Chembio Diagnostics (CEMI) 12 Mar 202019 Q4 Earnings call transcript

Greetings and welcome to the Chembio Fourth Quarter and Full Year 2019 Earnings Conference Call and Webcast. 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 conference is being recorded.

to host pleasure Relations. Lewis, my is introduce Lynn your Investor It you Thank Lynn.

may You begin.

much. so you Thank

Before let today, begin of current made include we beliefs today, statements the during company's that forward-looking company. XXXX this remarks Securities the of Act conference concerning the the call within March of XXXX me XX, meaning remind the you

SEC and on Forward-looking from filings Chembio's time beyond Chembio's are many of statements are which Risk to under subject those Annual differ for time to including including numerous Chembio's uncertainties risks Factors assumptions, in in materially from results may projected. Chembio's risks Form and uncertainties, elsewhere XXXX. described control, those and XX-K Report

to revise update company's to undertakes the statements concerning review filings obligation with Chembio the you and any all or no other matters. SEC of made publicly forward-looking these encourage today. I

turn like at Executive over With to Gail I Chief Chembio. the that, and Interim Officer Page, call President would to

highlighting the talking where our and Neil to [share our accomplishments to call review financials. joining I introduce about will speaking you Richard Thank to I as and to is going several interim position today the business then today] Eberly also forward. as success over call begin our for our I be you by who with turn and joining us. recent and and would then CEO. president a Chembio for president CEO who permanent am like pleased will

into since dive the I like transition year. the we Before the the updates, comment of would to quarterly beginning on

to the This key and support thank focused needed like shareholders would team past has provide for of initiatives. and continuity over to our remain I couple First the on months. the allowed us management your the

project [indiscernible] businesses improvements drivers this investments cost the [indiscernible] of key we the by initiative we created have from our live our realize our into brings the cash to focus burn decreasing extend and Second forward.

is an as to bring will industry to board a Rick next appointed veteran experience Richard wealth the directors CEO. has Third Eberly of who of serve the company. the

with ability assets a present morning manner Lastly, we our on partnership announced leverage this our strategic which LumiraDx demonstrates themselves. just in an opportunities expeditious to

But During the the partnership. results more know disappointed a at financial that provide strategic regards XXXX for We CEO around busy will as with announcement growth would commentary versus detail well years. reduced Chembio of our revenues positioned rate I to our COVIDXX to success. we and implemented like you were address had new and the our the I product prior XXXX year with in first

European in of were up and were timing We part by due large the annual they businesses but mitigated Asia. to shortfalls believe tenders. U.S. is Our Africa this and in

in collaboration shortfall Takeda. customers revenue principally and by and with the grant cadence revenues to work the R&D relates was AstraZeneca which of total driven our as such Our decrease

of its our Chembio's States including Brazil. federal business private now in step Diagnostics all Brazil as known and in for is products. as sectors access our of governments markets expanding growth presence Chembio well key outside owned a for subsidiary to I tests diseases like and to the review Now point-of-care a which distributor of this number held diagnostics year and would operating a recent of resilient wholly closed of as We now a start the manufacturer privately for last highlights of acquisition is infectious from This enables as future opportunities and states year.

Health by Organization. We important receive the World two approvals

them and of which Malaysian company received pre-qualification our tests in manufacturing our to allows the Malaysia cost-effectively approval supply manufacturers we STAT-PAK markets. international WHO HIV the to First facility

to of pleased are announce that began quarter shipping we XXXX. in We the fourth

facility. produce increase. global and This capacity new opportunities paves way to future to reduced to be this production tests our The business for facility the this in to qualifications production [indiscernible] in provide we will expect and pursue other

self-test approval second what for easiest allows we use the CHECK is believe the commercialization HIV expand is the pre-qualification of to self-test SURE company HIV WHO available. to which Our

to the entered from a Human Earlier products subsidiaries award expect owned feasibility announced million wholly which with announced in. shipping disease System DPP areas. for of we Pharmaceuticals Shire start in into ongoing a the their week for supports collaboration Takeda Zika completed have this indicated with the IgM rare earlier We therapeutic Genetic and UNICEF IgD we Therapies that programs technical we phase $X.X research

diverse which demonstrates pleased are of the completed have We the applications technologies. Chembio once to phase feasibility again

