Nanostring (NSTG) 8 Aug 182018 Q2 Earnings call transcript

Good day, ladies and gentlemen, and welcome to NanoString 2018 Second Quarter Financial Results Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this call will be recorded. I would now like to introduce your host for today’s conference Mr. of President Vice Farrell, Investor Relations. Doug

begin. may You

Thank you, Good afternoon operator. everyone.

Earlier with call as Brad CFO. A released copy me can second Gray, press found for the financial Tom afternoon, results our our our of well is nanostring.com. quarter. as on today On our the at we CEO; President Bailey, release the this be and website

trends make about collaborations, focus call, development we markets, statements related growth, financial future product success anticipated existing this forward-looking, addressable statements timing recent that status, for During including and prospects and offerings. future projections, and business penetrating the expanding planned and factors, are and of objectives, and and strategic our

are from control, uncertainties Forward-looking risks and to beyond time the statements SEC subject of our risks are including filings. described to in and time our uncertainties, which many

materially the on undertake statements. Our those turn me no results to to call we With update obligation from may these forward-looking Brad. call today, let and differ projected over that, the

details believe results We to of us spatial the our a turn of business platform taken groundswell then products the a commercial this for the strengthen our review Thanks, of us first in strategic profiling provide today. and you of well we top a year, The have exceeded and our and that interest I'm revenue operating range second our I'll of a we've growth. Tom for launch to have quarter end the for guidance in to generated second to QX returned infrastructure in row. Meanwhile, to the service XXXX. for in half second steps new strong executed that digital update an our call our Doug. guidance. objectives positions in joining we team over double-digit update our quarter of the to brief our overview on a thank going afternoon, Good quarter, for performance the and and

Following and financing service July, XX% have in growth. in we the nCounter need revenues, we launch growth capital In to million successful QX, we driving and year-over-year $XX.X a DSP. products representing to continue generated

showed flat placements and mix went XX% to grow new sales in our continued helping revenue about compared systems, base unit while of foundation growth sequential which for solid beyond. shifted customers. approximately lower and business XX% installed XXXX were instrument strong half demand increase of Unit year-on-year, priced core than systems our academic quarter. to ago from in Our SPRINT with SPRINT represented the by in laying customers, Nearly to a more the year nCounter the

an guidance with per life annualized delivered the our our we're than life more consumables, offset delivered Prosigna the strongest Overall, With while pleased in sciences or in which of around second momentum we of which declines particularly generated at quarter. XX% business. pleased Consumable the returned business, code during basis. in sets, sciences panels, yet. system high both custom our that's with XX% anticipated quarter of its end We’re inclusive on growth consumable growth the came Prosigna and growth pull-through $XX,XXX the at

provide I'll strategic Now on brief our a objectives. update

diagnostics. objective in and leadership research first our Our extending strategic oncology is

IO introduction, our nCounter together our our immunotherapy. direct our business, PanCancer growth and During within in The engine second year-on-year our profiling after fastest immune growing XX% XXX continued launch QX. Nine rapidly have scriptured diagnostics. the quarter, placements a panel its SPRINT XX% panels and IO accelerate both providing the months researchers. panel newer the with tools unique to XXX The panel to instrument Under remains discovery to of the our collaboration panel latest to with XXX National opportunity IO use researchers grow ever. best-selling growth access Cancer use trials, IO be the regimens during PanCancer immunotherapies, posting June, of for to oncology profiling from new immuno-oncology interest XXX the for primary for collaboration, combination clinical panel continues to and for NCI-sponsored development in In the of new use accounting markets. novel garnering Institute about improve announced use academic is It biopharma we will biomarker to

we and in thought were successful academic highly by June, digital more oncology from our there companies Our than our on presented scientific of leadership attracted leaders XX leads where profiling platform Presentations abstracts focused at new spatial biopharma new and CROs. conference of Cancer dozens our XXX continues, and in panel illustrated generated ASCO hundreds nCounter-based booth. as Breast centers

achieved We positive coverage driven decisions. had We a side of geographies. following business. growth million, We're of particularly revenue in Canada record good our diagnostic $X.X great momentum Europe also recent quarter by seeing across Prosigna and the all on

approximately which half XXXX, for the first guidance in the we us previously $X For revenue expect generated million revenue of in we would of and Prosigna the now $X.X Prosigna top range. at end million revenue Prosigna our year, provided put

