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| EX-99.1 - PRESS RELEASE - SANUWAVE Health, Inc. | snwv_ex991.htm |
| 8-K - CURRENT REPORT - SANUWAVE Health, Inc. | snwv_8k.htm |
Exhibit 99.2
SANUWAVE HEALTH, INC.
CONFERENCE CALL TO DISCUSS THIRD QUARTER 2018
FINANCIAL RESULTS AND PROVIDE A BUSINESS UPDATE
Tuesday, November 20, 2018
10:00 a.m. Eastern Time
Operator
Greetings, and
welcome to the SANUWAVE Health Updated Third Quarter Financial
Results and Business Update Conference Call. At this time, all
participants are in a listen-only mode. A brief question-and-answer
session will follow the formal presentation. [Operator
Instructions]. As a reminder, this call is being
recorded.
It is
now my pleasure to introduce your host, Lisa Sundstrom, Chief
Financial Officer. Thank you, you may begin.
Lisa Sundstrom – Chief Financial Officer
Thank
you, and good morning. We appreciate your interest in SANUWAVE and
in today’s call. SANUWAVE will now provide an update on our
most recent activities as well as our third quarter 2018 financial
results.
Our
Quarterly Report on Form 10-Q was filed with the SEC yesterday,
November 19, 2018. If you would like to be added to the
company’s distribution list, please call SANUWAVE at
770-419-7525 or go to the Investor Relations section of our website
at www.sanuwave.com.
Before
we begin, I would like to caution that comments made during this
conference call by management will contain forward-looking
statements that involve risks and uncertainties regarding the
operations and future results of SANUWAVE. We encourage you to
review the company’s filings with the Securities &
Exchange Commission, including without limitation our Forms 10-K
and 10-Q, which identifies specific factors that may cause actual
results or events to differ materially from those described in the
forward-looking statements.
Furthermore, the
content of this conference call contains time-sensitive information
that is accurate only as of the day of the live broadcast, November
20, 2018. SANUWAVE undertakes no obligation to revise or update any
statements to reflect events or circumstances after the date of
this conference call.
With
that said, I’d like to turn the call over to our CEO Kevin
Richardson. Kevin.
Kevin Richardson – Chief Executive Officer
Thanks,
Lisa. Thank you for calling into our second call to review Q3
results. We had a brief call last week and discussed some of the
buzz around SANUWAVE that had come from our recent trade shows
we’ve attended. As we said last week, we’re hitting on
all of our goals and objectives for 2018. We’re very pleased
with our progress this year. In fact, we’re a bit ahead of
where we expected to be on many fronts.
We are
setting ourselves up for a breakout in revenue next year, and as
you can see from the early results now as we place the groundwork.
It was our hope last week to file our 10-Q on time, but we had some
issues with regards to Revenue Recognition 606, which is a new
accounting policy. Ultimately, we have chosen not to recognize any
of the revenue from Brazil until we work out a resolution with a
partner there. This should occur in the relatively
near-term.
Even
without the Brazil revenue, we had a great Q3 with revenue up 269%.
We started treating our first patients in the US. We had great
success at our trade shows. As mentioned last week, we’re
hitting on every one of our goals in 2018, which sets us up for the
massive growth going into 2019 and beyond.
Since I
spoke last week, let’s keep this brief. I will now turn it
over to Lisa who will then turn it over to Shri and we’ll
talk about initial placements, treatments and our plans for the
2019 rollout. Lisa.
Lisa Sundstrom – Chief Financial Officer
Thank
you. Revenues for the three months ended September 30, 2018 were
$596,000, an increase of $434,000, or as Kevin stated, 269% from
the prior year. Our revenues resulted primarily from sales in
Southeast Asia and Europe of our dermaPACE and orthoPACE devices
and the related applicators. The increase in revenues for 2018 was
due to higher sales of devices as compared to the prior year, and
distribution fee revenue in 2018 related to our joint venture
agreement in Southeast Asia with FKS.
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Research and
development expenses for the three months ended September 30, 2018
were $662,000, an increase of $395,000 or 148% from the prior year.
The increase in 2018 was due to increased headcount and non-cash
stock-based compensation expense for stock options issued to
employees in this quarter.
