GeneDx (WGS) 14 Mar 232022 Q4 Earnings call transcript

Thank you for standing by, and welcome to GeneDx' Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions]

I would now like to hand the call over to Head of Investor Relations, Tricia Truehart. Please go ahead.

Thank you, Latif, and thank you to everyone who is joining us today on this call. of at Head Truehart, Tricia Investor GeneDx. Relations I'm

have Chief Financial Executive the call and Stueland, we today, Chief On Officer; Katherine Kevin Officer. Feeley,

quarter are December GeneDx for and of our today, financial earnings and the release fourth full slide company's quarter deck Earlier the press year on XXXX. XX, released ended fourth A available copy the results website.

pursuant within laws, or begin, that contained provisions Private events, management in due forward-looking Any made statements relate a results statements that to the you Actual which harbor like variety this are securities will federal remind to the the to future I'd of of of performance Before Securities expressed of we statements. forward-looking Act predictions meaning safe materially implied statements or Litigation to differ are in results forward-looking expectations of call make the Reform factors. may or those from XXXX.

statements, our and expectations these our Additionally, years of in guidance, savings and growth, expected several assumptions. gross cash our revenue cost for and a and particularly over next risks, number involve margin reduction forward-looking profitability the burn XXXX uncertainties financial

uncertainties the We and be For you latest guarantee with urge only SEC. to of description list with risks future a to with and factors time considered to these that aware should of Exchange of the Securities time refer statements other and not these from the a you us should by are performance. estimates business, consider filed GeneDx' be Form the please the and documents section and Factors filed Risk associated our XX-K and Commission

non-GAAP certain During the call, we discuss financial measures. may

except Relations information, these and of as as that, turn earnings GAAP non-GAAP or required GeneDx any otherwise. measures XXXX. financial or in conference because information information with update or as or as of the the section other any events materials to revise projections release by March is our of For today, our financial Investor accurate over new This broadcast refer time-sensitive the call to other future please website. disclaims measures will reconciliations call whether contains live to of measures, Katherine. well law, and obligation, I intention And to XX, statements, the regarding forward-looking only

Thank you, Tricia.

dive a changes year and brief I GeneDx, Before into full strategy given company performance, our many QX our today of to like forward. the and provide overview going recent I'd in

WGS now new name symbol. vision the of GeneDx First, our sequencing new and and known to to whole proud of and We're a we trading bringing benefits be have be ticker to under a to everyone. genome

for most the the can genomic insights then, Since interpretation have platform. we the the and including actionable have difficult in count understanding decades a clinical history a longitudinal you Centrellis resulting clinicians SemaX, level definitive can information, that reputation genetic diagnoses for emerging with disease with leading patients. fueled Combining in industry's platform our panels, exome the built adds to phenotypic of while layers of a symptoms, disease, the more more more platform analyzing unknowns leverage and of and number higher our family way code, critical data this reducing confidence data. from from to This rare patients. on ago, and genome NIH we to being built to delivers diagnose X team by Since diagnose proprietary we

this somatic USD business, and oncology to we of go-forward on intelligently we mission XXXX, our already testing Our late XXXX. between forward. to has health generate in strategic XXX will $XXX business of million enable profitability and announced GeneDx, the Today, expect direction, worked USD In pro revenues XXXX. a turned guided XXXX to million revenue the diligently, we to have GeneDx in systematically which exiting we from reproductive forma XXX execute going that million team believe and to we new scale

exomes, effect GeneDx business, doing grow XX% that the we to compared others more identifies continuing have date, data a which miss, beyond. panel-based basis the more more data over of decade and XXXX day. delivered key past we pathogenic GeneDx' sequencing we're genomics to multi-gene higher to our forma each generates the almost born and to constructing phase sets. in a continue been analyzed year, were growth snowball less interpret analyzed pro uncertainty and margin of our from and to has yield To diagnostic XXX,XXX analysis year, with of Last than accumulated next ability almost of the data in of every on signing GeneDx as unlocking genomic X/X with XX% expectations This a clinical gross proprietary test.

