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spk00: Greetings and welcome to the Electric Core second quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. Please make sure you mute yourself. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star then zero on your phone. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Goldberger. Thank you, sir. You may begin.
spk01: Thank you all for participating in today's ElectroCorps earnings call. My name is Dan Goldberger. I'm the Chief Executive Officer of ElectroCorps and I'm also a member of the Board of Directors. Joining me today is Brian Posner, Chief Financial Officer. Earlier today, ElectroCorps published results for the second quarter ended June 30th, 2024. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make statements during the call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including without limitation any guidance, outlook, or future financial expectations or operational activities and performance, are based upon the company's current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, You should not place undue reliance on these statements. For a list of the risks and uncertainties associated with the company's business, please see the company's filings with the Securities and Exchange Commission. Electric Cord disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. This conference call contains time-sensitive information that is accurate only as of the live broadcast today, August 7th, 2024. ElectriCorps was founded in 2005 to commercialize the use of our proprietary non-invasive vagus nerve stimulation for medical and general wellness applications. The vagus nerve is the longest cranial nerve in the body, bringing information from the visceral organs to the brain. Stimulating the vagus nerve affects many important autonomic functions in the brain and in the body, including neurotransmitter levels, inflammation levels, and metabolism. Surgically implanted vagus nerve stimulators have been available from other companies for more than 40 years for chronic conditions like epilepsy and depression, so a large and growing database confirms the safety and efficacy of the techniques. Building on that science, Electric Core pioneered non-invasive vagus nerve stimulation, and our products are now available by prescription for certain headache conditions and without a prescription for general wellness and human performance. Our pipeline of potential future indications and products continues to grow as clinicians, researchers, and wellness advocates conduct investigator-initiated trials to become more familiar with the benefits of non-invasive vagus nerve stimulation. We are excited to report our seventh consecutive record revenue quarter at $6.1 million for the three months ended June 30th, 2024, a 73% increase over the prior year. That's a 69% five-year compound annual growth rate. We reported 86% gross margins and a 46% reduction in the company's net loss from the same period in 2023. We continue to make progress towards positive cash flow as revenue increases, gross margin expands, and we maintain discipline around operating expenses. Brian will discuss the financials in more detail later in the call. We launched our U.S. prescription headache business in 2017, selling primarily to specialty pharmacies. Since then, our prescription headache business has grown worldwide, including sales that are covered by national health systems, such as the VA hospital system in the United States and the National Health Service in the United Kingdom, cash pay sales through prescriber professional channels, and through certain managed care systems in the United States. We launched two new non-prescription general wellness product lines last year. Truvega is a direct-to-consumer health and wellness brand and TACSTIM is our brand for human performance for active duty military personnel. Truvega sales exceeded our expectations for the quarter. We reported small TACSTIM sales for the quarter, but added substantially to the funnel of future opportunities. The VA hospital system continues to be our largest revenue channel. You'll recall that our Gamma Corp prescription therapy is free to patients covered by Veterans Administration benefits. representing about 9 million covered lives across approximately 1,300 healthcare facilities. Sales in the VA channel grew 120% to $4.6 million in the second quarter of 2024 from $2.1 million during the second quarter of 2023. 160 VA facilities have purchased prescription GammaCorp products through June 30th, 2024, as compared to 138 through June 30th, 2023. The VA Hospital Administration Headache Centers of Excellence estimates approximately 600,000 patients are being treated for headache in the VA hospital system. We've dispensed gamma core devices to approximately 6,100 veterans since 2022, representing approximately 1% of the total addressable market within the VA system. We use several contracting mechanisms to support sales to individual VA facilities including open market access, our federal supply services contract, and our distribution agreement with Level Government Services. During the second quarter of 2024, sales through Level accounted for approximately 27% of our VA sales, up from 13% during the first quarter of 2024. Truvega is currently positioned as a direct-to-consumer general wellness product for stress, relaxation, sleep, and mental acuity. For the second quarter of 2024, Total TrueVegan net