General
and administrative expenses for the three months ended September
30, 2018 were $2.4 million, an increase of $1.9 million or 408%
from the prior year. The increase for 2018 was due to increased
headcount and non-cash stock-based compensation expense related to
stock options issued to employees and board members in this
quarter; higher legal and professional fees related to Investor
Relations and SEC filings; and higher travel expenses and
consulting fees related to the commercialization of the dermaPACE
system.
Net
loss for the three months ended September 30, 2018 was $825,000
compared with a net loss of $851,000 in 2017, a decrease in the net
loss of $26,000 or 3%. The decrease in the net loss for 2018 was
due to higher gross profit due to increased revenue and a non-cash
gain on warrant valuation adjustments that were partially offset by
the higher operating expenses already discussed.
Looking
at cash flows, as of September 30, 2018, we had cash on hand of
$72,000 compared with $730,000 at December 31, 2017. Net cash used
by operating activities was $2.3 million for 2018 year to date
compared with $945,000 for the same period in 2017. The increase in
2018 in cash used for operations was primarily due to increased
operating expenses.
We
continue to project that our burn rate from operations will be
approximately $125,000 to $225,000 per month in 2018 and into 2019
as we continue to expand our international markets and prepare for
and implement the commercialization of dermaPACE.
To
discuss that now will be Shri Parikh. Shri.
Shri Parikh – President
Thank
you, Lisa. To provide a bit more context to our commercialization
plan, I thought I’d begin with some insights and what
I’ve learned in my past six months while here at
SANUWAVE.
Of my
many learnings since my June 1 start, it’s probably best
described with an example of one of our dermaPACE system
placements. In early July, our Chief Operating Officer Pete
Stegagno and our Chief Science & Technology Officer Iulian
Cioanta and I visited the town of Lafayette, Louisiana to place a
device at a very busy wound care clinic that sees roughly 100
diabetic foot ulcer patients in about a week. The primary physician
and staff, after having used dermaPACE a few months, now say they
have seen remarkable improvements in some of the most complex
wounds treated with dermaPACE. The treatment regimen is simple and
patients are seeing and feeling improvements just after three to
four weeks of therapy.
At the
clinic, Dr. Jerry Thibideaux, recently described how treatment with
one patient that he and his staff tried everything beyond standard
of care – allograft, negative pressure, hyperbaric oxygen
therapy – all to no avail, had no improvement. However, this
patient began feeling sensation around her ulcerated leg and he
shared how she had tears of joy after just four treatments and
hugged him in appreciation. Much of what I’ve learned
regarding dermaPACE reinforces just how impressive this technology
really is. The unique mechanism of action supports the clinical
benefit only dermaPACE offers.
Commercialization
requires a number of things: training, placement of systems, and
reinforced usage to ensure the desired results similar to the
patient that I just described are quickly achieved. We understand
how much more training is necessary to reinforce this proper usage
and are investing today in a dosing trial, as well as providing
training support to better assist our early adopters and clinicians
upon every wound care clinic dermaPACE is placed.
To
achieve consistent and desired results, we need to clarify our
dosing algorithms. We have a study that will support this.
Additionally, we need to provide greater support training here and
look to further invest and research beyond diabetic foot. Some
promising areas are VLU or venous leg ulcers, and ALU, arteriolar
leg ulcers, just to name a few, as well as accelerating
improvements using different combination therapies.
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The
market for this technology remains robust. As I’ve shared
before, there are over 100 million Americans living with diabetes
and pre-diabetes today, and this is a statistic that continues to
rise according to the National Diabetes Statistics Report. While
over 30 million Americans that account for almost 10% of our US
population have diabetes, another 84 million have pre-diabetes, and
it’s a condition that if not treated properly could
potentially lead to Type II diabetes over the next five
years.
Approximately two
million Americans are diagnosed with diabetes every year in the US,
becoming the seventh leading cause of death. Diabetic foot ulcers
are a common complication of diabetes disease and if neglected,
infected ulcers can lead to amputations with the risk of developing
foot ulcers growing to 25% high in patients with diabetes. The
storylines of the financial impact from diabetes and the diabetes
related complications continues to remain staggering, contributing
to the economic burden of healthcare costs. The average cost of
treatment ranges from roughly $17,000 per patient with minimal
severity to roughly $53,000 for patients undergoing an
amputation.
So,
shifting to commercialization, as the leadership team we here at
SANUWAVE have committed to set up five focused priorities to ensure
we capitalize. One, we’re engaging in improved branding.
