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spk06: Good day, ladies and gentlemen. Thank you for standing by. Welcome to the C-RIS Corporation fourth quarter and full year 2022 earnings conference call. At this time, all participants are in a listen-only mode. After this figure's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 101 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 101 again. Please be advised, Today's conference is being recorded. I would now like to hand the conference over to Joel Trujillo, CIRIS's Senior Director of Investor Relations. Please go ahead.
spk09: Thank you, and good afternoon. I'd like to thank everyone for joining us today. As part of today's webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.ciris.com. With me on the call are Obi Greenman, CIRAS's President and Chief Executive Officer, Kevin Green, CIRAS's Chief Financial Officer, Dr. Lawrence Karash, CIRAS's Chief Scientific Officer, Vivek Jayaraman, CIRAS's Chief Operating Officer, and Carol Moore, CIRAS's Senior Vice President of Regulatory Affairs and Quality. CIRAS issued a press release today announcing our financial results for the fourth quarter and year ended December 31, 2022 and describing the company's recent business highlights. You can access a copy of this announcement on the company website at www.cirrus.com. I'd like to remind you that some of the statements we will make on this call relate to future events and performance rather than historical facts and our forward-looking statements. Examples of forward-looking statements include those related to our future financial and operating results, including our 2023 Product Revenue Guidance and Goals, operating expenses, anticipated cash use from operations, gross profits and gross margins, as well as commercial development efforts, future growth and growth strategy, future product sales, product launches, ongoing and future clinical trials, ongoing and future product development, and our regulatory initiatives, including the timing of these events and activities. These forward-looking statements involve risk and uncertainty that could cause actual events, performance, and results to differ materially. They are identified and described in today's press release and under risk factors in our Form 10-K for the year ended December 31, 2022, which we will file shortly. We undertake no duty or obligation to update our forward-looking statements. On today's call, we will also be discussing non-GAAP financial measures, including non-GAAP adjusted EBITDA. These non-GAAP measures should be considered a supplement to and not a replacement for measures presented in accordance with GAAP. For a reconciliation of non-GAAP financial measures to comparable GAAP financial measures, please refer to today's press release. We'll begin today with some opening remarks from Obie, followed by the best to discuss some recent business highlights and Kevin to review our financial results. We will conclude with commentary from Obie with closing remarks. And now, it's my pleasure to introduce Obi Greenman, Cirrus' President and Chief Executive Officer.
spk04: Thank you, Joel, and good afternoon, everyone. In 2022, Cirrus kept up its momentum in progressing on our goal to safeguard the global blood supply, building upon efforts in establishing intercept as a standard of care in multiple geographies, most recently in the U.S. On our last several calls, we have spoken about the momentum the business has seen in the U.S., We continue to see this trend play out in the fourth quarter, the sustained growth of our Intercept platelet business, driven by excellent commercial and operational execution, as we manage the growth with an evolving manufacturing capacity expansion. Our success in deploying the Intercept blood system for platelets in the U.S. drove a record year for the company. The significant growth the company has realized over the past five years is enabling Cirrus to lead a paradigm shift in transfusion medicines. Here is pre-release strong 2022 top line results in January. I'm happy to report that in addition to a robust top line, the company has driven sustained margin expansion, run the business with low cash use from operations over the past several quarters, generated leverage from our SG&A investments, and ended the year with a very strong balance sheet. We remain encouraged by the foundation for growth upon which our core business franchise is built. and expect the few near-term challenges we referenced in our pre-release to moderate as we progress through the remainder of the year. Having established Intercept as a standard of care in many national markets now, we have placed a substantial focus on being a trusted and reliable partner to our customers, with over 13 million Intercept platelet and plasma doses transfused to date. To realize our mission, Cirrus continues to work with its partners to expand manufacturing capacity in multiple facilities, to position itself to continue to grow intercept blood system adoption in 2023 and beyond. We see significant opportunity to grow our top line over the next several years, and now in 2023, we'll have the necessary capacity to realize that growth. This growth is expected to be supported by the extension of our leadership in markets we currently serve, the serving of new geographies such as Canada, China, and Germany, and the commercial success of new products, including our Intershield Fiber Engineering Complex. The opportunities ahead for Cirrus, particularly in the context of the organic growth of the company's total addressable markets, or TAMs, are significant. We expect these TAMs to continue to grow, surpassing $1.5 billion and $200 million for the global and U.S. playbook opportunities, respectfully, over the next five to seven years. driven by mid-single-digit overall playlet demand growth. I would now like to turn the call over to Vivek to discuss the fourth quarter revenue highlights.