sales were approximately $572,000 as compared to $290,000 during the second quarter of 2023. Our revenue return on advertising spend, what the industry calls a media efficiency ratio or MER, was approximately 2.81 in the second quarter. In other words, we're spending $1 to generate $2.81 of revenue. Truvega return rates increased slightly to approximately 10% of shipments. In April 2024, we launched Truvega Plus, our second Truvega product offering. Truvega Plus is a mobile app-enabled general wellness product. The first few months of sales of Truvega Plus have again exceeded expectations And we are enthusiastic about the potential our new mobile app enabled product provides for future iterations of our technology and engagement with consumers. Since launching Truvega Plus, we've sold approximately 1,200 handsets and customers have conducted approximately 60,000 sessions using the mobile app. We believe that the Truvega business can scale nicely if we maintain or improve these metrics. Most of our Truvega revenue is generated through our e-commerce platform, www.truvega.com. Following the successful launch of Truvega Plus, we are exploring other channels to reach consumers, including influencers, affiliates, and resellers. TACSIM for human performance is being sold to select Air Force Special Forces and Army Special Forces units for accelerated training, sustained attention, reduced fatigue, and improved mood. as defined by the Air Force Research Laboratory or AFRL. No prescription is required and more information is available at www.taxtim.com. For the second quarter ended June 30th, 2024, we recorded $55,000 of TACSTIM sales as compared to $311,000 during the same period last year. We announced the commercial launch of our second generation TACSTIM handset in June 2024. This version was developed in collaboration with AFRL and we believe that at least some TACSTEM sales were deferred as customers waited for the new handset. We have a growing sales funnel for TACSTEM and we continue to believe that revenue from this product line is likely to be lumpy as active duty units purchase in bulk for pilot deployment. To that end, we expect revenues for TACSTEM in the third quarter and back half of 2024 to be higher than in the second quarter and first half of 2024, respectively. Our U.S. prescription Gamma Core channel, including GC Direct and G Concierge, recorded revenue of $476,000 during the second quarter of 2024, up 7% from $445,000 in the second quarter of 2023. There were 2,216 cumulative revenue-generating cash-paid prescribers as of June 30, 2024, from 1,451 on June 30th, 2023. We previously stated that we expect at least some of these customers to migrate to the Truvega brand as awareness grows, so we are modeling flat revenue from this category for the time being. We began experience that migration during the quarter as certain G Concierge customers are evaluating the Truvega product line. Last year, we announced a distribution agreement with Jones Healthcare LLC that we believe will add more than 12.5 million covered lives within a select managed care health system. The business model with Jerns is similar to how we work with the VA hospital system. Jerns handles adjudications, billing, and collections, while Electric Core ships directly to patients and provides in-servicing and patient support. Our field sales team is responsible for building awareness among clinicians within those managed care systems. We continue to work with Jerns on the implementation, including the expansion into new geographic territories. Our field sales function is developing champions within the targeted managed care system. And while it is taking longer than we had hoped, we still believe Jerns could be an important source of revenue growth in the second half of 2024 and beyond. Revenue from channels outside of the United States, OUS, increased by 9% to $464,000 in the second quarter of 2024 as compared to $424,000 for the second quarter of 2023. Most of our OUS revenue continues to be generated in the United Kingdom by prescription gamma-core sales funded by the National Health Service or NHS. Now I'd like to turn to our scientific progress. Last week, we announced that the Air Force Research Laboratories published a paper entitled Transcutaneous Cervical Vagus Nerve Stimulation Enhances Second Language Vocabulary Acquisition While Simultaneously Mitigating Fatigue and Promoting Focus, in the journal Scientific Reports. The paper is based on a study that was conducted at the Defense Language Institute in Monterey, California, U.S. Department of Defense's premier language school, and was supported by the DARPA Targeted Neuroplasticity Training Program. The paper showed a significant positive effect of NVNS on language recall. The paper goes on to document that the recall advantage that emerged during training was sustained after the completion of treatment. Two of our investigator-initiated trials, the acute stroke trial in Leiden, Netherlands, and the gait and mobility trial in Parkinson's disease in Newcastle, United Kingdom, have been fully enrolled, and we expect to report top-line data later this year. We continue to work with the FDA on a pathway for post-traumatic stress or PTSD label, but that timeline continues to be uncertain. We'll provide updates about our pipeline and other opportunities as they become available. Now, I'd like to turn the call over to Brian for a review of our financials. Brian. Thank you, Dan.