Bringing clarity regarding our technology and more understanding
will lead to more interest and spark greater curiosity and foster
more demand.
Two,
because we are in a reimbursement category 3 tracking code as of
January 1, we’re investing in greater investment and high
visibility trade shows and clinical roundtables. Although
that’s slow, it will continue to grow throughout the
organization based on some of the areas we’ve identified,
particularly specific to reimbursement opportunities.
Three,
investing more time on device placement, training to support proper
usage and outcomes, leveraging our studies and white papers with
correlation to reducing economic burden, and then beginning to
support greater educational awareness supporting CME or Clinical
Medical Education credits.
We’re also
finding ways to improve our operational efficiency to ensure we can
support the anticipated demand and scale appropriately in a
fiscally responsible and intelligent manner. We will be placing 15
dermaPACE systems at sites for NTA’s or new technology
assessments within wound care centers and clinics throughout the
US, similar to where we placed the device with Dr. Thibideaux, as I
mentioned earlier.
Most of
these placements will be on the West Coast due to what we’ve
learned with favorable regional MAC coverages. To support this, we
have invested in hiring clinical directors to support the training
and educational elements necessary for successful dermaPACE
placement and usage. And, of course, we’ll hire more as
needed as funds permit.
From
positive activity we’ve experienced from conferences
we’ve attended, a number of them, we’re increasing
optimistic outlooks on the adoption of this technology we all
have.
We know
our clinical data and evidence leads to reimbursement, which will
translate to sales; that studies, which we are engaged support
this; our dermaPACE system placement; developing key opinion
leaders along the way support this; and our consulting teams for
better branding, developing our reimbursement roadmap all support
this. We understand that it’s our time now to execute upon
each of these areas in the US and this is where we remain
laser-focused as a team.
With
that, I’ll pass it off to Kevin.
Kevin Richardson – Chief Executive Officer
Thanks,
Shri. As you can see from the results and the execution plan,
we’re setting ourselves up for strong growth in 2019 and
beyond. As we have said and will continue to say, we plan to have a
device placed anywhere DFU is treated in the US. We are following
an execution plan that has been proven and helped to grow other
wound companies to hundreds of millions in revenue domestically.
Near-term, we have some hiring needs around sales, reimbursement,
clinical and training, but all of those will yield revenue to
support further growth as well.
With
that, let me turn it over to Q&A. Thanks.
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QUESTION
AND ANSWER
Operator
Thank
you. [Operator instructions]. One moment while we poll for
questions.
Our
first question comes from the line of Brian Marckx with Zacks
Investment Research.
Q:
Good
morning, everybody. Was there any revenue in the US relative to
either unit placements or utilization?
Kevin Richardson – Chief Executive Officer
Yes. In
Q3 we did have some revenue from units sold in the US. We have not
received procedure revenue yet. We do not expect to get procedure
revenue until we get our tracking code in place January
1st.
Q:
Was the
unit revenue all related to Premier or was there any outside of
Premier?
Kevin Richardson – Chief Executive Officer
All
related to Premier. Again, we won’t see any US revenue in the
US from placements until we get to the tracking code, which is
January 1, 2019.
Q:
Okay.
There was a comment about optimizing, or maybe that wasn’t
the exact word, but relative to optimizing the dosing algorithm. I
wonder if you could clarify exactly what that means.
Kevin Richardson – Chief Executive Officer
Sure.
One of the things we have realized, again, we got a lot of our
dermaPACE units placed on a global basis, and one of the things
we’ve heard back from Europe and Korea and Australia is that
our dosing protocol might be too light in the US. So, as an
example, in Belgium they’re using 1,000 shocks per treatment;
in Korea they’re actually using 4,000, but they’re
treating the whole foot to bring vascularization to the whole foot;
Australia had a nice case study, white paper that came out of
Melbourne where they used 1,000. So, our protocol in our FDA trial
was at 500, so what we’re doing is we’re going to
launch a dosage study.
We have
two studies that are ongoing right now. One is a perfusion study,
which we can talk about in a little bit, and the other will be this
dosage study that we’ll launch out of Europe, which is really
to refine exactly where we can optimize the greatest benefit in
kind of reducing the wound size. And knowing that there is a lot of
different variables that go into it between height, weight, BMI,
A1C levels, etc., so think of this as almost like an artificial
intelligence exercise here where we’re trying to figure out
the right algorithm to really solve it and optimize it. And
we’re going to do that before we go into what we’re
calling DFU2, which is the follow-on study to the first DFU study.