spk07: Thank you, Obi, and good afternoon to everyone joining today's call. Product revenues for the fourth quarter of 2022 grew 10% on a year-over-year basis and 11% on a sequential basis, once again driven by a strong contribution from our U.S. playlet franchise. In North America, we saw continued growth in platelet utilization across U.S. blood center customers, with product revenues growing 27% year-over-year and 16% sequentially. In EMEA, ongoing currency headwinds adversely impacted year-over-year results. However, a 6% increase in volumes relative to the third quarter drove sequential product revenue growth of 3%. You will recall during the fourth quarter, we announced that Sears secured Health Canada approval for a seven-day platelet shelf life claim. The company has been diligently working with Canadian Blood Services, or CBS, to deploy the Intercept blood system in Ottawa. This approval allows CBS to begin rolling Intercept out across their network of blood centers. This rollout is ongoing, and I look forward to providing more updates about our progress in Canada on a future quarterly earnings call. I will now turn it over to Kevin to discuss our results and outlook in more detail.
spk03: Thank you Vivek and good afternoon everyone. With our substantial revenue growth in 2022 and our disciplined approach to operating expenses, we continue to move the business ever closer to our goal of cash flow breakeven. We expect this dynamic will continue during 2023. We posted fourth quarter 2022 product revenue of $44 million, representing year-over-year growth of 10%, led by sales in North America. Full year 2022 product revenues of $162 million were up 24% year-over-year, also driven by North American sales. FX headwinds continue to impact the top line. negatively impacting reported revenues by 4% for the fourth quarter and 5% for the full year. This headwind was offset by intercepted sales growth across our U.S. customer base, with sales to the largest blood center customers growing 18% year-over-year on a quarterly basis and 47% year-over-year on an annual basis. Meanwhile, Sales to other blood centers grew 44% year-over-year on a quarterly basis and 59% year-over-year on an annual basis. In EMEA, as previously mentioned, the continued strength of the U.S. dollar negatively impacted the comparable growth year-over-year as reported in U.S. dollars. This FX headwind impacted sales throughout 2022, and we anticipate that it will continue at least partially through 2023. Accordingly, our annual revenue guidance is based on US dollar to Euro parity for the year. I'll discuss this further in a moment. Looking at pure growth of kits sold, full-year platelet kit growth in the US was 49% on a year-over-year basis, while growth internationally was 9% on a year-over-year basis. And full-year growth from the calculated number of treatable platelet doses reflects a 48% year-over-year increase in the U.S. and a 12% increase internationally. In terms of product mix for the quarter, sales of Intercept disposable kits represented over 93% of our Q4 product revenue and approximately 95% of our full-year 2022 product revenue. which is incremental to our product revenue and is not included in our annual revenue guidance, totaled $7.3 million in Q4, up from $6.8 million in the prior quarter. As a reminder, in addition to the work with U.S. BARDA on red blood cells and the whole blood initiative supported by the FDA, our award from the Department of Defense for Lyocryo, a non-frozen lyophilized formulation of IFC, will be recognized on this line over the next two years. The contract with the DOD is a milestone-based contract, which differs from the bill as incurred contracts that we have with BARDA and the FDA. Turning now to our product gross profit and gross margins. Our fourth quarter product gross profit was $24.5 million, compared to $20.4 million during the prior year period. an increase of over 20% year over year. Product gross margin for the fourth quarter was 55.7%, up more than 450 basis points when compared to the prior year period, and 35 basis points sequentially. As we've mentioned before, with the majority of our COGS denominated in euros, the strengthening U.S. dollar is supportive to our gross margins. particularly for sales of products that are U.S. dollar denominated. In addition, as our volumes have increased and the COGS reduction efforts that have been underway take effect, we expect to see modest but continued improvement to our gross margins. Moving on, our fourth quarter operating expenses total $41.8 million. up from $37.6 million in the prior year period, driven primarily by investments in R&D. By expense type, fourth quarter R&D expense totaled $18.6 million compared to $15.6 million during the prior year. Fourth quarter SG&A expense was $23.2 million compared to $22 million in the prior year period. But we all have to contend with inflationary pressure. We are committed and remain focused on driving financial discipline in order to deliver operating leverage and