expand with We biopharma our menu in are collaboration to companies. working

LymphMark submit results underway, well the preparations study. pending robust assay Our to from a PMA PL/BCL for ongoing Phase our are III

can product of after includes biopharmma In workflow, adoptive of companies. over starting characterization growing the upfront discover XX T aimed we're is that product CAR recently treatment. product. nCounter believe process manufacturing In to at addition, rapidly we major cell response deployed parallel, biomarkers a developing our immunotherapy collaborating characterization field We now the in the cell of major challenges uniquely technology new adoptive which CAR have panel products and and T-cell evaluation including with to T-cell therapy, patient be expansion, to that their in addressing begun for suited developer fitness and address material,

drive Our second XXXX strategic objective therapeutic applications. areas new to is for nCounter into and

major and new address fields. in introducing questions have neuroscience, prioritized panels consumable immunology these We that scientific

panels initiatives Immunology the and during also the accounting users, of positive, Neuroscience two of Sales quarter. legacy this fields, up panels on through first a focused nCounter-related with We focus a with more number the outside neuroscience of immunology our neuroscientists seeing products oncology three seeing researchers immunology many of focus new as the in from area in inflammation and the interested and sales nCounter these are more in were diseases. of are customers, oncology of two Like of academic the the of neurodegenerative the portfolio about new increasing research these of indicators and and recently accounting that most these neuroscience positive who primarily in instrument XX% of adopters area impact their the these our immunology for panels. are we've include XXXX for already from of with both an Earlier impact initiatives system largest are year-on-year Leading biopharma on customers brands, during fraction strong XX% is entered roles of marketing. than respectively. second more we're field with NIH already market immune number growth. disease. companies, and representing future launch our half is benefiting development

to us increasingly neuroscience expect We become for an important over market time.

platform digital objective launch profiling is of to our spatial third Our the early year-end. initiate by access strategic

beginning successful sites will complement to experience platform consortium access Broad place pathology program quarter. research optimize the we of Oregon could network technologies a single at our tissue to led DSP of commercial already remains excellence a funneled sites a Detection cell Cancer goal to five to tremendous from of a their impressive analysis led in DSP of better receiving in centers reinforce pioneering lab for be the at DSP information genomics imaging Director biology, using limited of of technology at program Faculty experience scheduled a manufacturer readout Much and extract the We The the which highly that be prototype will finalizing in three by digital This been sending biopharma and Technology with data for demonstrating our DSP program our date for excellence of Institute share their the customers which Knight These Broad ahead. second Program, early cancer. and to will at disease both and Health of of and Center of major focus image XXXX. morning, and paces have European conduct this our This began the are high-impact self-signaling center Chair for on projects customer with access Institute's NanoString opening early have treatment. the the profiling, sites spatial populations expected will workshops our in a the This The will to utility months or XX Access Group awareness. latest users be rarest excellence which beta utilizing in being commercial access of expertise committed sequencing led Blank, objective, the biomarker scientific the meeting. with well customers Research. the access generation in quarter spatial Together platform. generate biopsy Christian in will this Esener, as new academic University and will full processing centers positioned the in The which pace Each motivated them & on of maximum on interest own that will first already at will launch, and the our interest the instruments. for from be has characterize spatial we're OHSU, OHSU who and in this of in launch. to look immuno-oncology completed contract early expected and DSP is DSP activities DSP. the projects been Early announced we clinical will applications for recently NanoString integrate provide of with samples laboratories beta the where Sciences instruments customers internal program to by will to Cancer have area. in additional DSP Institute, the to commercial help increase Immunology understand each DSP to and XX achieved is an presented will full next successful believe will Demand putting already DSP and And announced projects utility algorithms. early we've at substantial lead have Netherlands our field fourth from instruments This initiated alone. into to early ahead expanded access interest by of researchers. Institute sites work feedback and them the are Sadik out to of we beta half immuno-oncology on DSPs and connect allows strong, launch. to development an generated. that access DSP and well Overall, launch, we we Cancer explore is specific center Netherlands OHFU DSP we've Leader each the a issue of our distinct announcing initiatives, July, by is track instruments perform data in world's As These Institute cell our Aviv Regev, during and forward early through place the pre-existing generating used