of blood and team provided minutes analyzer. platform XX Our XX of our and from tests DPP handheld successfully results obstacle small using fingertip approximately quantitative drop the the microliters

a In LumiraDx addition with for worldwide Ltd. tests next We now of the virus diagnostic point-of-care to COVID-XX entered as detection antibodies. program. the of has the phase a well IgM provided strategic develop as partnerships the Takeda and [indiscernible] for funding IgD into

scientific platform. DPP DPP demand our LumiraDx of to new the This Chembio needs expertise the expands worldwide further we testing our solutions All and of LumiraDx with and COVID-XX. There to joint from efforts expect our versatility the new platforms. those the existing surrounding products strengthens and comprehensive demonstrates relationship are provide and for

and prior HIV quarter generated $X.X were U.S. of driven grow product In year Brazil, to million period. $X.X continues fourth Latin revenue and landscape organically. revenue X.X% U.S. increase XX.X% the compared an million of the America, respectively We to by Product and of Europe representing total the revenues

Regarding the continue continue and not to granted and important to has tests. our XXXX been The progress partners federal disease provide make with tropical to towards this government Brazil we yet award STD we work securing with business. Bio-Manguinhos

organization have to With Orangelife team regional state Brazil. is focus began the organization to Diagnostics this our strides this contribution We and Also as portfolio local customers. recognizing in achieved revenues now from have product we significant which we the the and expected Chembio registration. made Chembio renamed December integrating growth

several review, careful the parties created organization. After commercial within have we

verticals menu. to disease improvements First additional ongoing through maximize infectious targeting product and

and Second by pharma collaboration. vertical creating which a on will formal service focus

will provide oversight of novel breadth to achieve expand these efficiently our our and revenue profitable technology offerings. allow platform depth efforts. to to expect the demonstrated have and expand us and more We This upon

are have to our and self-test approvals HIV other our upcoming report of advancing CHECK are well to infrastructure. two approval and need track. Lastly platforms advantage repeat pipeline for possibility system study. commercial include Relative we and regulatory and complementary as take and that pending. pleased we reproducibility micro manufacturing which on technology am communicated system a the These syphilis we to as tests R&D capabilities those marked achieved SURE I the of FDA HIV to multiplex examine including the CE DPP previously products they PMA reader for

with with the System micro readers. The [indiscernible] approval for BARDA [indiscernible] DPP's IBM

Diagnostics successful Chembio has successfully integration completed achieved the Germany. generation This of and second [EMR]. team of development continue the the We analyzers

business continue to as move We to the existing we expand opportunities on OEM forward. focus our

In and addition in pursue of area the research continue to collaboration [indiscernible]. we

Operationally growth. we also make for capacity progress significant continuing to add

increased automation designed and well margins both capacity, as production strategy is Our increase flexibility. as to manufacturing U.S. efficiency

recall COVID-XX support to DPP XXXX. quarter operational be our As we how number commenced continuing we're and in supply is be tests monitor might to in pandemic to Line three one two Obviously the impact line of you we automation operational number technical second slated program. production number on for our the mid-year. line early and chain expect

be should place backup putting needed. they plans are in We

facilities and our our we were just the schedule accommodate to project Regarding objectives. renaissance goals

marketing extending we focus cash our more profitable to and that initiatives on. the and are the our BARDA these will Decreasing sales runway, expand drive efforts revenue. ahead Looking

execute are to open can grow To the me and opportunistic. continue end to on with and combination hired on a organically and who bolt we to we discussed We technologies transition be as have today. intend call have that this CEO

of integration the Chembio Germany, complete Brazil. successfully Chembio Malaysia and must we Next Chembio

and We of make Rick With shareholder will start we that few have Rick today Eberly. I and Rick will day value. this coming intelligence Rick. have] his a the comments a that and pleased to am create Monday great have official [we collective to to team will continue be announced XX. introduce joining With