We're in of commercial a storm opportunity. perfect

sequencing for In been epilepsy, patients. more when a expansion ordered included coverage yield early physician and neurodevelopmental evidence a guidelines higher adoption across and and diagnostic two compared for years, that are testing, the range genome and wide own in exome clinical cost-effective the intellectual congenital have we've building sequencing step several patients issued, guidelines While may which our recommendations there's policies standard been healthcare exome exome have the with and evaluation. first capabilities, recommending has diagnostic with new sequencing enabling the an These of disorders practice a and genome of be space, medical as genetic past disabilities. of the been

panel to these convert working ordering patterns help is their Our and from will of lot a continued recommendations team sequencing to tests to and education continue multi-gene practice. exome physician modify

two insurers both adopted and whole for UnitedHealthcare coverage exome seen have may favorable have genome nation's of sequencing. the you commercial largest addition, that Cigna, and In recently

our of services. of now have covered millions to As access result, patients a tens

adopts profitable physician So offering. this payer to truly guidelines, cost of the as our and declines adoption of differentiated may increases, anticipate we contribute that significant sequencing growth community clinical further

while can integral clinical We're data discovery approach development trial a biopharma proportionately to to growth design, long-term information best In and business together be diseases. and care important best from accumulated from FDA working early And today, XX% novel actionable of The opportunity. we for and sources. to approvals an our pragmatic data have possible. and understanding revenue treatment in were an from potential new companies. drive This to of still partners data stage. how variety with can the opportunity rare XXXX, GeneDx date deliver insightful a strategic yet to also of taking information may the orphan The drug for significant the for work drug is for believe it's at and be provide allows partnership our biopharma data to time identify the small ultimately we we accelerate drugs lines biological

SeqFirst in information in of further and that to the GUARDIAN sequencing value health of studies can University clinical pediatric demonstrate significant also exome cost GeneDx and platform add studies with to We're investing partnership SeqFirst, of for research and clinical lower we're rare genome the will new Washington diagnose economic generating newborns, that including and disease and of ultimately, treatment generate and and for studies. the These and data others the difficult patients. With will growing evidence the body Illumina.

the and transform therefore, of the Annual the at in has sequencing the outcomes. approaches October, overall to first Society for NICU rapid study last improve health that Genetics Human of Meeting phase presented power ill As clinical newborns the American genome demonstrated critically

newborn New GUARDIAN and genome deliver researchers of genomic the partnership to is conditions. demonstrate screening Columbia findings York-Presbyterian newborns important study, sequencing with XXX designed Our along can genetic diagnostic at leading household in associated

Genetics at Medical week's Genomics and Importantly, this from American Meeting. College we of study plan to this provide an update Annual

continue confident provide across to physicians that additional will and benefit a collaborations GeneDx patients, to We're for of areas, caretakers. research number

We submissions included nearly rare discovery It to manage collaborated informed and new that in to supports patient in play submitted discovery. center and care. We all development our genetic treat expansion a that also of and XX of XXXX or therapeutics the several database have on involving X/X the GeneMatcher creating disease insights delivery in gene of role recently publications highlight genotype identification, gene public critical diseases. been the associations of genomic publications candidate

general of rare to genetic also we sleep continues, that apnea improved contributed our disease to as and of biology have even The has population. data be combined will built over sets Centralis common segments last our such more to And our the platform found more can with genomic data while the an become powerful fueled understanding from the and years. definitive these studies XX applicable of when broader commitment data disorders much comprehensive by

and a companies. business will believe differentiated capabilities to strong and We we We partner can this insights patients, that and GeneDx clinicians, analysis provide. healthcare genome the data for evaluate choice systems of be that have best-in-class the believe exome biopharma with thriving

achievements the have would extending my to like team, remarks I'd possible. by without these sincere entire to GeneDx close whom been thanks my not

behalf we funded the required over realize our with that, the grateful our in opportunity with the we shareholders Importantly, like With mission. to that fully I'd raised to million the so. January, On Kevin. to team, for call now of capital we're do $XXX to to are pass our