spk03: Net sales for the three months ended June 30th, 2024 were $6.1 million. an increase of 73% as compared to $3.6 million during the three months ended June 30, 2023. The increase of $2.6 million is due to an increase in net sales across the majority of our major channels, including our prescription Damacor medical devices sold in the U.S. and abroad, and revenue from the sales of our non-prescription general wellness Trivega brands. Gross profit increased by $2.3 million for the three months ended June 30th, 2024 compared to the three months ended June 30th, 2023. Gross margin increased to 86% in the three months ended June 30th, 2024 as compared to 84% for the three months ended June 30th, 2023. Total operating expenses in the second quarter of 2024 were approximately $7.9 million as compared to $8 million in the second quarter of 2023. Research and development expense in the second quarter of 2024 was $600,000 as compared to $1.2 million in the second quarter of 2023. This decrease is primarily due to a significant deduction in investments. Selling, general, and administrative expense of $7.3 million for the three months ended June 30th, 2024 increased 458,000, or 7%, as compared to $6.8 million for the comparable period in 2023. This increase was primarily due to our greater variable selling and marketing costs consistent with our increase in sales. GAAP net loss for the second quarter of 2024 was $2.7 million, or 38 cents per share, as compared to the $4.9 million net loss of $1.03 per share for the second quarter of 2023. This significant improvement was primarily due to the increase in net sales to $6.1 million for the second quarter of 2024. Adjusted EBITDA net loss in the second quarter of 2024 was $1.9 million as compared to adjusted EBITDA net loss of $4.5 million in the second quarter of 2023. These improved results are also primarily due to the 73% increase in the second quarter 2024 net sales. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss has been provided in the financial statement tables included in today's press release. Cash, cash equivalents, marketable securities and restricted cash June 30th, 2024 totaled approximately $14.5 million as compared to approximately $10.6 million as of December 31st, 2023. In June 2024, the company raised net proceeds of approximately $9 million through a registered direct offering and concurrent private placements priced at the market under NASDAQ rules. And now I'll turn the call back over to Dan.
spk01: Thank you, Brian. I am incredibly proud of our continually growing revenue and the operating leverage we're seeing in the business. Our operating metrics, especially revenue and gross margin, continue to beat internal expectations, and I'm very enthusiastic about the company's long-term prospects across all brands and product lines. Demand for our prescription GammaCore therapy in the VA channel continues to grow based on clinical performance and our increased presence in the field. Our FSS contract has been extended to September 14, 2024, and we continue working with our VA contract specialists to secure a new follow-on contract. We have approximately 40 straight commission sales agents representing about 90 to 99 reps in the field, managed by our small team of territory business managers and supported by our customer experience team. This hybrid structure is very scalable as we deploy prescription GammaCore around the country. The Truvega Plus launch has been favorably received by the market. The brand continues to show tons of potential as a direct-to-consumer general wellness offering. We're selling Truvega products through our e-commerce site, www.truvega.com, and we will explore expanding the Truvega proposition through new product offerings and new channels to increase the lifetime value of each customer as we go forward. The pipeline of interest from different branches of our active duty military continues to develop for our TACSTEM products. Q2 2024 sales of TACSTEM were impacted by the timing of the launch of our new handset and should resume in the back half of the year. We expect the TACSTEM revenue will be hard to predict in the short term, as active duty units evaluate and purchase in bulk for pilot deployment. Longer term, we continue to believe that there may be civilian crossover as first responders, elite athletes, transportation workers, traders, and e-gamers become aware of the human performance benefits published so far. During the second quarter of 2024, our sales and marketing expense increased by approximately $286,000 over the second quarter of 2023. while sales grew by $2.6 million. Most of the top-line revenue growth of $2.6 million dropped to the bottom line as our net loss declined by $2.2 million, signaling real leverage in the P&L. Further out, we're working towards establishing additional indications for prescription gamma-core to treat post-traumatic stress disorder, opioid use disorder, and other clinical opportunities. In June 2024, we raised net proceeds of approximately $9 million through a registered direct offering and concurrent private placements priced at the market under NASDAQ rules. We had $14.5 million of cash and equivalents in June 30, 2024, and we will maintain discipline around fixed operating expenses. We expect that commissions and media spend will scale with revenues, and we model approximately 30% of related sales on a blended basis. Therefore, we expect that our cash used will continue to decline sequentially as revenue increases. In summary, I believe the business is demonstrating operating leverage and we will have a variety of levers to pull to continue growing the business. I'm confident that we can generate positive cash flow early next year with the financial resources on our balance sheet at June 30th, 2024. At this time, I'll turn the call over to the operator. Operator, please open the line for questions.