improve bottom line results. On the bottom line, reported net loss attributable to Cirrus for the three-month end of December 31, 2022, was $13.6 million, or $0.08 per share, compared to a net loss attributable to Cirrus for the year-ago period totaling $9.1 million or 5 cents per share. Our fourth quarter losses as reported by our non-GAAP adjusted EBITDA narrowed by 14% in total to a negative $3.7 million compared to a negative $4.3 million during the fourth quarter of 2021. Full year 2022 losses as reported by our non-GAAP adjusted EBITDA We're 58% better than the prior year total, with the full year 2022 figure totaling to a negative $12.4 million compared to a negative $29.5 million for the full year of 2021. We're very pleased with our progress on this front and remain steadfast in our efforts to reach our stated goal of reaching cash flow over 18 months. Turning to the balance sheet and cash flows, We ended the fourth quarter with a robust cash balance of $102.2 million of cash and cash equivalents on the balance sheet. In terms of cash utilization, our cash used from operations for the year was $25.6 million compared to $33.9 million during the prior year period. To finish my update today, I'd like to wrap up with commentary around our full year product revenue guidance. our expectations of improvement across a few key areas, and our confidence in achieving cash flow breakeven during the year. As we announced in January, the company expects full year 2023 product revenue to be in the range of $165 to $170 million, reflecting a challenging macroeconomic environment, as well as a few shorter-term factors that we expect to moderate as we move throughout the rest of the year. As I previously mentioned, we are assuming parity of the U.S. dollar to the Euro in our guidance. This assumption creates a more difficult comparison when looking back at 2022, which had average rates of around 1.05, with the early part of 2022 seeing rates as high as 1.15 and the back half of the year as low as 0.97. Today, spot rates are around 1.06. And while we can't predict where FX rates will go in the future, we will continue to provide you with updates on future calls. In sum, we remain confident in our ability to execute on our commercial plan, and we expect to see improvement across a few key areas during the year, including gross margin expansion, lower cash use from operations, and increased operating expense leverage. As such, we anticipate realizing our goal of achieving cash flow breakeven as measured by our non-GAAP adjusted EBITDA metric in 2023. With that, let me turn the call back over to Obi.
spk04: Thank you, Kevin. While we continue to make progress, as Kevin just outlined, towards achieving cash flow breakeven, we're looking forward to a number of milestones related to the expansion of market opportunities and our development portfolio. One component of our global expansion strategy is our China JV. We are finalizing the preparation of the China dossier, and we'll provide an update on the status during our next earnings call. Second, the company is working diligently on developing its LED-based next-generation illuminator. This project is advancing towards completion, and we are performing the studies required for regulatory submissions globally. Next, with respect to the intercept red blood cell program in Europe, The competent authority, CBG, reviewed our dossier and has sent Cirrus a list of questions, many of which related to chemistry, manufacturing, and controls, or CMC. And Cirrus is in the process of gathering information and collecting data to draft a comprehensive response. Finally, regarding BARDA-funded RBC Phase III clinical study progress on Recipe and Redis, we anticipate completion of enrollment in the second half of 2023. and in the end of 2024, respectively. As a reminder, RECIPE is a U.S. Phase III trial designed to evaluate the efficacy and safety of intercept red blood cells in patients requiring a transfusion for acute blood loss during complex cardiac surgery, while REDIS is a Phase III study designed to evaluate the safety and efficacy of intercept-treated red blood cells compared to conventional red blood cells in regions impacted by the Zika virus. In summary, we expect to build upon our commercial momentum in 2022 and leverage the solid foundation we have built for future growth globally. We have multiple opportunities before us as we look out over the next few years, and our improving financial profile and focus on cash flow breakeven will allow us to self-fund these opportunities. Importantly, we look forward to further expanding access to Intercept products for patients in the years ahead and providing a definitive safeguard for transfused blood components in the name of pandemic preparedness. With that, let me turn it back over to the operator for Q&A.
spk06: Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. One moment for our first question. Our first question will come from the line of Matthew Blackman from Stiefel. Your line is open.