I'll afternoon, to guidance results start and financial discussing for by This financial Katherine. XXXX you, turn Thank for XXXX. then

attractive working. target is to gross strategy Our margin high-growth, genomics areas of

entirety I Our review from results combines the and data the continuing GeneDx will Diagnostic operations, pro legacy now of which information from with SemaX the business business. forma financial revenues the

quarter The The in adjusted fourth the quarter Whole of of in compared a XX%, quarter to exome of from profile XX% an $XX.X pro genome sequencing forma Pro fourth operations testing, panels. by of XXXX, non-exome total of quarter gross up was the XXXX. continuing million more fourth forma XX% in our in was from in primarily sequencing. fourth XX%. volume XX% revenues than quarter accounted quarter XXXX, continuing in growth was for this of margin increase margin driven by whole margin favorable the expansion fourth multi-gene XXXX. from the which increase and During exome operations million driven was $XX.X versus have the exome in

up year XX%, operations full from XX% from XXXX. Pro continuing operations forma forma million, continuing million the from margin $XXX pro gross XX% XXXX. XXXX, in $XXX.X from adjusted in was up revenue For was

to see whole to exome volume expect tests. whole mix expansion and as We continued continues towards margin genome shift

decline revenues the XXXX exit the increase filings. of as to financial will to settlement a in our were from and the and were revenues of $XX.X to with now basis, results Total Diagnostic agreement million charge SemaX present quarter of to in results the for quarter fourth previously health compared offset company This company, from in costs I addition which the payer a oncology not legacy public a onetime by and related revenues million final legacy in business the the the by reported on $XX a of in a XXXX. true-up turn SemaX disclosed which the in GeneDx million revenues, discontinued somatic revenues quarter total fourth from Next, $XX.X to businesses. includes reproductive

referring XXXX the Turning be to revenues When costs company X% The results. gross health negative materially year adjusted and way down, from and oncology and total quarter. margin the gross margin gross margin. business, the combined Diagnostic and I'll X%, in fourth reproductive full with the was had adjusted total our to respectively. in discontinued margins gross fourth businesses, SemaX quarter the was somatic of discontinued non-GAAP which now course, by company

cash and the XXXX, noncash Total of of to million related of legacy recorded our related SemaX results net operations, write of oncology of with inventory, effects. entirety charges off unadjusted $XX.X of of quarter total write-down the and company to right-of-use to lease primarily period severance company These adjusted reproductive same assets, material in all related compared charges, Within assets, of its now million the relate to we SemaX. XXXX. an net legacy and for million fourth shutdown XXXX, $XXX.X and discontinued the the charge activity, a $XX.X certain amounting quarter loss all health was GAAP $XXX.X to write-off including in somatic the of fourth loss goodwill million to the adjusted loss a fixed of along inclusive

and successfully XXXX. we XX, and with In cash in in capital equivalents $XXX.X fully closed million restricted and raise XXXX, January December of believe as to profitability we we expected Our XXXX. funded are total $XXX a million cash proceeds, cash were

our capital requirements a rules. plan in all and financing there, in approval NASDAQ the in under shareholder shares to for and required equity NASDAQ have approval incentive shareholder $X.X to JPMorgan. that January of The closing seek regain subject listing approval We listing the of subject it to weeks the coming to order compliance is split our plan. increase as in to well held get equity authorized We is approximately shares as at million with reverse stock continuing an for the

guidance. to Turning

guidance we XXXX quarter Historically, XXXX and the revenue. half strongest. first XXX fourth the as issued commercial investments, USD maintaining million see seasonally our our are proportionately. in We recent previously the of to half second million our XXX of And given to second USD outperform expect we

We XXXX expect to and expand the gross margins beyond. in

use obligations of the We XXX to to burn million USD of XXX company's million expect in servicing is to the inclusive businesses, in cash million range of XXXX in USD to the XXX XXXX of continuing be total million. operations for XX USD USD cash expected and exited

stewards down, As our exited by the million and continued opportunity a our our USD XXXX. the turn the which significant Katherine end good towards and in in XX we of remarks. today better businesses cash already us And call per I'll evolve to be shareholders. burn we of front over for closing that, million with XX wind are growth USD position from technology, care We're strong previous to for ultimately quarter decline drive rate patient a realizing our expect to with in levels, expansion to with

XXXX the Kevin. of for a the Latif? XXXX team, and you, we're all the operator our shareholders, turn we with make pleased to for We're want I customers, whom Thank throughout work was the over for We our do the possible. Board year. transformational thank will our GeneDx, to acceleration call and our Q&A. now beyond. and excited year

Couillard Our line of Instructions] comes [Operator Jefferies. question from the first Brandon of

XX%, exome just of Katherine, volume expect just of How that maybe starting it's whole about over we the volume with you the look plus if genome, I mix. 'XX test terms the to year. XX% panel, volume overall? past quarterly at exome just in evolve do whole the mean in mix