spk00: Thank you. We will now be conducting the question and answer session. If you would like to ask a question, please press star then 1 on your telephone keypad. If you would like to remove your question from the queue, please press star then 2. We will just pause for a moment to allow questioners to enter the queue. Your first question comes from Jeffrey Cohen with Leningrad Bowman.
spk02: Hey, Dan and Brian. How are you?
spk05: Hey, Jeff. Hey, Jeff.
spk02: Okay, so I've got a bunch. Some are short, though. Shares outstanding where we are currently as far as a good number, 7.1?
spk03: We have 4.6 million outstanding and then about another 1.6 million of pre-funded warrants that go into the EPS calculation.
spk02: So what did you use this quarter, 7.05?
spk03: Yeah, for this quarter on the table was an average of 7 million, 7.046.
spk02: That reflects the June range, though?
spk03: That's correct.
spk02: Okay, got it. So thanks for that. And while I have you on, Brian, what was cash loss for the quarter? I got the adjustment number of 1.9 and the gap 2.7. What was the cash number?
spk03: The cash used from operations was about a little bit under $1.8 million.
spk02: Okay. Fantastic. Okay, so a couple other questions. I guess I wanted to get a little more advice related. So the second-gen text in black that I saw, Dan, that's going to be back half, stronger than front half, perhaps sequentially based, but probably lumpy and a bit shy of what we previously thought. That's more like, I don't know, one million, one and a half million for a year maybe?
spk01: That's, I've got visibility to at least that number. You know, the deliveries this quarter were held back waiting for the official launch of the new generation. So those are good numbers for walking around with and it'll be, we have a large commitment in the fourth quarter for delivery in October, so we're pretty comfortable with the range that you have.
spk02: Got it. Okay. And maybe talk a little bit about XUS, and we've heard a lot about the NHS in the UK with Gamma Corps, but other territories, other territories prescription-wise, as well as other territories DTC-wise?
spk01: So, yeah, UK... We have expectations that it will continue to grow sort of mid-single digits in the 4%, 5%, 6% range. It's a steady eddy kind of a business. And we do not have visibility on other geographies getting into reimbursement at this point in time. So other geographies are more of a 2025 story. Okay, got it.
spk02: Commercial-wise, the TrueVega versus the Plus, the differential is the 350 two-minute sessions on the regular TrueVega and the TrueVega Plus, which is unlimited with the fancy different colored caps available. Correct. Correct. Okay, and that's $299 versus $499.
spk01: That's exactly how our marketing folks would like you to describe it.
spk02: Yeah, I wasn't sure if I wanted the pink or the green one, but I went for the summer translucent charcoal color. Just saying. Okay, I got it. So U.S. payers in the case of description focus, I know you're working on jurors. Does it feel like More U.S. payers can come around. Could there be a point, perhaps Medicare as well, where in another zero to two or three, there's a large amount of payers being covered?
spk01: So we're really focused on getting traction and penetration in the insurance managed care relationship. And we think that's going to be an excellent benchmark or reference case for the more traditional national and regional payers. We do have had some small payer wins among the regional payers, some of the blues in local geographies, but we're really, with a small team, we're focused on making the insurance managed care relationship really jump out later this year.
spk02: Got it. And then lastly, talk about those two papers, one on stroke, one on gait. The second one's in the UK. The first one's where and when will we see that? And we'll be at a conference.
spk01: So, yeah, so the stroke trial is being done in Leiden in the Netherlands and was fully enrolled in the first quarter of this year. And these are both investigator-initiated trials. We have no influence on the timing of when the data is going to be available. They're both European trials, one in the UK, one in Netherlands. And you know better than I do that academics take the summer off, so it's been a little bit frustrating getting any communication from them in the short run. But I'm looking forward to being able to speak more clearly about the top-line data both for the end of the year.
spk02: Okay, perfect. Thanks for taking all my questions. Appreciate it.
spk01: Of course, Jeffrey. Thanks for your support.