And the DFU2 study is mainly around helping with the reimbursement
in that world. It’s designed more specifically around that.
We just want to make sure our dosing is right and it will be
increased.
We’re
actually pretty excited about it. I think our results are going to
get, well, we will have even stronger results once we’ve
refined the dosing and the excitement that people have today about
our product will only increase when we start really refining the
dosing on a customized basis, kind of patient by
patient.
Q:
So when
you say dosing, is that essentially like boost treatments or is
there something actually with the machine itself that you
change?
Kevin Richardson – Chief Executive Officer
So
right now we’re probably going to increase it from the 500
shocks to 1,000 and we’re going to see what doubling of
dosing at the same energy level is. We’ll then refine energy
level after that. So, on our device there are six levels –
E1, 2, 3, 4, 5, 6 – and in the trial we used E2 with 500
shocks. In this going forward we’ll use E2, but we’ll
look at 1,000 shocks or 1,500 shocks. Julian and Pete have really
worked on a nice algorithm taking past data and global data to
refine that, so we have a nice chart. When a doctor measures
it’s a 2.2 centimeter square moon, we know we’re
treating 2 centimeters square around the peri wound. Therefore, it
will spit out exactly what the number of shocks to use during that
treatment should be. It’s almost like an automated system
where when you put in the inputs, it tells you exactly how to
dose.
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Q:
So
regulatory-wise, is there any implications or –
Kevin Richardson – Chief Executive Officer
No. I
mean, from a regulatory standpoint, no. There was in our clearance
the use of the dermaPACE system, so we’re excited that we
have that kind of broad scope on things.
I think
from a marketing standpoint, I think the fact that we’re
continuing to improve and refine. And again, I think we’re
going to see some really tremendous results, even more so than what
we’ve had, and as that comes out, it’s just going to
build on the buzz from what we had at these recent tradeshows.
We’re kind of the – I don’t want to say the new
hot product, but it really feels like that at these tradeshows.
There’s a lot of buzz, a lot of activity, and as we continue
to refine what we’re doing and truly get more of a customized
type per patient treatment, I think it’s something that the
flexibility built into our system and our ability to customize is
something that really differentiates us. Because not all wounds are
made equal and not all patients are made equal, so we’re
really getting down to true customized medicine. It’s pretty
cool.
Q:
So not
to focus just on this one thing, but it sounds like it’s
potentially a pretty important thing, so one more on that. There
was a mention of a dose study. Will you be publicly announcing or
releasing exactly what the design of that study is? Is it some sort
of a dose response?
Kevin Richardson – Chief Executive Officer
Yes,
we’ll launch it probably in Q1. We have to go through
training and you have to go through all the right regulatory stuff
to make sure you can do the study the right way. The dosing study
will launch in Q1. It’s probably going to be somewhere around
40 to 60 patients, somewhere in that range. And we’ll keep
people updated as results, good or bad, come out and let people
know where we’re headed with it.
Between
now and then, we’ll have our profusion study completed. That
launched at Rutgers in UCLA and that’s one that we’re
very excited about just because it’s, I think, going to show
what we all know, but actually codify that we are the best product
on the market for bringing vascularization and profusion to a
wound. You can’t heal a wound without profusion. So
we’re at that critical element in the wound healing process.
As this profusion study comes out, I think that’s going to
even further ignite kind of the buzz around us that I have to get
one of these machines so I can help my patients heal. Kind of like
what Shri mentioned earlier, people crying tears because nothing
else was working and then all of a sudden our device is coming in
and they can feel their leg and they can see it healing. These are
patients that have had open wounds for a year, two years, and
they’re constantly fighting infection and have the risk of
amputation, and we’re coming in and coming to the
rescue.
Q:
Kevin,
there was also a comment about 15 units, anticipating placing 15
units mostly on the West Coast. Is there a timeline for that? Are
those units, they’re essentially with KOL’s, I assume.
Is that how to think about this?