Good success afternoon. has Directors Gail to the see I Chembio CEO. and is Thank has clear excited penetrating are months of success thank join leadership. to the and and profitability. technology global the the Gail motivated for the attracted to collaboration partners markets, as interim that ensure talented want the It of can a of in The introduction. Board in next Chembio The as to I'm state disease you CEO team. industry. a platform relationship categories look their market. largest scaling closely working efficient vote some leadership expanding I in over market. of record next investment growth of experience global collaborative skills, immediately. the of upon things DPP Gail disease opportunity confidence with will the the Chembio's and Board to infectious disease I operations automation with and several diversify of in track enable and manufacturing the Directors for infectious applications forward disease for strong expansion my infectious industry provides we automated build The smooth revenue the a compete transition platform strong both company's to and in believe to of product the manufacturing rapid the

contributing to capabilities and acquisitions, of my and years XX commercial manufacturing past forward through look experience I capability. global expanded Again international partnerships expanding

community. stronger a Finally, I'm to as executive products excited the to committed work customers years many to a work our Having members for of of public with the place and employees and senior high-quality Board the Chembio for a with to worked for a shareholders. on a of return I'm value Chembio for our Directors, the ensure of employees shareholders, company to work investment meet continued customers, supply our great and

you. So thank

team Neil want on to echo Rick's results. turn I that will financial and with provide had opportunity remarks and comments I a that remarkable details to we our to and

Gail's $XX.X and increase forward I Rick the an Net echo compared join for looking having good sales everyone to XXXX X.X% team. prior afternoon year. the Gail were and and Thanks of to million, comments

not ended R&D royalty, million, and year. continue For prior prior in for $XX.X cadence which X.X% the revenue period certain was combined certain of the the occur total we timing XXXX $X.X related obligations year. to performance were a decrease of and but of to always License, compared a revenues of XXXX XX.X% expenses. encourage do the to is grant compared a year program decrease million, to revenue R&D the

results revenue believe of and lower our which to decrease total Asia relates collaboration in R&D in we flat driven Takeda. which in by and due part program sales Latin and initial of relatively AstraZeneca compared annual large the work revenue net U.S. sales in Europe sales cadence such as by Gail grant with These and the offset benefited experience winning and America. a tests health America chikungunya for other in U.S., and were public our large competitive earlier from described year opportunities to As sales Latin dengue the in the product Zika, the gains benefited of prior back and timing Brazil. for Africa The tenders. is sales principally to was the customers

Growth in XXXX This of The million improved to XXX margins $X.X prior compared to basis points the improvement XXXX. XX% growth by of XX.X% product year. a into correspond in from the from our resulted in increase improvement labor price, impact of product costs margin first reduced on geographic from the product line, automated assembly revenues. benefits average mix and contract initial selling

development development R&D as by costs mentioned new that were expenses which with includes related expenses research in to and $XX.X related was revenue decrease Other I clinical the compared HIV offset and XXXX $XX.X the in for to other and relatively corresponding ongoing and to earlier. decrease were product work flat in administrative increase selling year. million million the in a and general regulatory syphilis research the registrations costs prior and R&D PMA DPP costs

$X.X and increase without related to Happauge of non-cash Germany were The leasing $X.X SG&A upfront base compensation other higher to rent payments. period in York the million on Chembio now, additional in costs costs to from Diagnostics non-cash our facility rent primarily equity which new and having million million XXXX $X.X costs million of also related partially $X in any New board

year. loss million XXXX diluted $X.X in or or $XX.X $X.XX compared of the $X.XX net was share in Net per prior million to loss share a per diluted

was XXXX sheet December XX, cash Net and $XX.X million. On cash of totaled as million. as of capital December the working $XX XXXX XX, equivalents balance

now you. it go questions. With Thank open please ahead. that up we will Operator for

you. Thank

be from session, Kyle Bauser [Operator from now conducting ahead. will question We a Instructions] Your Dougherty question-and-answer & first Company. comes go Please

welcome and for Thanks comments here. Gail Rick. Thanks. Hi your board to

Thank you Kyle.

walk to here? off anticipate to steps just with start the can get long timelines taking and I'll of and Maybe subsequently us test How the the FDA? you a from So we okay with Lumira DX. then through can kind develop partnership next

certainly can the I best do Kyle. I

will together have As far been where work bringing obviously really this we're I and as Obviously be organizations and the things on very thing it measuring timing developed. have some comment monitoring prepared and as prepared think done they today only we two to we the believe doing feasibility expeditiously. is

obviously to viable, possible but not can the So goal a bring in to something as it's market. bring soon that commercially and our help we to you? market it's that something as difference the just that noise want make something Does

in helpful will course this of what and COVID-XX Lumira perfect I disease here platform provided just That's going the following about Yes. on DPP the well. relates own for provide for an previous in test partnership? funding their like to to but you talk they seems as know infectious looks testing it can as so platform be it partnership up that accurate utilizing they're but

of So how who's partnership look doing kind what? does the and

Sure.