spk00: Your next question comes from Anthony Vendetti with Maxim Group.
spk07: Thank you. So, Dan, so, you know, the commercial payers, I know that's something you're working on, and I know that it takes time, as we know, but maybe just an update on where you are with some of them and, you what the expectation is for the rest of this year in 25?
spk01: Yeah, so the VA hospital system is fully reimbursed for veterans that are covered by the VA hospital system. In the Jern's managed care system, which is larger as measured by covered lives, we went on formulary in January of this year And it's really now more of a develop clinical champions and get penetration within the system than it is getting payers. So that's what our field sales team is focused on right now is demonstrating clinical adoption and driving penetration of that healthcare system. And similar to Mr. Collins' question, we really want to demonstrate that we can grow the business before we start directing resources to some of the other more traditional national payers in 2025. Okay.
spk07: Makes sense. And then would you attribute the year-over-year decline in tax stim to the – maybe anticipation of your commercial launch of the next generation of TAC-STEM?
spk01: Yeah, that's exactly what I was trying to say, is that the Air Force and Army were very aware, very closely involved in the development of a new version of TAC-STEM, and so all of those orders were deferred until we could reliably supply the new heavier black handset.
spk07: Okay, makes sense. And then lastly, I know there's a number of potential applications for the Gamma Core. What is the next one you intend to hone in on and focus the team on?
spk01: Yeah, so PTSD, we announced breakthrough designation a few years ago. We've been working with the agency on the path forward to get a specific indication for PTSD Substance abuse, there's a pivotal trial that's being sponsored by NIDA, National Institute on Drug Abuse, that is enrolling patients and will read out in the beginning of next year. So those will be the next two sort of categories of label extensions that we're looking for for VEGAS simulation. Perfect. Great.
spk07: Thank you so much. I'll hop back in the queue. Appreciate it. Yep.
spk01: Thanks, Anthony.
spk00: Your next question comes from Sean Lee with HC Wayne Ride.
spk05: Good afternoon. This is Sean, standing for RK. Thanks for taking my questions.
spk01: Hi, Sean.
spk05: Of course. Hi, guys. So with VA still being your biggest customer and the U.S. federal fiscal year coming up soon, I was wondering if you could elaborate a bit more on the contract extensions and how that's going on. Should we expect any changes for next year? Are there any extensions that you could go into? Thanks.
spk01: So, yeah, so we're working with the contract agent to get – a new five-year FSS contract. That office has just been slow, and as a result of their backup, they've been giving us these three-month extensions, which is frustrating because it doesn't impact our business on a regular basis. We do expect to get a small price increase through that process. A larger percentage of our business is going through level where the economics are slightly more favorable. Level, you may recall, is a small service disabled veteran owned small business. They did 13% of our VA hospital business in the first quarter. They did 27% of a larger number in the second quarter and we're perfectly comfortable moving a larger portion of the business to their contracting mechanism and having multiple channels to be able to service that customer.
spk05: Great. Thanks for that. And my second question is on the, in the prepared remarks, you mentioned the effectiveness of vagus nerve stimulation for accelerating language learning. Just wondering, is that something that's specific to Taxton, or is that also applicable to Truveca, and do you have any plans to market towards that?
spk01: So the trial was done with GammaCore headsets, And it was funded by the Department of Defense. The clinical results absolutely transferred to TACSTIM and could probably be inferred for Truvega, but Truvega delivers a lower dose, so you would need more sessions with Truvega to get the same mental acuity benefits. The more general comment is yes. It's fundamental. The learning advantage, the cognitive enhancement is fundamental to the way this vagus nerve stimulation works and should be applicable across our product lines.
spk05: Great. That's all I have. Thanks for taking my questions.
spk01: Of course.
spk00: Your next question comes from Tyler LaChan with Bookline Capital Markets.
spk04: Hey, Brian and Dan, can you hear me okay? Yep. Okay, fantastic. Thanks for taking my questions. I've got two quick ones for you. I don't know if I missed it during the presentation or not. Do you happen to have an updated VA DOD facility count for this quarter?
spk01: The number that we reported on the prepared remarks was 160. Okay, 166. I must have missed it in there.