Kevin Richardson – Chief Executive Officer
Yes. So
the strategy, and I’m going to turn it over to Shri in a
second to talk more about this, but it’s identifying the key
opinion leaders, training them and their staff, and then getting it
in their hands so they can begin usage so that when our tracking
code goes into effect, we can start turning it to revenue. But let
me turn it over to Shri because he’s the one that’s
really spearheading a lot of this and has the extensive background
to drive this.
Shri Parikh – President
Thank
you, Kevin. Brian, obviously, as I indicated, the targeting areas
are going to be in the West Coast just because the MAC
coverage’s that we’re working with consultants have
shed light on that that’s probably the best area to target.
And I know, many of us know after being in healthcare that the
coverage’s typically start with a number of these Medicare
Administrative Centers, what MAC stands for, out in the West. So we
are absolutely looking at the KOL’s that have high volume
centers, diabetic foot ulcer treatments or patient volume of
roughly 100 plus a week. Then, looking to provide the training and
support, ensuring that that usage is done appropriately so
we’re committed to having one of these clinical directors
that we’ve hired and potentially bringing on more to be
parked at that clinic for three to five days so that with that
repetitive use and treating directly with the dermaPACE, the
applicator directly on the head, leads to the desired outcomes. And
that’s what we’ve learned, again, through the good and
the bad, throughout other markets where dermaPACE has been used as
well as here more recently when we placed them in the
US.
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Q:
Was
there a timeline when you hoped to have, I think you mentioned 15
units.
Shri Parikh – President
So the
15, we look to have at least a third of those placed before the end
of the year and the remaining in early to mid-January
timeframe.
Q:
Great.
Thanks a lot. Appreciate it, guys.
Shri Parikh – President
Sure.
Kevin Richardson – Chief Executive Officer
Thanks,
Brian.
Operator
[Operator
instructions]. Our next question comes from the line of James
Terwilliger with Dawson James.
Q:
Kevin,
can you hear me?
Kevin Richardson – Chief Executive Officer
I can
hear you fine, James.
Q:
Great.
Nice job on the quarter. The revenue number looks real good. A
couple quick questions.
In the
release you talk a little bit about some of the different
conferences you’ve gone to. Can you elaborate on some of the
feedback that you’re getting from some of these different
clinical conferences?
Kevin Richardson – Chief Executive Officer
Yes,
and I’ll give the professional version. A year ago we were
waiting on our FDA and this year we have our FDA, and the buzz has
just been enormous. I would say overwhelming at SAWC, the number of
leads generated there exceeded our expectation by probably
three-fold.
Part of
that’s due to just being the new guy with the new thing that
people want to go see and check out. We also had some of our
KOL’s give presentations at the different conferences, so if
we start kind of at the beginning of the summer, Pete and Shri were
at a conference in Italy, in Pisa where we made some great
connections for our European business; we had a great show in Kuala
Lumpur where one of our advisors, Perry Meyer, gave two talks and
San Jose featured. Part of that were specifically around the
profusion side and that that aspect of it is critical in closing
and healing wounds. And again, we’re seeing good follow up
with our partners in those countries with orders. At the end of the
day, buzz is great, but orders pay the bills. So we’re seeing
good orders come in and follow through from all of these
meetings.
So,
tremendous buzz around it, a lot of activity with people who want
to come in and partner with us. So it’s really trying to
manage a lot of the activity right now and do the follow ups, and
make sure we’re prioritizing so that we’re placing them
with the right locations, too, and making sure we can do the right
training.
One of
the mistakes that could happen is if we don’t get, if we just
start placing devices and don’t do the proper training. One
of the things we learned internationally is that that’s the
easiest way to have things go poorly. So one of the elements
you’re going to see us really dig into is making sure that we
have the proper training and certification when someone is using
the dermaPACE shockwave device.
So the
buzz is good. We have a good conference schedule the remainder of
this year. The innovators in wound care conference coming up in
December that’s kind of a who’s who, which is nice, and
then we’ll kick off next year with the European ones and US
ones. So it’s a never-ending thing, but right now it’s
nice to kind of not be the belle of the ball, but the new one on
the block that everyone is trying to get to know and understand.
It’s a good feeling.
Q:
Congratulations on
that because you’ve worked hard to get there. My second
question is really looking at license fees. License fees on the
revenue line had a significant jump. Could you just help me define
this? I mean, there’s no cost of goods sold with this and how
should I think of license fees going forward? And what, exactly,
when you say license fees, what exactly is the
definition?