put and and and we a we can this our intelligence bring tremendous properly that we of obviously strategic so have both is They a it we the rewarded. scientific collective LumiraDX the So incentivized expertise together. is as that win-win network and brought of where together to distribution table case in the partnership the a sides built spirit this it so lot are

is will LumiraDX own DPP and sell goal their on platform. to both bring products Our to platforms the market and

think spirit a talk the in this I of the bit strategic where more little the is we'll true it's develop Xk really -- the further about program as will it We partnership. is in program a we but

Sure.

talks you and for or estimates mean your are own you'll Okay. Thanks local can grants much test? to be to governments committing share, to and COVID-XX how around with the you foundations capital any this I of further extent any

Yes, very discussions but is to capital the working certainly precious our in obviously us.

understand we So that.

mark think here where the products is about the is on when development we clearance funding and think all best world table box Now Lumira that obviously we develop and that's there's [indiscernible] out so of does component on and can our their there have it point with the this I is here important the this test that you the have there's labs to box.

then Thanks. lastly walk sorry? Okay. just And can here us, you

ahead. Go Sure.

the you the this you Can to it And related level about feasibility you triggered? Takeda to through capital what just you that phase subsequent the triggered next partnership? tranche the Can of done. walk of a project mentioned of us Can speak speak entails? was So is funding.

chief just next phase So a technology I'm to and going Javan is on will refer brief officer who that comment Javan our the give development. to of

We completed phase the soon Javan. as we validation That's would made design and we is are we in we the and this to release have Hello complete the what and as feasibility to as it now program. development, basically X, press move free the is we verification. full then development

for if level got the know tranche? Then don't of I I Okay. funding that. the

two for and from Yes, previous the from remember programs or back newer Kyle as year away going last may over those a half amounts reasons. disclosing we've you gotten competitive

questions. Okay. Understood. taking That's so me. the it for much Thanks for

follow if [indiscernible] more have we'd Kyle, to like you any up.

great. Sounds

Thank you.

Canaccord from Please Max comes go from question Masucci next Genuity. Your ahead.

Hi, good afternoon.

Max. Hey

Hey.

preoccupied those could I the COVID-XX organizations traditional some of and the lately imagine How going conversations government COVID-XX public organization, bit these right global of are your and now. a affect with health tenders? cadence how So been would timing

haven't we the haven't don't impacting daily very we relative of to touch I and our this don't change we with monitoring we're the that can haven't be but at in know anything the it how make it's time think situation very might project would do other seen that is hard market this that in in that point to this seen we and sure a we an at moment to, seen we but is how issue but orders. but best dynamic point everybody at

could LumiraDX time now answer proposed how one, then are maybe that this with how you existing then on and confident this and right of so the fast a standpoint then address can how’s how, hear from available in Javan but to great possible test the That's that issues turnaround some Okay. the and scientific is are tests be? the shortage

Sure.

let have So Javan I'll comment. comment then and me

of bringing where together about partnerships I will the profit monitored we all of strategic you put one going think monitoring this understanding together the we've these ultimately all putting testing. about the it focused things is [indiscernible] on we're thought not the two did very what's that the understanding of respect situation. we in and form think that I it is internally kind when hope have in dynamics. table that to we what market you is need everyone been companies on Then of

about what to difference don't be folks another speed. table a of the I point when this together time and bring about it come is and the you at we think like to something we some Chembio all and want it will going we the said you calm to lot I to to down time makes company to think to describe awarded of table about is intelligence of noise, and big a think a market this because difference So together merit and that's bring internally that we're think has do just collective we in significant and the want this some we and the everybody impact so incentivizing We put that is when addition we speak. making to aftermarket to

the sure comment. market to over turn something what we've So as we we've forward relative a will our valid that to make it to want I'll that we got be Javan to done. ability to make move

to explain try very want to shortly. I

be will be developing the release, virus two that the are the is and we antigen of are like we competitive for on are we samples developing how As swab. product. based looking sets that as direct One based what will we far on information

be we that detection and have for program. have surveillance and companies. the value will and Obviously, we as two product added mentioned aspect The been other IgD serological dose we a Gail which expertise use developed seeing a the approved of as similar IgM monitoring will