spk04: And my second quick question for you. So the language learning data was very interesting. I noticed on clinicaltrials.gov there were a few new indications that had popped up from independent investigators, amyloid clearance or supplementary amyloid clearance, and then also the VA running what looks like an alcohol use disorder trials. Do you have any comments on those new kind of indications or takeaways?
spk01: Yeah, so the alcohol is a spin out of the work that's being done on opioid use that NIDA is supporting, and the pilot results are very compelling. These are all investigator-initiated trials, so we're not necessarily privy to the structure of the trial. And in many cases, we're actually selling handsets to the investigators who have independent funding. So we don't have a lot of input. But, you know, we love the research interest, and it all adds to the body of knowledge around vagus nerve stimulation and could lead to future indications.
spk04: Great. Well, thank you guys very much. Appreciate the time. Thanks. Thanks.
spk00: Your next question comes from Walter Schenker with MAZ Partners. Walter? Walter, your line is open.
spk06: Yes, if I take myself off mute, it works better than if I leave the mute button on. Good.
spk01: We hear you better now, Walter. How are you?
spk06: Okay, well, I'm good. And my plug on the thing, my wife is good, too, as an enthusiastic user of the device. We both are. I've got my brother-in-law and a whole bunch of people. It would be correct that the majority of the dollars raised in the recent equity raise was raised from people who are either in management or in some way affiliated with the company?
spk01: Absolutely. Yeah, directors and officers.
spk06: Right. So they put in $5 million of the nine, correct? Correct. It's worth pointing out to people, it's an unusually strong result for a small company. Not a setup question. It's frustrating to me as an investor, given all of the interest in the VA system, the additional research The fact that they are the people who have done most of the work on the PTSD, and you've indicated, although there's no hard data, some degree of use off-label beyond headaches, that still the penetration, either in the headache area or broadly in the VA system, is so low. Is there a partner or something? I know Lovell has really upped the game, I guess. Is there some way, except hospital by hospital, region by region, to get a real step up in penetration given how few of the hospitals after all this time you're in?
spk01: Yeah. Look, Walter, it's a great observation. I do think, and if you talk to our sales leadership, that we're starting to see a bit of a tipping point. where there's good recognition awareness that the technology is available for headache and is available for some of these behavioral health indications off-label and I think you're going to start to see that penetration accelerating as we roll into 2025 we're always open to partnerships where we've had a variety of conversations, but nothing that's close enough to really start to brag about.
spk06: And lastly, again, a comment I made this to you, but I want to make it again, especially for the TrueVega Plus, and you've mentioned this, more is better in using your technology in vagus nerve stimulation. And that Two minutes twice a day is not as good as four minutes twice a day or four minutes three times or four times a day, which my wife does. And I think it's useful and important, either on the site or broadly, to continue to explain and try and inform people that if you use it more, it enhances, even going back to learning, where you said because The people in the trial used higher levels of stimulation. To get to the same place, you'd have to use the consumer product more time. There really needs to be a greater push by the company that more is better as opposed to just two minutes twice a day is not really a great place to be. You should be using it more.
spk01: You're absolutely right. I think you'll start to see that in our marketing and advertising or promotional information, especially when you're looking at the wellness opportunities for mental acuity, for focus, for quality of sleep. You're absolutely right, Walter. All of the data shows that More sessions leads to better outcomes. But, of course, you have to trade off the convenience for the consumer and end user, how much time they're willing to devote to getting those general wellness benefits. But in my personal experience, I do it quite frequently, especially on a stressful day like today.
spk06: And it's easy enough to use watching TV. looking at your computer or doing other stuff with your hands. Don't need your hands while you're doing it. Just to sit there and do it's pretty easy. Okay, my head's done. Thank you, Dan.
spk01: Thank you. We appreciate you, Walter. Have a great day.
spk00: There are no further questions at this time. I would like to turn the call back over to Dan Goldberger for any closing comments.
spk01: Thank you, Operator, and thank you all for joining today's call. Our employees are working tirelessly to deliver products and therapies that improve the health and wellness of patients and customers. The team's done a great job of staying nimble, scaling the business, creating operating leverage, and responding to the needs of our customers. I also want to thank the healthcare professionals and their patients for their loyal support of GammaCore therapy and consumers for adopting our Truvega product for general wellness. Thank you all and have a good evening.
spk00: That does conclude today's conference. You may disconnect your lines at this time.
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