Yes.

that are really is exomes strategy important our quarterly So we're even on that I can to able channels that convert than for make are to a an of we sense be more the indicators how monthly many commercial key team and key that with That so the one we we deploying have and think from tracking patients said, incredibly performance panels being and basis. the is exome. sometimes

we year on continue think of higher a proportionately we side see status. going we're where messaging from things, the exome we as So would really amount to about be the a about growth now, of the to reimbursement drive as

this have And generated compared to time pocket huge message with fewer We've we've exome. yield our to best-in-class recently that of aggressively there's anything learned out a do that table. that utilization is panels. of the our X shows diagnostic more higher think exome, pay to patients multi-gene to and out the off which X variants not cost a the for right of that data significance really We is able drive unknown take of being

standpoint talking So higher Brandon, of now, be from I volume. say a percentage a from would exomes we year should really overall an reimbursement well about as as

needle in catalysts? movers 'XX? Are see to be just the will volume more you Do XX Clearly, for those United year... bets what growth exome your And and us the for maybe remind good for guidance it. those support expressing Got sequencing. for think whole Cigna business

Yes.

of So the second that in do from in operationalize I hands you're while of takes and that year ordering contracts of we'll uplift put think It educate the clinicians. and really the Cigna. to all some and see the But a United right. half to

reaches of terms hear implement in longer ordering actually it's need and being that who make that So pull it sure the start a able of and all to ordering. messaging it then to providers

But right, and pleased longer. So bit over Cigna shows well them presented that to you're data multi-gene take does we've step respond panels. really importance that we're see and to a really it of I do exome the that up United to think

'XX it's the about definitely in So I of as second think some think the half upside to it best in maybe with lift year.

one, Katherine. Got you. then last And

On revenue opportunity that data in feel you in terms willing kind the of the on data how of will like, 'XX? business, see forward validating look really to to points that should that I are we we much in And on that's any spend years, out strategy generation? more

we the it's of a and R&D more legacy team In to the in the realize that we of a start bit say beyond. most I I really past, would on focused that this intend proving year. get fully really can business 'XX But investing think is That's something important definitely, done. Yes. order to aspect in quite deals

a So a order have. What in selling product that what even data building we kind our secure data deploying try sets, investing doing of to product really is now scientists and in development, we're the deal. to we're

are we're probably every we on companies watching smaller today as as some are XX%, on cash So but of momentum we've in matters. They the seen margins refocused are. of week nice development really doing biopharma deals, more north deals They're smaller where north as clinical are in of we've that that biotech coming gross regularly XX%. coming their acutely

thought way really time And bigger little of so We'd QX momentum what the that of bit understand what would pharma looking And the previously, start and we to see a for we're they're new than I some it and with then by together some to would happy a I build them different put strong been pipeline data. to interested say year. have really a that spending have particularly it's part like I strategy momentum continued last more say, exactly in. year really some of the is companies. yet working second they're in what in with we from we collaboratively see

is now under deliver. but that encouraged think really I'm theme where it's of the some going take time. promised a I in And to right side business, by our So year over

to of sight into. we're make what line with that have So investors sharing we sure want we

Goldman Sykes the Sachs. question comes next from of line Our of Matt

the question. up I of mix year to curious, the the And about split. revenue Brandon's remarks on panels whole regarding sales volume lot in investments conversion you've Katherine, first some just genome. following comments force. in know the you whole exome made of a I'm multi-gene past just made in the prepared Maybe

a that you of how team gave Obviously, the incentives I'm doubled strategy how convert force multi-gene get panels team of you genome. in commercial I helps. evidence whole of the those to commercial conversion exome, out you're whole coverage what wondering that level But think and you in across guideline size order rolling encouraging are up? of just number to the order and kind and in just terms in I'm wondering to sales productivity. the terms

Yes.

a is here. this if So about testing think when who somebody likely is today to really element a One, multi-gene the strategy ordering important and they're ordering of convert, panel. is you most

And so a built we've them. relationship with

paying sales reps higher are exome. a to for amount our convert they We once

non-experts get get a to then but amount, panel into may the exome. of exome. of them an we clinician a who first, now get them On it's step rep first normal ordering the that additional converting paying a once just we incentives We're bit the on where can need would

So out QX rolling throughout lot there's team the throughout that the now through remainder we're our doing QX work and of commercial that the a year. of is course and of