spk08: Hi, good afternoon, everybody. Thank you for taking my questions. I'll start with a multi-part question and then one follow-up. I just wanted to circle back on Red Cross and maybe just explain why we shouldn't view the inventory management going on there as a sign of what's called perhaps softer demand. Is it simply that, and these are just my words, you tell me, that after sort of successfully scaling production over the last couple of years, Red Cross doesn't need, let's call it something like safety stock, just anything that helps us sort of understand what's going on there from an inventory demand side. And the follow-up is, is this a phenomenon we should be considering or concerned about for other customers in 23 and beyond? Just any sense of, you know, do you have contracts that are up in 23 that we should be thinking about? Really just how much visibility you have on the platelet demand excluding Red Cross as we think about 23. And then I'll have one follow-up. Thank you.
spk04: Thanks, Matt. Vivek, would you mind tackling the two-part question? And I think the second part of that question would be good to cover the organic sort of platelet growth that we typically see on an annual basis.
spk07: Yeah, sure. I'd be happy to. Hey, Matt, thanks for the question. You know, I don't think that you should interpret this any sort of indication about impact on demand or anything along those lines. We are seeing there are broader macroeconomic factors that have influenced the need to Better manage inventory and get to more reasonable power levels. I think what we've been able to do not only with Red Cross, but really with all of our key customers is to be more nimble and to ensure that we can provide the right amount of supply and an as needed basis. And so the need to carry a lot of inventory, I think has been largely mitigated. We don't anticipate this to be an ongoing issue through the balance of 23. I think we indicated at the beginning of the year that this would Acutely impact us in the 1st quarter and probably the 1st part of the 1st half of the year, but then start to normalize and. See growth again in the back half of the year, underlying. Platelet demand and platelet shipment to hospitals continues to grow and we continue to see share capture in terms of utilization of PR and. We, just based on our channel checks and continued demand at the hospital level, we anticipate that'll continue. But it's really managing through this first quarter where we see the acute issues.
spk08: Okay. I appreciate that. Thanks. And then how should we be thinking about the business outside the U.S. platelet franchise? Let me just sort of talk about some of the puts and the takes in international. Obviously, you've got Canada, Germany. You know, I did notice in the fourth quarter that, you know, you obviously had some FX headwinds, but it did look like if I look at treatable doses, they were down internationally in the fourth quarter. And maybe that's more representative underlying organic growth. Just help us understand about the international trajectory in 23. And I'm sure you're not going to give a specific IFC guidance range, but are there any sort of important mileposts we should be thinking about, whether it's clinical data, peer-reviewed case studies, anything like that as we sort of check on the progress of the IFC rollout in 23. Thanks.
spk07: Yeah, no problem. Maybe I'll tackle IFC first and then touch a little bit about international platelet growth. From an ISP perspective, you really addressed the right issue, and that's continued account growth, getting new users on, and we're getting a lot of good use cases now that are allowing us to really engage in peer-to-peer marketing where you've got centers of influence. Take Stanford, for example, that are getting experience with the product. You have Shands, and they're starting to communicate that experience to their peers and to other clinicians. And as you know, it's the peer-to-peer marketing aspect and experience sharing that really goes a long way. So that use case and case studies experience is really starting to grow, and we anticipate that that's going to be a driver of ongoing adoption coupled with continued investment in hospital-facing sales personnel who can develop clinical champions, generate demand, and ultimately pair demand with supply. So we have a lot of reason for optimism in terms of being able to drive continued adoption of IFC. And the more folks we engage, the more validation we get for the clinical utility and need of that technology, which is certainly heartening. From an international platelet standpoint, you're correct to point to Canada and Germany as some near opportunities to drive growth. You know, if you look at doses, the one thing I would call your attention to is that not insignificant portion of our international sales are through distributors, and they tend to do bulk orders. And so the clarity into then those utilization marketplace becomes a little bit more opaque. But having said that, There continue to be meaningful growth drivers, not only in the near term internationally, but then as we project a few years out, as Obi indicated in the prepared remarks, we continue to be excited about the opportunity in China with our joint venture partner. And there are significant markets internationally where there's been stated demand for PR, meaning to work through the regulatory and clinical process. Still a lot of opportunity to drive penetration of faster reduction in international markets for playlists.