Hyb Our commercial fourth on remains in strategic launch & the our program advance year to a This toward Seq for platform track. XXXX. objective is

rapid Lam collaboration & for Association up with order-to-right in Hyb update We of utility the fall, Hyb public performance. is for where planned & illustrate Seq's Seq the showing Research plan time. of and is are next chemistry great and potential at turnaround promise the the simple platform's maximizing in Molecular to meeting executing The workflow clinical the that program our the partners scaling we're we

our call year. for the I'll financial the review update quarter guidance Now and turn Tom the our to over second for results

our you, I results opportunity year. have am to pleased discuss outlook Brad. quarter the for of to XXXX the second our updated Thank and the for

growth product revenue year-over-year of $XX.X, and the service was quarter For representing of second XX%. XXXX,

and growth consumable to quarter $XX.X end the of and revenue XXXX for last of which XX% sales second guidance from half and million upper representsXX% our quarter second $XX.X XX% for product rate the half as year. in performance above Product first X% prior million, range of revenue total compared brings year. first to instrument the Our included growth the sales. total service That’s to of the service for $X.X is

this over of benefited record $X.X million Life annualized to was growth XX% reflecting from past sciences includes Prosigna, Service in base sciences pull at installed million was and another in several XX% instrument quarter with also approximately XX% year QX $XX.X the Life Technology we've Our sales, to consumables grew growth revenue sales XX% observed compared revenue, driven was the total was trend for Prosigna guidance. consumable year-over-year over collaborations upper consumables now panel quarter growth. of year-over-year. $X.X of million. revenue $XX,XXX system, by basis second of system the quarter end Access excluding more Revenue in than quarters. the time million bringing per our on Consumable last at our of Prosigna through $X.X with an increasing an program the from – DSP recognized year-to-date installed base second the $X.X projects. million increase consistent

from $X an was of improvement resulting prior Investment across shift. $XX.X recognized accounted in our bulk expense sales derived The $X.X driven $XX.X second of the collaborators collaborators approximately million. from the increase quarter, total received mix and majority from collaboration-related was cash cash revenue For margin compared million, the XX% to was million was increase for The support Merck of our product of & bringing R&D from XX% million Seq the by for and XXXX. was that quarter. year-to-date from we XX% service to offset received the base our during and received cash and our and increased over larger amounts received primarily partnership Celgene the the of Research Lam installed on revenue with program Lam for in smaller year. consumable payments Gross Hyb second quarter we as program with our sales collaborations. by Research quarter

expense as Excluding funded QX R&D Seq have XXXX by been would prior Hyb lower the development expenses Research, our year. Lam to in & compared

to DSP, launch. from our significant a In away now investment addition, relates expense that remaining a portion platform in is less commercial of new our our year R&D than

$XX.X of mid-July, to quarter, as we of based commercial Our and short-term our $XX quarter approximately net Stocked for million increase to period. million the million investments. the cash quarter to compensation the million ended the expense an $X.X for the primarily of just the with investments made concluded XXXX. excludes expand of XX% compared financing SG&A the This the specialize expense result our was the of in balance of was increase and second and which reporting we impact end after proceeds $XX.X added investments equity cash of was quarter channel. short-term and This

now Turning to our financial outlook.

our quarters post of exceeded XXXX. guidance growth in of second product we and expect product year, We and service have the for revenue this the now revenue and double-digit first to entirety and service

we result, outlook service raising a As our full product and the revenue for are year.

product For the confidence of higher million to of of pull compared and per of through rate $XX,XXX XXXX, as to driven revenue our $XX our we than million, growth XX% and in growth to which and continue an a compared is consumables $XX to trend service service to XXXX, XX% revenue that technology range the revision full program. to our product and end now full is representing growth. as XX% revenue the revenue guidance $XX,XXX to increase expect of original upward year driven revenue year range our will our by system DSP to service greater in guidance access annual outlook This expected product by by service and X%

prior trends first the guidance to are from observed range margin positive XX% year. to half range raising of XX% growth We also XX%, to our given the the market the XX% of in

spending collaborations, project cash expect may for received share net by includes impacted is backdrop, press in to the collaborations in recognized year. timing amount net the loss exact We we our the narrowing that we both million. that can expenses total any received detailed collaboration expect of full and the in our given recognize revenue for approximately collaboration and for $XXX affirming ready guidance release. prior $XX to per for of year GAAP total shift Currently, from are guidance may estimated be activities, revenue relative and Note and ranges our million With revenues loss which which our to partners, operating cash our million $XXX we from still period. revenue

for $XX.X from of XX% service XX% revenue the Revenue prior $X the represent total quarter the to approximately quarter over which to and and of revenue we collaborations, – million we on would million Moving recognized expect XXXX, $XX.X of XX.X to third growth million. year. third million, expect approximately of product million to $XX.X

now the financing, sheet, of XX balance following equity to million we our approximately recent cash Turning hand. our of on have completion

support XXXX. through with this In the Seq of in Research year for to addition, & continue collaboration Hyb to we balance our financial receive Lam expect for and