I not deployed yet. it yield, X pocket getting mentioned out ASHG with data had on of fewer there. to an compared not we've data we've at mining, patients a multi-gene diagnostic data message barely perspective, been surface as out both I from good X a having said has earlier, exome. As panels, The the that clinical higher showed That that [buses] scratched with really earlier, some

with why good making good a of to commercial the So we now. have, lot reason investment part by data. I that's think, work But of we're this really backed messaging

with also we customers QX We on into to support conversion play new are further include our an service turn then model board. able that be only will commercial some have. strategy, that growth the And additional but in also on bring to leverage enhanced further think that we're to we in we expanding working territories

efficiency with So even of increase. helps really the per model to that $X further. us, helps think, that. and commercial our revenue to we think like continue million service with of last exome dollars landed each [well]. I year, take We see We'd And

super gross know on Great. just That's for so the Kevin, And helpful 'XX I calls further detail. expansion. then guidance the margin, for

about that XX% how cadence for I'm margin should of GeneDx. gross to start XX%. how just XX% margins? is it, the to gross of exiting legacy of the did just the think, sort we a contained of was talking think XX% XX% Like being should for fourth the from? trying I we You And throughout sense at think quarter. gross kind about we there? base from Or 'XX? building just margins to are I'm get

Yes.

the is what operating crystallizing than cost, we as further I with QX being is projects we gain that COGS drive interesting base, about. think important and to sight have levers line can really starting that think just I there I down impactful than and important talked base the that some we costs efficiencies, as shift pull think anything of to reduce mix

of products And at multi-gene the side XX% today gross by operates exome margin. down weighed total portfolio. gross Our panel company the margins

so in towards And as intermediate XX% take the of evolution exome would natural we over mark that share mix. term predominant a test see the be

company upside and that to our leaving model, represented evolution think the as rate accrete I our helpful, of at change, a Matt. mix we've average guide to if things like seen level step of guide reimbursement that's an

mentioned And what I study. the we great. Katherine, on the one but should timeline, in Can you us just just looking mileposts terms the you out, timeline? it's of last one. kind know of that's GUARDIAN just remind of for Yes, be quick starting way? just

Yes.

continues to coming the I on readout coming, one will be Utah, study maybe. Chang believe, I excited have data this We're really be Wendy to ACMG quickly, enroll, think Dr. going is got enrolled first presenting. We've but that about some week. relatively it. early Saturday, We in

looking we importantly, what We'll, some of GUARDIAN the to able for on it were have we the about But our at just prospects patients at data. the that release to course, it. And data set a comparing really really, tuned excited diagnosing age findings So stay of are garner that. own press that. that, of the for receptivity

stay So tuned.

Our Massaro, the of next question from comes Mark BTIG. line

on This Mark. is for Vivian

genome QX, genome a exome in volume growth year-on-year. exome whole revenue looks And you drove like whole about of XX% XX%. whole of growth about it So and and it whole like looks you drove a

growth So this And in it just of to you volume revenue to here price this you're outpace volume segment curious 'XX? if just the in if expecting and as could growth relates parts to speak within some bucket? moving

Yes, Vivian.

I the to revenue think about So you're volume as it relates and mix. overall price right

While we're not providing a split price of and our between volume. guide

got think whole it saw as momentum note across exome payers improvements continued relates perspective, programs and genome Medicaid I for from to a Medicaid and program important reimbursement that now about collection XXXX, cycle that as X state our significant and in fairly cover throughout We've we revenue well both commercial efforts from exome. a to reimbursement perspective right widely. states as policy

of expect expect that payers certain We time we'd exome to the to over stand X Roughly evolution see subject commercial today, we XX where do medical get criteria. next have and need coverage genome and several than XX% for and of to course, over closer to years. policy

robust And we activate so we of multi-gene exome. a volume come expect switch from it panels think products while will growth, as revenue mix I into from

positive Our out, seems we given significant price that ultimately, reliant policy which accretion. coverage. guidelines might overwhelmingly coming itself and like recommendations guide on over not time, influence of what is expect commercial wave But

but of wins. guide in bit, reimbursement remind terms is little us a on you this from upside just in on the touched you could And what Perfect. contemplated Okay.

