evolve you Hi, expect was do lower question It's Andre and Endri. related quarter it how over the good Bodo for

Riadh, you on want me to jump in that.

David. Please, Yes.

Andre, question. thank your for you

CapEx. this last year talking more bit hold about QX I'll with I and about discipline, intention be in discussing in think QX we we to little -- started talk a time how more equipment. And revenues. of deploy does preserving generation we in and a close up couple did We've of focus free in a that put that a bit little and facilities EBITDA IRR

be I bunch some past of to we all weren't for that that maintenance customers. existing profitable that think which made years customers CapEx maintaining generated which examples was of CapEx a we that So May in is CapEx, spend where the us. maintain

on of or well, novos kind we at CapEx growth de it's or really point. refocused and let's whether maintenance profitability, some thinking about focus even CapEx So say just

it draw flow. in optimizing up, appropriate power cash make their every just Let's there, put free of IRR we at getting out

we that need we been return we're couple thought, well, maintenance really in new generating not predicting the that. and towards may that evaluation, anticipated we the equipment side some So we in the new to site that get a things have on end, there's to and upon invest that anticipated CapEx

muted little perhaps looked a that's in So QX. it bit why

mind delivery. keep Also as for the pay that you you equipment in take

leader can hold business. see whether on as of that XXXX. go we that give appropriately we a of of you wanted brought projects to those the to in or we a department, new to he wanted Well, because new projects. with we chance some leader oncology Well, some imagine types things the not forward side So outsourced put

might Now on as which things in get maybe moving again, have QX-QX. QX, line those projects come or

the this with much a throughout part So a partner. time time, delivery, so not we cash take quick at of the

as a to just still track we're in year. deferred said but bit on target, the we think later for I So little the maybe

we could the some rest Okay, on year that look year. was share great. for you color Thank on at and that of you. Maybe how NCI do higher XXXX?

is minority at I But look and venture, a if out you you minority more pay know and it, a than you what payments kind partners. bit as think proud. can side anticipated going little positive. that though. of that joint out the I minority your that therefore, It's partners. the -- means see The I'm actual negative to more very of to

handful well a we So has which had, QX. signed in performed particularly of in oncology, partnerships, exceptionally

the well. the those was doesn't that didn't minority performed news cash the distributions partners generation side exceptionally we to performance, is out is And has to pay there The cash hold. have that [technical good higher continued distribution, mean more there's difficulty] they flip company

said, like fixed it's Riadh, I you like a not don't know if But it. obligation I --

Well said.

Distributions.

David. agree, Totally

then -- And on note? for options evaluating the on my Okay. take for question updates any last

I September Stonepeak it's Yeah, in will dialogue of we're the address think always before. supportive. like been has quarter obviously constructive aware same the a said X, we and We're having accordingly. we

the last quarter. same as it's update So

you. Thank Okay.

Your Instructions] from JPMorgan. of [Operator comes Parekh question line from you. Rishi Thank the next

Hi. my questions. taking Thanks for

top-line, First, flattish are revenue X.X%. strong. These up oncology up of your X%, PET high-dollar on so the and sequentially. and obviously, slightly scans year-over-year pretty your are RVUs, at just is XX%; but starts MRI your volumes

given trying only couple volumes that me and million impact. just to a fact in strong I'm reconcile, to dollars the given it the of Florida terms So of sounded was that

where showing? low number a seeing on you're relative to volumes basis paid What you're less the lower per on getting hospital that drove a that commercial you're where driving what side side RVU was revenue just this squeeze -- the the on

David think I'll and and let -- Rishi. build again, also on good I this morning

there my on. that still in question, script, are things three on three I mentioned working we're -- there So really your it really

you -- see. obviously, you from One, comparison, mentioned, of don't sites couple that millions the like in

and the on haven't changes said we thing is -- yet. impact with in like have rationalization underperforming are not the we're we somewhat script, my better prior done still and then changes period we've Like still of seen made working I done other regions The yet. really the are in we that

some is overlap. there so And

also, And not I the -- think you in year, XXXX, seasonality to was first really XXXX. from quarter of in of a quarter last a like mentioned perspective your David, relative actually it comments last horrible quarter

of a from the closed we impact made some So would bigger have same I -- first in revenues from on much some in that what quarter. think that still turnaround missing we're and the working

And real quick right. Well to a reality, is only put. or little gets we kind exactly on radiology The you're of they're shut thing down. tend bit side focus the

also handed We line did That's not impacts revenues. it have the in the oncology as a as the does partners, pop of our make we well. portions, much which but that also and bottom revenues impact

your want Is to total on a quantify lower. what that, bringing to it's was? that impact pretty sites are volumes. me total just down that so down revenue seems is these that sure driving materially significantly, make I that and and probably number underperforming that non-consolidated volumes just the that -- not and And were what's Just this you your that's rate situation it is can

No. That's very well put. It's not --

exactly well yeah. That's said, --

I of fully out I few MRIs? these then your medtechs? cost stand? today us you on I'm between challenges rates And as just side, out around had you've facilities where some your What bonuses down. you within cost drivers. capacity Are utilization to on to update it apologize. you relates I to come What's on Can are in and clearing staffed? Okay. see pay the it's medtech that that a could know highlighted calls, the but you

is think yet the definitely staffed our But not we're and to fully you in see which to remarks, we not said in like why X% moderating, We're I is pressure back goes cost normal. addressing stable, back and The but not But and as it contracted we're labor bringing more we're labor. versus it the more full year was. it's where time is start to MRI. on

matter all see the QX. look we're have improvement go If at. trend So some a doesn't on you front. positive QX But return-to-normal throughout more hoping we'll measure is we what you've continues, that some It's more in But and it and the stability seen relief. year. what as environment. not you

future, And trend well then is provide the if I could can we as total some follow understand especially challenges. want better you the ask just to as the last so question in of those just volumes or may lap you

And your And you lastly, capacity? then incremental debt just provide can Thanks. us it secured with that's for just me.

talk I'll the let about volume about the total Yeah, one. and talk second David

modality because revenues. and drop I no it XX%, on we're rest, nothing actually x-rays why but we could of MRI that's And have revenues. impact we That's total XX% a fluctuation much think PET/CT opposite. make with really higher It's the its it's our revenues the big drives, has because could to not that because really as volume, it facility. difference. drop means in to single the volume, a And that know, we going you grow every

opposite. It's noise. help we any trend. stand the So that's just why volume you really total don't provide going really to It's the because it's does not

what Sorry, I was the non-same-store for I MRI and clear or -- necessarily PET/CT. apologize this. referring and be to Not was to just volumes

of maybe And your Okay. the of volume David, Got thought it. I the part procedures. mentioned you second question.

drawn actually revolver. of Not that available do amount. the our is real Yeah, line the fully We $XX with it, have we not we -- to the us. quick. only meaning all of upon could entire draw our could draw have million We And leverage credit, but constraints.

Thanks, David.

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

we to the very our in hope effort support on And our thank Thank first color again. transforming of stakeholders, for provided members staff today. thank continued participation quarter. all Akumin. you their want of Again, I we and for again all more your Thanks, much team everyone, and

as return first growth, -- delivery which building only goal streamline we hospital will a see service partnerships And as is in company will our the and ultimate more on hopefully, position that the quarter which the organic more further to partnerships, for radiology side. platform the is we're more we we've really witnessed oncology both

and Thank day. wonderful you again a have

your and thank ask today. Have line. please for participating, Thank for you, day. and conference disconnect you call gentlemen, this that concludes sir. We lovely your Ladies a you