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spk08: At this time, all participants are in listening mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Monique Cossie.
spk02: Thank you, operator. Earlier today, HTG released its financial results for the year ended December 31, 2020. Before we begin the call, let me remind you that the company's remarks include forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond HTG's control, including uncertainties regarding the ongoing COVID-19 pandemic and its impact on HTG and its customers that may cause actual circumstances, events, or results to differ materially from those projected on today's call. Factors that could cause events or results to differ materially include those risks and uncertainties described from time to time in the company's SEC filings. HTG cautions listeners not to place undue reliance on any forward-looking statement. HTG is providing this information as of the date of this call, March 25th, 2021, and the company undertakes no obligation to update any forward booking statement. With that, I would like to turn the call over to John Lubniewski, Chief Executive Officer.
spk07: John? Thank you, Monique, and welcome, everybody. We're pleased to be here today to review our year-end and our earnings. It's hard to believe that we're just past the one-year mark, of a significant portion of the world being shut down are significantly impacted by the COVID pandemic. When we sat down 12 months ago to review our year-end earnings review, no one could have imagined this. We had just completed a strong growth year in 2019, and we're looking forward to continued momentum. The impact of this pandemic on our business and on our lives from that point forward was considerable. We saw many of our customers significantly reduce or completely shut down their operations in response to the COVID-19 pandemic. We saw borders close and governments issue stay-at-home orders throughout the world. Many customers froze or significantly adjusted their research budgets as they prepared for the uncertainty and reprioritized their development priorities toward COVID testing and other COVID-related studies. We felt the most significant impact of these changes on our business in the second and third quarters of 2020. In the fourth quarter, we began to see some signs of business recovery and expect that that will continue in 2021. While I can only hope that none of us will ever have to experience a year like 2020 again, I'm proud of the commitment that our team has shown throughout the year. The efforts made to reach our development goals and pivot in the face of commercial challenges has allowed us to be nimble and execute in the face of these extraordinary circumstances. Before I get into the details of our 2020 operating results, I want to take a minute to review our core beliefs and fundamental business strategies, which have guided us this past year, helping us emerge with a strong vision and a belief in what HTG can and will be. We believe molecular profiling is a cornerstone of precision medicine, and that precision medicine is a macro trend that is revolutionizing how patients access safe and effective drug therapy. We believe that by using the RNA transcriptome to understand the underlying mechanisms of disease will be critical to helping enable precision medicine. And we believe we have a highly differentiated platform technology for RNA gene expression. that can be leveraged in RUO profiling, pharma biomarker development, and clinical diagnostics. Yes, COVID-19 interrupted our growth trajectory for 2020, but our commitment and our belief in our technology and these large and growing markets has not changed. We continue to see the fundamental macro trend of personalized medicine driving an increased use of biomarkers, especially RNA-based biomarkers. 90% of trials fail clinical development, Add to that a 96% reported false discovery rate in preclinical screening. We believe these failures result from a lack of truly understanding the mechanism of action and poor validation in preclinical models of both the target and the drug. We believe our technology is an ideal tool to address this problem. Our technology can be used by researchers in academic medical centers and pharma to better understand disease and drug mechanisms of action. and is designed to be used to build diagnostics to select the right therapy for the right patient. We believe we have a cornerstone technology to help enable precision medicine. Okay, now to the numbers. Total revenue for 2020 was 8.5 million. Breaking that down, direct revenue, defined as product and product-related services revenue in our financial statements, was 7.9 million, down 46% versus prior year. COVID-19 impacted our revenue growth as 2020 unfolded. The revenue decrease included a large decrease in low margins of contracted laboratory services in 2019 that did not recur in 2020. Additionally, direct revenue results reflected customer facility shutdowns and subsequent delays or outright cancellations of planned studies, shipments of products to customer locations, or preparation of customer samples to be delivered to HTG for planned studies. Collaboration revenue was $700,000, a decrease of 86% from prior year. This reflects the completion of remaining procedures under existing arrangements and ongoing sales efforts to identify and contract new programs in this area. Now let me take a closer look at our direct revenue. where we've been working to diversify our customer base and we've been seeing some successes despite the challenges of the pandemic. Our strategies to diversify our customer base and to extend into markets other than oncology continue to have success late in the year. Sales to U.S. academic centers remain close to 2019 levels and sales to customers in Europe grew in 2020 despite the extensive customer and country shutdowns. We see this as evidence of continuing growth in our market adoption and of the opportunity for more expansion of HTG's market footprint once we clear this pandemic. On the publications front, we now have more than 265 publications that reference our HTG Edge Seek technology, doubling where we were just two years ago. We believe the growth in publications reinforces