We the business the today our to grow. to to demonstrate time resources business conclude in interest we you that around opportunities discussion. as continue believe in as now and and development we in interest DSP financial also it back anticipation NanoString, and to to turn capital Brad for for have provide prospects I'll various other and growth continue your nCounter Thank your

we to a driving Thanks experiencing nCounter our positions during leg our have our capital of of made commercial of the through that Tom. interest for second need commercial following next infrastructure instrument. and believe I'm the the growth, nCounter closing, will We're business we've in full In double-digit DSP our our launch groundswell we in financing our core that growth us XXXX. year. growth to to enhancements pleased execution with balance to next launch the continue which With behind DSP, and us, quarter drive continue

open for questions. your like the we’d call Now to

And Peterson Morgan. question our from JP with [Operator Tycho Instructions] you. comes Thank first

line open. is Your

kind about about then for you that talk need think three launch a more gave but OHSU, Broad use early see we you DSP displacing commercial to start think launch, the just the that be for And technology? cases channel any thinking how bit other Brad, you and thanks. IHC? Hey you how too? little of the full I the customers launch I'm of know as you about ultimately I about I'll guess, investments and examples can the with and ahead the using we curious, should make access

Tycho. Thanks,

really a genomics. DSP opening whole new of So field is up spatial

on tremendous understand markers that expression and going about research the response we displacing that customers not, think look we – that tissue, researcher think slide and to four to do customers demand developed to parts we which and the that are technology in expression to, outpouring a our generally immunohistochemistry, felt We be academic the We have is in we'll be localized to biopharma complementing it. slides. four those made. to a varies speaking both protein rather, from every tissue. XX different for clinic. to across that different be how clear, is not that be to just can is means understand use they And how but DSP limited immunohistochemistry But changes need not average that markers of of Today, RNA at wants well-established in a to

in neurological is wiring biomarker infiltration into launch really informative in on at informative of use in cases, that their centered second the time that's spatial so there, issue The an tumor of is seeing specific through penetrating the special a about really cells about matters area customers but they only the of be expression the immuno-oncology, highly not complement with the on it which on around DSP immune IHC high an capitalizing how of made cells to a it high we're researchers they've would in cells profiling. spatial DSP. and the in to. that And we'll use therapy just research specific want where the what's at cases many flex far number A that of neurology, case you type get is is tumor. and see interest, specifically in adjacency we our far, have, where where to a immune addressing protein that how something neurons where So is those can are large into immune patient going proteins, It respond disease. look to traditional likely

And and at year. both the half the full of first to we'll come upon so targeted consumables market launch next with immuno-oncology neurology commercial in

biomarker-focused channel investments, nCounter terms initially, is of to appeals, research, same news great the with primarily today. In and researchers that the address DSP we the

through need So of invest only complimenting already our a reps small year. them this product will specialists, – in DSP we've existing our number instrument and of some we'll sales we be to with DSP whom hired selling which

So as a not overall, base. increase launch, expect operating expected get we we we upon continue customer the rather to major to of same wave into SG&A the sell leverage do DSP primary

have on also follow front-end you Okay, just T that’s opportunity, opportunity how about helpful. any you and can And the potential up, we XXX collaboration? think for loaded revenue about the the you how then revenue IO NCI comment Does then for the a should both economics Car for Thanks. this think there?