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6
Kevin Richardson – Chief Executive Officer
For us
a license fee is when we enter a new market. And again, we’ve
learned a lot internationally as to how to make it work and how not
to make it work. In medical device land, as you know, James,
distributors will come up and say, oh, let me have this country, I
can do it for you, and their eyes are really big and they talk a
big game and then a lot of times – and again, I’m
generalizing here – but they’ll place their initial
orders and then nothing happens. So what we’ve done is
we’ve tried to make sure that we ensure success for them and
success for us, and part of that is an upfront payment, and
that’s a license fee to us where they get exclusivity for
that area if that’s what we decide. So when you see our
license fees come in, it’s really for a region where
we’re partnering with someone and, therefore, it forces them
to the table, it forces them to commit to contracts, it forces them
to really stay on a tight timeline and work with us. So
that’s what we do if the fee is up front.
At any
given time we’re probably negotiating two or three different
regions. This most recent quarter was mainly driven by the
agreement with FKS, which is in Southeast Asia and was incorporated
about two weeks ago as Holistic Wellness. That one is one that we
think is going to have tremendous potential. The number of units
they’re talking for next year is substantial and I’d
expect us to have probably two or three more licensed type
agreements each quarter. One may happen some quarters, other
quarters may slip and go into the next quarter, but that’s
our model. So you’re going to see license revenue kind of
consistently come in depending on what regions we’re
entering.
Hope
that helps.
Q:
That
does. Thank you very much. Lastly, I want to go back to the
questions that we talked a little bit on, R&D in your remarks.
I hate to ask this because we’re in the first inning of where
we are with DFU’s, but what is next? What is behind
DFU’s? You mentioned VLU’s, maybe ALU’s. What
would be the one or two categories, because clinically you could
take this in a lot of different directions, but from a sales and
marketing and addressable market perspective, reimbursement, that
may change your clinical decision making, so what would be next
from a business standpoint looking at R&D going
forward?
Kevin Richardson – Chief Executive Officer
Great
question, James. As you look at our platform, which is shockwave,
we have dermaPACE, which is FDA cleared in the US for diabetic foot
ulcers, which is in the wound category. Internationally, we also
have orthoPACE, which is more for orthopedic, musculoskeletal
conditions.
In the
US, we’re sticking with the wound care category. It’s a
huge category and we feel that we can become a dominant player
because of what we bring to the table with the profusion aspects of
the device and our healing capabilities with the
device.
If we
follow what others, like KCI, have done in the past, what
they’ve done – and again, we’re not going to
reinvent the wheel here, we’re going to follow what has
proven successful for others that are dominant in the space, the
next logical one would be VLU, so venous leg ulcers, then
ALU’s. Pressure source are a huge opportunity for us,
especially because today, with the confluence of technology
that’s occurred, you can actually detect some pressure source
before they erupt in the wounds and we’re pretty much the
only device that could treat it before it turns into a wound
because we can penetrate where the hot spot is before it erupts and
turns into something nasty.
So the
wound category is where we’re going to say right now and
you’ll see us launch the VLU probably next year. The other
aspect in the wound care space, and we’ve had a number of
larger players approach us about combination therapies and I think
that’s somewhere where you’ll see us get into later
this year, but it’s something where reimbursement isn’t
lined up perfectly for that yet, so that’s the hang up on
pursuing something. We want to pursue things where we know
we’re going to get a positive reimbursement outcome, so
you’ll see us again pursue other indications in the wound
category first.
Then
there’s a whole host of other areas, James, and it would be
very easy to get distracted with the technology and go on a lot of
different directions. At some point we’ll be ready for that
from an infrastructure and management team standpoint, but right
now it’s all about laser focus, it’s about wounds and
diabetic foot ulcers.
Q:
Thank
you for taking my questions and nice job on the
quarter.
Kevin Richardson – Chief Executive Officer
Thank
you, James.
Operator
We have
no further questions at this time. I would now like to turn the
floor back over to management for closing comments.
Kevin Richardson – Chief Executive Officer
Great.
Well thank you very much, everyone, for joining us. Again, as
always, if you want to come down and visit, please come on down.
We’ve had a number of investors stop by in the last quarter.
If there’s any other follow ups, just give us a holler and we
look forward to talking to you again at the end of next quarter.
Thank you very much.
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