our belief that people are discovering HTG and appreciating what we can do to help them with their research. In biopharma, we experienced a large decline in the number of active programs in 2020. As a reminder, to include a program in our active programs metric, first, it needs to be a pharma-sponsored clinical trial. Next, it needs to be traceable in clinicaltrials.gov. And third, it needs to have generated revenue for HTG in the last 12 months. As I've discussed throughout 2020, the largest impact on our decreased revenue when compared to 2019 was in our pharma programs. A recent study from JAMA Network reported an approximate 60% decrease in the number of oncology clinical trials in 2020. With the largest portion of our business historically focused on oncology, we strongly believe the decline in oncology trials had a significant impact on our business in 2020. With many clinical trials delayed or canceled and many pharma customers closing facilities completely or opening only for critical COVID-19 related programs, we saw many programs time out during the year. We finished the year with 50 active programs, down from 88 at the end of 2019. Of the 88 programs we had at the end of 2019, 63 programs timed out due to inactivity or cancellation. However, despite the challenges faced in 2020, 25 of our programs that existed in 2019 were extended, and 25 new programs were initiated in 2020. Of these programs, we were also able to see that they represented programs from nine new biopharma customers, reflecting further diversification of our biopharma customer base. While we are slowly seeing our biopharma customers return to work and re-engaging in discussions for future programs, this has been the slowest area of our business to return and will continue to be an area of focus for our commercial teams in 2021. Turning to our strategic milestones and product development, we are delighted to have released our second technical white paper late last month, characterizing our planned transcriptome product that is in late stage development. RNA-seq is largely considered to be the gold standard for transcriptome analysis, but it requires complex sample preparation, substantial quantities of extracted RNA, and longer processing times to generate a quality sequencing library. RNA-seq technology typically does not perform well on partially degraded samples having relatively low-quality RNA. This becomes an issue as archival FFP tissue sections are often the sole means of addressing specific clinical and biological questions and tend to be low-quality RNA degradation. The data presented in our latest white paper was generated using a prototype of our HCG panel across multiple cancer indications, including melanoma, breast, colorectal, lung, and prostate cancer. this panel was able to profile the expression of approximately 20,000 RNA targets using significantly less tissue than RNA-seq and in less time. The highlights of the paper show that we were able to generate high-quality data from just one to two slides of FFPE. As a matter of fact, in 23 of the 24 samples run, we only required one cut of tissue compared to four to eight slides for RNA-seq. We had a 100% sample success rate with HTG's EdgeSeq versus a 75% success rate with RNA-Seq when testing FFPE samples greater than 5 years old. For FFPE samples greater than 10 years old, HTG retained its 100% success rate and the RNA-Seq success rate dropped to 63%, further reflecting the robustness of the HTG assay and its ability to generate high-quality data even from degraded samples. Our panel also demonstrated differences in biology between four different cancer types, breast, prostate, colorectal, and melanoma. Repeatability studies of our panel demonstrated Pearson correlation coefficients between 0.9 and 0.98, even on samples greater than 10 years old, demonstrating, again, the robustness of the HTG technology. Our panel demonstrated Pearson correlation coefficients across multiple tissue types of 0.82 to RNA-seq, demonstrating strong alignment, especially considering the type methods are different and we also use different sample types, FFPE for HTG and extracted RNA for RNA-seq. Our panel demonstrated Pearson correlation coefficients of between 0.9 and 0.99 across five different tissue types relative to ERCC spiked-in controls, demonstrating a high degree of accuracy. And finally, our prototype assay used in the second white paper also included improvements such as an optimized probe design, removal of probes for non-coding genes, and a new lysis step to lower background and improve robustness. We're excited by the data that was presented in the second white paper and believe it shows that our planned transcriptome panel can be used as a competitive alternative to RNA-seq for identifying differentially expressed genes. Overall, the data presented in this white paper demonstrated that the HTG panel can provide excellent robustness across a variety of tissue types, will be comparable to RNA-seq for gene expression analysis of FFPE tissue, and may be superior to RNA-seq in the analysis of archived FFPE samples or where FFPE samples exist in limited quantities. We've also expanded our early adopter program since it was first announced in 2020, in December of 2020, and it now includes 15 participating organizations. Not only are these organizations helping us with critical cohorts that we need to finish development, but we expect that this group will be the first customers for the product upon commercial launch. The next milestone for the program, design input lock, has already been completed here in Q1 and will be followed up by design locks currently scheduled for Q2. We also anticipate further improvements of the panel's design, workflow, and robustness during this optimization phase of development. With these milestones in mind, we believe we remain on track for formal design verification and commercialization beginning in the third quarter of this year. We continue to work at a very high level of productivity in our product development group and look forward to continuing to report out on our technical milestones as the year progresses. With that, it's now my pleasure to turn the call over to our CFO, John McMeans, for a review of our financials. John?