You've multi-gene also strong spoken panels on from into exome. a about focus conversion

to the just So could degree guidance? what you of if baked that into is speak

Yes. pricing. I The guide reliance the flat relatively way about think on is

company price upside. on new So into solely higher increased, reliant shift those result overall testing. a mix whole rates policy, for genome average as Seeing total and leaving contracted but exome or of not increases reimbursement value

clinician and to just last able And I lot convert. of we're sure that really think I takes year's mean, We too. panels. make important do And in that. to add it to numbers, while sell a to convince a it's evident would I

it's So going but that do do time #X I it's some our to strategy, think take that. to

play role continue would I of expect people strategic not able and panels really being been who to a said, get really healthy number panels. And so to I we're going ordering. And really, as see have a to

from So started side us a neurologist. ordering things. about They've or competitor of a the think from pediatric panel on

XXXX, they genetic say, ordering weren't And any think. I testing before,

of important that better get part it's we're higher provider So of But it's started with yield. them we guide. the a for important it's once We've got data got an diagnostic we've an confident showing showing patients, data part the from that, a mix, the the that of to the you're care, patient we table, really unknown better we a and message significance important variants to an and we've is got new for standpoint, fewer But strategy, clinician easier what takes reimbursement understand time. think with introducing off the need.

Cowen. question next Our Joseph of comes from the Flanagan line of

today to get you And to I then to and by that of what on will A line? recent to conference, couple of pediatric XXXX able believe own the stated you of in are by about but percent the GeneDx $X investor accomplished XX% a you be Joe end of and year-end? rare disease for about billion is At This the how expecting year. Max. top translate that curious, was here, you must get own XX% to do kind your what TAM

a The I'd may testing. not of genetic tests We result to an from market XX%, all shift exome, more but it's the we'd today, patients being less perspective. in percentage inpatient space have particular a the low. in the is addressable. we expect whereby genetic is year, that's say, to fill at either we extremely what ordered that in are amount the So own believe in this share or setting think is in white in It not that of which so effective can ordered we

that So single in digits share the total low today. regard

GeneDx or roughly exome in laboratories the U.S. of the in pediatricians the by more ordered XX% in months that all from roughly XX the in I U.S. of note we XX% commercial last would by produced who ordered all What run is would XX months. an And exomes it last note were GeneDx.

And us of that the in to incumbent has patient a space, a it's which that's is, so when mind the given to test now leaving those it's conversion frankly, first who that care GeneDx and some been diagnostic last resort be reserved we dominates behind. ordered, effectively such tests on in make clinical past, been where than know rather benefits for economic

I one but rapid outpatient is there, opportunity you a There's you're further right segments it's we as the Thank not us. for opportunity would that focus, of people one that our our about rapid, it's and remind the think that. which inpatient, And massive on. pediatric outpatient, fast, for is clarifying just segment, predominant is two testing

I in focus would in the good, is I some think really its nascency. that So competitive inpatient area. There's truly say,

know build important strategy going element an be including that have that's to collaborations the like So we to and SeqFirst and one data, continue we other forward, and with to of it's moving that that. more more

level Got past a was speak gross XXXX. for... allow it. curious you And that part or to GeneDx then just to I a could guidance margin turn issued breakeven that get to if revenue the would of profitability rough in was

exome we XX% base large the part, Yes. se. level product have I I mean we we whole room that. know in predominant to out product per confidence improve which it aim being haven't think make comes at genome with provided to in our that that specifics the we years on But operates today, and

company the level then upside expect company business continuing X% operating in recently, margin The diagnostics that business the that data base XXXX, that and XX% revenue of But operations from to drive stay all signing evolution to data today. have to at we've that of mix further relatively that we XX% total improvements today it business with in 'XX. so about further been to total is nascent then deals in And represented we revenue proportionate building range. about exome,

So as we help start level profitability contributions see a our it evolve towards XXXX. in business, the will data us early make to meaningful of business to

for would to Stueland remarks. to you. like conference the Thank I closing back Katherine turn now Madam?

are focused for a our playing we you. volume really updates in the also all conference. to and all. talking our you spend and to the for a forward is good that driving of role you the Excited access of We questions. it, Well, educate And at up healthy kind investors Excellent. Thank about to thank that continuing important on but year, staying this having diagnosis opening look we patients, to disease, company. providing important future good business of appreciate to on good progress

this Thank you So concludes for today's conference call. participating.

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