with knowing been sample LumiraDX the reagents, we networking to with of We a and the access credit time government and to for have also the extensive working novel. agency, university, the have access

we what can think to So we bring basically product that's competitive the line market. the

from Thanks. the what demand the how be so of little one maybe levels syphilis would awareness to And up then out I that that waiting in characterize That's very test? customers for if guess more are steeper I customers you once for HIV multiplex in can. to expect value does you And or there push would helpful. order then and say you a to adoption that get would pent curve more the approval are to approved bit adoption this curve? just potential

right asking [combo] So if you about you're I HIV syphilis? understood the

Yes.

put Right. that important many investors we're we When going the one of talk we of combo and away that big have they updated [indiscernible] people, with take about have many that there you with Quest the many business one release, out press a about the there, things to think to the when when the is it can HIV belong if I that's at is transmission that's either syphilis market it's aspirations to don't but our [indiscernible] big a transition concerned mother-baby both time or and out very benefit.

they get HIV like very it's that's of approval, is going a going that say lot syphilis waiver combo important to high penetrate get risk to help that to market. be we to the and our clear approval test the U.S. it's really So put a just what's it's markets us and where want test when that subsequently important also very a

Okay. Great.

for Rick the congrats thanks and on taking the new question role. So

with working to forward you. Looking

likewise. Max Thank you

company. from [Operator Bruce go comes Your Jackson ahead. you. from Instructions] next Thank question Benchmark Please

the be questions. AstraZeneca If Hi, update the that thank I for an get taking great. could test would on you

Javan. over I to one going the mic am Bruce second pass Okay, to

development. achieved As complete with the a we have the communicated. We [C marking] product. We

with So for this are we right what continued are they Europe now at point. that's AstraZeneca are doing and doing trial clinical in discussion in we

Takeda about of when rough an important milestone. idea Okay actually diagnostic reach the completing test [indiscernible] with made announcement the have that Do and then you you an might a market?

this into at site have moment. We that

an on part we're rare in you diseases. of program that focused can imagine that research overall As entity

So and but continuing to we will the we're be that. news that that good part is into insight of progress that any we don't a have

the contract this after about question contract next which year. that's is the for going is prospects your to come renewed Okay. three-year on with How Ethiopia and The term XXXX? that of feel December end to getting contract do its a you

Yes hi it's Bruce. Neil

if I can everyone tell you algorithm in the So nations algorithm. if there's if we what there's as then level the you follows a and the in receive HIV an then testing it's where a despair and screening Ethiopian for which results first confirmed algorithm a confirmatory second level there's a then is a most there's and have and you the first Africa third positive which is is HIV in gets level level is reminder are quick there

which into positions are well us course. in enter of appropriate think we position due on we the level the that So time Ethiopia we'll that first in the at negotiations and and in renewal comment for

question last testing. pursuit then and COVID-XX your Okay of just the on about is

do are a blood-borne what's to rapid something venture to standard the guys laboratory market pursue you why a This agents. is product? that first test you I'm product and based this area. wanted long-term decided potential know curious infectious for think you think your that was just to for known I compared You respiratory into really

a do, we respiratory products. So experience your question. have do for two-fold We there's answer of so

on been ago outbreak is based have flu not on other is now that but we but other marketed several product are really Zika. based maybe a We program have the a in outbreaks CDC program on years we like extensive we and recent Ebola, with product have recommending screening

value on in know Lumira relation you big a and will hopes as population experience value platform with that our goes Also platform, may about we area. believe talking So of a very our we that. the have respiratory the [indiscernible] large well it analyzer are our has because fit because here provide they

added value is the reason this we this here. So think

Okay.

test this the the So point clinicians the the of change it's format a in going tests. does patient? with the the to how if patient and the will available So to way change the patients then test treated want is rapid treating up is follow later that more to other or the treatment start

rapid at the of having So driving I what's COVID-XX is guess test? point what I'm a

Obviously is dynamic very now. this a process right

to a it on and is that the is evolving testings and big agencies talking demand it every just day. we So

by Sometimes every hour.

So platform. we here we have we think a are that

We have a technology.