Sure.

revenue generate of the classic So with T not research characterize type very per the Car I line collaboration scale our six-figure term comparison a diagnostic would companion the a just, collaboration, on next revenue is It to in material as the near in revenue in a collaboration collaborations. couple modest quarter this us by for that amount quarters. that's will collaboration probably, in

of we growing in us and can those work biopharma generally become consumable in could to the panel that though, our field. T things that are products importantly sell there beginning that are working that contribution field a could line, important who have XX-plus allow develop appealing rapidly as and into XXXX Car those More companies in cells revenue

is really so us, begin year. for primary to for the next and we'll impact that the So the feel, still collaboration motivation

– the On other was the – question alright.

enhance our will collaboration line the growing NCI-sponsored to for up special IO panel. continue that researchers unlock giving revenue show guess the fastest panel by same were characterize XXX the our in is to I way. NCI already would demands what opportunity to So able in The product, much and I the sales the access of,

consumable XXXX. a heading to in second that and see half So pull-through into you can expect the

Okay, thank you.

our question And Catherine Baird. next comes from Schulte you. with Thank

is open. line Your

the for questions. Hey thanks guys

taking You talked seems about more prudent. guidance which approach year, this comes disciplined when a it to

what look in you year, of extra conservatism? like feel your as there? areas, where any the of is wondering level comfort So at you've just Is baked the there half back you

as ranges a many characterize set our times we've I balance guidance for XX% today. strike And guidance updated end in the way discipline that beginning year-over-year that's imply last the the the to think range, rate year, that of and about since of we Catherine, gave the year. we’ve the talked I quarter We're think the we year, top growth in of of X% the entirety would growth compared every a to year-over-year single as and double-digit confidence.

in So characterized approach. since taking that of we've first beginning I provide provided we we're that good prudent as feel the the the that I've have, year. the feel guidance outlook is I we that a about we growth that range meet think the we With of year, think setting the approach, comfortable and said, and half the about we that today to used that guidance with can as sometimes that exceed terminology we consistent and the

so pull-through, posted just some far been ramped have curious the then us off. your going. consumables you far on qualitative reps paying could is focus for results And that those given consumables reorganization Great. of and addition how straps has if seems like so how the But remarks you've give it

your inside sales consumable-focused Brad. reps. the both in Yes based invested reps has is on and sales have field absolute this success based It telephone-based an in been to

reps. week-to-week changed day confidence we visibility spend our probably steadily has We're degree a applied and sales the of productivity in on have sales. of lot to instrument one, in hard our geographies, week it's the every consumable for base consumables and predictability reps existing higher managing seeing consumable only linearity their where the to a the we're having gone unburdening where It's the the specialists, outside ahead need our through seeing a see field the business. installed in have a we're and thinking of who of think are on accountable spillover effect And the a in making from them base. consumables for that linearity our the that invested consumables of also increased that actually that In I trajectory really we by the company of instrument more productive we those you about seeing out effort, have, the consumable therefore level more quarter, our also business. created bookings days people sales that's basis

And so we've made channel where asking as long investment up instrument set good term same especially, take we the about we we'll the instrument XXXX, to head success. that think reps new into for we a a those DSP, on in feel be consumable in in it's us

Okay. And last one from me.

after about funnel. an you you the could on interest grants wondering, launch? commercial you a your many ramp Just if far? pace of customer DSP update thinking give initial How the full us have quoted so And are how

nCounter had DSP were when customers delighted absolutely leads current about meeting, or XX% our expressing go many And and we at time, which Early already we in our how meetings our ASCO, already of major we're are the sales time, year, interest of late to interest. asked in that Since of is like DSP. that of so January, booth and XX% half at our approximately our was traffic booth existing Yes, AACR the DSP-focused. reps interest level customers expressed that receiving. national nCounter

either We grants in to that of can next instruments biopharma budget as academic companies, as for well the year. the instruments they for world write who want get have an or quotes dozens quoted purchase to researchers instrument in researchers

And really that no in premium price instrument our point. of we've a – As compared the we which at quoting back our last priced lineup. described push $XXX,XXX, call, we have at to the rest really been had is

here done marketing Certainly we great really prelaunch deal in the that's feel and more at it's about than NanoString. development ever overall funnel been So funnel it's good building. a

you. thank Great,

Thank from you. next [Operator Steve comes And Morgan question Instructions] with our Beuchaw Stanley.

Your line is open.