spk08: I really appreciate that. Can I speak one quick one? Kevin, the cash flow breakeven in 23, is that a full year breakeven or you'll cross into breakeven territory at some point in the back half of the year? Thank you.
spk02: Yeah, the latter. We expect that we're going to continue to make steady progress. I think as we discussed in early January, When we pre-released, clearly the first half of the year on the top line, we'll see some headwinds due to the restocking, FX, et cetera. But we expect that to moderate and rebound in the back half of the year. So our prediction on reaching that cash flow breakeven as defined by our adjusted EBITDA is meant to suggest that at a point in time in 2023.
spk08: Got it. Thank you so much.
spk06: moment for our next question. Our next question will come from the line of Jacob Johnson from Stevens. Your line is open.
spk11: Hey, good evening, everybody. Maybe just for Kevin, just on kind of I appreciate the commentary around cash flow break even by the end of the year. As we think about gross margin and OpEx throughout the year, kind of any puts and takes on how those should trend throughout the year, especially maybe on the gross margin side as we think about the FX dynamics?
spk02: Mm-hmm. Yeah, I think we're going to see some, you know, as we mentioned in the prepared remarks, some modest but steady improvement to gross margins, really driven from economies of scale.
spk03: As you know, we've been working on a number of COGS reduction initiatives, which will continue to play out and contribute to that margin expansion. Offsetting that, of course, we're in an inflationary environment, and we're not immune to that.
spk02: But we've also had several years where we have been pricing our products for the value that we believe they're delivering. And so, all told, we expect that we'll see, like I said, modest but steady improvement. Call it, you know, 100 basis points or so of improvement and line aside into continued improvement beyond that.
spk11: Okay. Thanks for that, Kevin. Maybe go back to Vivek or for Obi. Just on the ISD side of things, I think, Vivek, from some of the things you said, you know, you're seeing some good use cases out there working to get kind of peer-to-peer communication. Can you just talk about any kind of key milestones for us seeing kind of growth pick up in the ISD or become more of that? that product to become more meaningful for you all? Is there any kind of additional data you need to publish? Do you need to hire more salespeople? Just how should we think about the drivers of kind of IFC hitting an inflection point?
spk07: Sure, happy to address that. And Obi, you certainly weigh in should I miss anything. You hit the right point there in terms of adding the feet in the street, continuing to get new accounts on contract and getting those initial uses, which will then lead to repeat utilization. So there isn't a environmental milestone in terms of publication of data or anything along those lines that we're waiting for. It's really about getting further at-bats with not only existing customers, but getting kind of newer customers into the batter's box. And that happens in large part by getting our reps out into hospitals, calling on accounts. And so that, the hiring process we made great strides in terms of getting new folks on the team. I've personally been very encouraged by the quality of candidates that have been applying and our ability to bring solid new sales talent into the organization that's getting them trained and getting them out into accounts. And so we're seeing continued good progress there, and that's what ultimately drives product adoption.
spk11: All right. Thanks for taking the questions. Thanks, Jacob.
spk06: And as a reminder to ask a question, That's star 11. Once again, that's star 11. One moment for our next question. Our next question will come from the line of Brandon Foulkes from Cantor Fitzgerald. Your line is open.
spk10: Hi, thanks for taking my question. Maybe just coming back to the Red Cross, any commentary in terms of what you've seen in January and February of this year, just in terms of that inventory work down? You know, maybe since you gave guidance, has it been as expected? And then maybe just on the red cells in Europe, you know, you talked about putting together a comprehensive response. Just any color in terms of timing when we may expect you to submit those responses? Thank you.
spk04: Yeah, Brent, I'll take the first or last part of that question, then Vivek, maybe you can cover the Red Cross. So with regard to the red cell CE mark process, you know, the dialogue that we have with CBG is underway and we're in the process of drafting responses to the questions they've raised. I think it's just too early right now to, you know, be prescriptive about timing, but we continue to be very optimistic about that program and our ability to answer the questions substantively. Vivek, do you want to cover the Red Cross?