We We in of and bring to contribute. discussing asking but used question test all right you are us, here added have of of expertise. can many that right value and will so for But those be we can is is agency discussions not now everyone be a discussion not think trying be for are the part now. contributing, not that how we are and with we we part verified, partnership

There you. question. now hand Thank back. I'll actually further time. questions there no is are Pardon this me, at one more

ahead. Your next Group. Capital from go question Craig-Hallum Per Please comes from Ostlund

Good afternoon everybody.

one. the star hour for XXth Sorry

global. That's okay. That's

I once. in apologize be to at two because duplicate was advance I trying if anything I places in

follow Bruce's LumiraDX. question So up relates to just with to on as it

you've a there introducing in the or intact on you less place So the is on of of that strategic going working on time. structure bolted that partnership a of for with it products this that and a that with get in Lumira be things kind terms you're got if the of relationship to were more to kind of I'm this anything curious you going COVID-XX side you how number where you're of period looking in over call queue jumps is the were to cadence and year are Lumira collaboration it. just next or

taking well that the this There's as is is will their This we boxes be So What you expeditious agreement how you'll we're an this partnership. want focused test out is in selling the entirely point we that I of all notice with to if more also all intelligence say a sure to what do here that all and very properly It's that's commercially where us can viable. incentivizes had for both a will. a here we to we in respect test lot have the confidentiality that's to manner as make their again Lumira, [indiscernible] for years the ago question. This those like intelligence the be both that because the if LumiraDX a I have again will and box. we is careful test flu the Lumira rewards new just own very right. need one but get agreement. market to to something strategic getting interact of DPP

get don't So of new that know you need right. don't home well sometime not you or and kinds What you to or go viruses need know. to back if whatever. do You all need got the you to flu have do goes the no There's and I to the you why on know? you plane stay doctor you the flu

bringing of have market. these things the we that think lot a and to expertise types of I So

We platform. have the

but and we're They it's, have out intelligence all we're think optimistic a collective sorting details. very the I

That's fair. entirely Okay.

completing with short-sighted if are are development be rapidity this potentially government commit just infectious stop now that or COVID-XX question scrambling it response and realizing know well other realizing of you appropriate in might one a would touched that Another have to don't there's I the tenders finding agencies if but non-government the you diseases simply a a that make bit finding there, that to all reluctance current to upon the -- to at got trying where other COVID-XX while once the that they've this or they're besides it sure these gotten in is but given necessarily do tiny situation to venues they're try the to right outbreak don't purchasing

we've the problems not the deal saying say have that this from business where HIV they're going I'm day state. not is mean I this. that to not Look to this I the is interjected away What standpoint just Yes. have do can COVID I itself. are because away to seen because they not is going oh with impacts going day

every we is talk has had that somebody will the we've we wanting what very to we progress we that everything do day fighting an very know course monitoring been able finally made we're be and to-date closely this and that with about indication The with were not to pleased have me Of calls indication. been LumiraDX.

All question Excellent. me right. Last then. for

sitting done with manufacturing is far opportunity Brazilian recent because in As being issues. still for and goes sidelined awards any you? out far that know there's as XXXX conversation I made in around fever as of the concerned as kind of literally Has an or Brazil fever Roma and circled competitors quarters there been is anything as

progressing but this is new they and little are process [sale] obviously the still. situations delay So may

and launched of of assay have been in for screen our also Brazil the the boarded program Zika. UNICEF. our We Zika, Chikungunya triple selected women we a pregnant for with have mentioned here that we Dengue, for a They product

still we the are discussion in Brazil. So in

good. Very Okay.

the everyday we at of on being direct that that closer closer acquisition of a through The we us announced we which but our still now. have products we the is ongoing a of is to say as own the very is add Orangelife, our as are table valuable only course we I about seat down the I would able longtime entity produce gives would at own getting the previously here course thing of excited Per benefits having which go other is something seat when partner of partnership table of Bio-Manguinhos our registrations process able to this one benefits last perhaps of our than Brazil is within described our the were call legal facility,

be as remiss appreciate didn't Excellent. all All welcome Chembio answers I to well. Okay. add to the Rick if my you to right. and I I'd

great day Thanks. So welcome have everyone. a and

Thank you very much.

hand now are would back closing Page like for to no at remarks. conference this you. the to I Gail Thank time. questions There further

you want during again transition good next look us for thank and We we your the a to to today just for everybody day. joining forward Have you support say the on call. updating