DSP reactions Hey and beta time to what want the the is, XXXX then it about nCounter. I of things better I about And on remember as neat hardware have launch you've the seen feel I'll focused wonder customer you in think makes to of in-house, the the in that launch on DSP keep for pacing any there, first. think to One here. the Is existing is franchise? if hardware if reasonable – thanks or that, us nCounter how for an the see of it to an incremental hardware, any about DSP driver I half? read you in that one the consumables you allows out a first

Yes. Great question.

have They've hardware, our beta with the round pleased began We've in the during beta of hardware. coming we first July. very received on first So been systems.

their verification our launch and have outside. paces eight fourth commercial to the Obviously, excellence company – about betas In putting and customers be We some are begin half of go systems of access and earmarked prior to per and them our – centers been NanoString to inside early beta our full to and we've validation at another by earmarked are placement approaches customers. total shipping end of the outside quarter. here here earmarked them the a stay in getting of ready goal at those to put to with to them through

think DSP way. the I I guess In terms about effects launch, of this second do I of the – think order it

them neurology the equipped likely to are the kind so of be of who group, of to that many address. in the on focused existing well are into going the field nCounter is our immuno-oncology DSP sell problems users, DSP already first to The biomarker and exactly

an think to developing DSPs may So And make incremental may launch up that there's next Broad to that for probably you based there's an And in science market, what's do into read-out an sample we've I we’d do incorporating are than agree that's center the the we for about the But be which excellence I addressable of I first launch you NGS sure researcher DSP possibility and of be Institute's NGS. with time, – launch hope And introduce on while finally, the strategy. out out the into cell there a single-cell research about already strategy, on if to instrumental launch single to And DSP matures. read technology early launching really solutions with is audience if we incremental Institute. I aspect can the next People sequencing. the critical with so customers is DSP, world no the point to sophisticated replacements a NGS readout potential that by we'll to why that that to as we'd have first the that launch And however begun our people nCounter [indiscernible] be exciting single-cell the DSP spatial SPRINTs instruments. affordable be embrace think who current users of on, that together. today, very experience. opened There's of larger be into out our many idea at through most biology. a And be time instruments nCounter Broad prep generation DSP that much of single-cell our of wave. were bundles sequencing we generation buy pulls XX,XXX will broader not placements. today. it I'm And would expect those our is version a basically

installed NGS we all for opportunity. the installed our I base most three driving the importantly, of the market nCounter So into think selling those to people of base the new who read want Selling really, have into and opportunities. growth instruments; out maybe that exits; nCounter

you Thank Brad. great. That’s

and the mix. the is mainly be future the on after that incremental I it's that a you you how wonder more they some applications of tail? think forward SPRINT-centric? little Are SPRINT and for get the new categories do these about you that trajectory the others to go become want as It whatever that if initiative one has to applications neuro think the like, into business. a similar, SPRINT like of you And more and bigger pointed out might function the to seems Just that about for immunology also wave neuro? in next immuno piece

see in Yes strength I mean, we're the delighted SPRINT. to

pharma demand across oncology the as from, call, smaller Within are – – nearly much biopharma both think maybe not therapeutic as large we're not capacity realm, into or seeing areas of would what actually SPRINT I'll well I as oncology, new of applications. and been it whose who a lot capital generated needs are companies has company's that public that venture are are just be. well financed recently are

I that focused So neuroscience applications. oncology which delighted driving like user SPRINT we're think in non-oncology. really for which for applications NIH see the SPRINT and are base and across do primary both new growth that is seeing immunology We're But important neuroscience brand demand immunology developed, and to good was into it academic the field.

leading incremental there nice big from adding a we or academic a of say lot markets neuroscience? it's beyond don't I therapeutic across areas being those for what question six three, be genomics. we was, that more about think said, think your think in five demand enter covered as And likely the and I part and that immunology is, really areas XXXX. we've SPRINT think be important be talking market. we'll that's indicator new That U.S. I XXXX I for I'd three now, we'll four, guess will

substantial to we'll our on then I launch. focused DSP incremental towards and commercial turning think those the markets continuing be energy penetrate

much so Thanks guys.

And questions. I’m the remarks. I'd call further to you. to showing no like At closing Farrell any for Doug time. this turn Thank back

for Thanks today. very much joining us

replay available numbers for the is XXX-XXX-XXXX. If it portion will XXX-XXX-XXXX. ID be any callers in there Domestic the same miss couple International dial the you hours. of The caller dial call, please next XXX-XX-XX. did conference please both, a are

for you thank time. that with your So

participating today’s conference. for in gentlemen concludes you today’s thank and program. Ladies This

Your may disconnect. day. have Everyone a great all