spk07: Sure, I'd be happy to. You know, what I would say is that You know, it's early days, but year-to-date things are rolling out as expected, and it was that anticipation that led to the guidance we provided back around the time of the J.P. Morgan Healthcare Conference. You know, we're really fortunate to have a strong partner in the ARC, and they've really helped lead the way in terms of driving adoption of patched and reduced playlists. that partnership continues to be incredibly important to us and i'd say so far we you know it's an area where we continue to feel really comforted by the progress that we've made great thank you very much thank you brandon one moment for our next question and our next question comes line of joshua jennings from calen your line is open
spk05: Good afternoon. Thanks for taking these questions. Maybe, Obi, I wanted to just start off and ask about the other kind of four major blood centers and maybe some smaller ones in the United States. And have any other kind of stepped up and made a similar commitment as the American Red Cross to get to 100% intercept platelet kind of manufacturing run rate? Or maybe just how are they progressing? Maybe really focus on the other big four out of the big five.
spk04: Yeah, thanks, Josh. I'll start and then turn it over to Vivek maybe for some additional detail. You know, so they're all at sort of various levels, and some of that's a function of sort of what they see the hospital demand is. Some of it's just sort of what they operationally believe they can deliver against at any given time. So I guess it's a mix of different approaches. I'd say OneBlood is probably closest to the American Red Cross with regard to their overall desire to offer a product that they believe is operationally easy to use, as well as, and probably most importantly, just the safest possible product for patients. And then the others, it's a spectrum. Vivek, would you have any additional context around that you'd like to provide?
spk07: Yeah, no, I think you captured the key points. I mean, from our perspective, Josh, what we want to continue to do is ensure that we provide the right technology to enable for the big five blood center families to optimize their PR production and distribution. Some of that's governed by what hospital demand that they're seeing organically, and some of that's driven by the demand that they themselves are generating at times in partnership with us at the hospital level. We've seen good progress there. You know, the ARC came out and stated explicitly that they're going to lead the way in here. I certainly see that happening with others as well. But, you know, from our perspective, it's really about ensuring that we can provide the right supply at the right time, and we're seeing continued share capture, which is encouraging.
spk05: Excellent. I also wanted to just ask about manufacturing capacity build out. I'm sorry if I'm asking something that's already stated on the call. I'm catching up here a little bit. Can we just think about 2024 and where capacity will be in terms of what type of revenue run rate will capacity be able to support in 2024 versus where you're at today in the beginning, early days of 2023?
spk04: Yeah, thanks for the question, Josh. So, clearly in 2022, we were sort of in an active inventory management mode. And, you know, we're still, you know, sort of expanding the manufacturing capacity at multiple sites. So by 2024, we really should be non-constrained as it relates to potential sales opportunities. And that was the goal. I think really in this market, it's so critical that we are a reliable and dependable supplier to our blood center customers, given the role, an important role that they play. And so we really took that to heart and think I've done an exceptional job throughout 2022 and and want to continue to deliver against that goal for our future. And so we really believe that throughout 2023, we'll have that capacity in place, and it won't be a constraint on growth in 2024.
spk05: Excellent. And then maybe lastly, just to ask about the China submission. This may be old news now if you did provide an update in your prepared remarks, but But just wondering if there is an accelerated pathway that's open with your JV partner to submit without direct China data. And I'll leave it at that. Thanks for taking the questions.
spk04: Thanks, Josh. So, you know, the prepared remarks, we mentioned that we are in the final process of putting together the submission, so that's well underway. And we'll plan to give an update on the Q1 call. As it relates to the need for clinical data, that's still TBD. We are planning to submit with data coming out of Hong Kong. We just don't know yet whether that will be sufficient or whether in-country data will be necessary for a final approval. And then Carol's with me here. Do you have any thoughts around the expedited approval pathway or what our joint ventures approach is going to be there?
spk01: Well, we don't have a clearly identified and expedited approach at this time, but once we get the dossier filed and we can get into conversation with the NMPA, which is the FDA-like body there in China, once we can get into conversation with them, gauge the reaction, gauge the interest, then it's certainly my experience that they can They can do a lot to help us accelerate the review timeline based on the content of the application and the interest in the product. So we're going to do all we can to leverage those considerations once we get it filed.
spk04: Thanks, Carol.
spk06: Great. Thank you. Thank you. And I'm not showing any further questions in the queue. I'd like to turn the call back over to Obi for any closing remarks.
spk04: Well, thank you again for joining us today and for your interest in Cirrus. We look forward to speaking with you at Cowan's 43rd Annual Healthcare Conference next week in March and sharing our progress throughout the remainder of the year. Thanks again.
spk06: This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.
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