spk03: Thanks, John. Total revenue for 2020 was $8.5 million compared to $19.2 million for 2019. Direct revenue defined as product and product-related services revenue in our financial statements was $7.9 million in 2020 compared to $14.6 million in 2019. We believe this was primarily the result of a decrease in direct revenue associated with COVID shutdowns impacting all aspects of our business in 2020, with an especially extensive impact on our business with U.S. pharma customers who have been slower to return to previously planned studies and programs than our academic and European customers. In addition, in 2019, product related services revenue included significant levels of sample procurement and subcontracted laboratory services revenue for pharma customer programs, which did not recur in 2020. While we believe that there will continue to be some lag in our pharma business as clinical trial activity returns to pre-COVID levels, we are hopeful, based on ongoing discussions with our customers, previously planned studies and programs will resume as our customers return to normal operating levels. In 2019 to 2020, collaborative development services revenue decreased by $3.9 million, reflecting very limited activity on existing programs during the year. We currently do not anticipate additional revenue from our existing collaborative development services programs. However, we continue to seek potential new customer collaborations. Our cost of product and product-related services revenue decreased to $4 million in 2020 compared with $8.9 million in 2019. In addition to overall lower revenue, this also reflects a decrease in low-margin subcontracted laboratory services revenue in 2020 compared to the prior year. Research and development expense decreased approximately $4.5 million in 2020 compared with 2019, primarily related to the decrease in collaborative development services revenue and the full year impact of first half staff reductions made in response to reduce collaborative development services business. Costs related to our collaborative development services programs are recorded in research and development expense. Our continued new product research and development expenses unrelated to our collaborative development programs were approximately $5.6 million for 2020 compared with $7.7 million for 2019. Despite the complications created by COVID-19, our development team successfully met their milestone goals throughout 2020 and continue to do so in 2021, despite maintaining limited onsite activity in our Tucson-based facilities. This is to ensure the ongoing safety of our employees as the pandemic continues. Our operating loss for 2020 was 19.6 million, compared with 19 million for 2019. reflecting our successful management of operating expenses despite the pressures COVID had on our business in 2020. Net loss per share was $4.51 for the year of December 31, 2020, and $7.60 for the same period in 2019. This reduction reflects additional shares of common stock sold in 2020 through our at-market facility. In November 2020, we completed a one for 15 reverse stock split of our common stock. As of December 31st, 2020, we had approximately 5.2 million shares of common stock outstanding. We ended the year with $28.7 million in cash, cash equivalents, and short-term available for sale securities. We have sold approximately 1 million additional shares of our common stock through our at-the-market facility from January 1st through March 15th, 2021, for net proceeds of approximately $6.7 million. I will now turn the call back to John for closing comments. Thank you, Sean.
spk07: While the world continues to be impacted by the COVID-19 pandemic, we're hopeful that almost on a daily basis, we're seeing our market slowly recovering and moving back to pre-COVID operating levels. While we can't predict the pace of this process, we expect to regain our revenue growth momentum in 2021 and beyond. Our customer and market diversification strategies are working, and we expect to continue to add new customers and move our technology into new markets. We also expect that we'll be able to rebuild our pharma pipeline as more biopharma companies and clinical trials come back online. Additionally, we remain enthusiastic about the potential for our planned groundbreaking transcriptome product. The transcriptome project is running on time and on spec, and we believe the early adopter interest is a clear sign of the commercial potential for this product. This product will be sold into molecular profiling in academic medical centers, into biopharma as a universal companion diagnostic and as a platform for LDT technology development, as well as to other large centralized diagnostic companies. We believe we have a winning formula for the business. In 2021, our key priorities will continue to be to, one, look to regain our growth in our core base profiling business to help fund continuing operations and to create new collaboration opportunities. This is a billion-dollar market with robust growth, and we believe we're just scratching the surface for the opportunity for HTG. Secondly, we're looking to reload our pharma pipeline that was impacted by trial delays and cancellations. And last, we look forward to finishing, developing, and begin to commercialize our groundbreaking transcriptome product. With that, it's now my pleasure to open up the call for any questions. Operator?
spk08: Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants, it may be necessary to pick up your handset before pressing star key. One moment, please, while we both request a question. And our first question is from Alex Nowak with Craig Howell. Please proceed.
spk09: Great. Great. Good afternoon, everyone. I was hoping to start with the 15 organizations that have now signed up for the Early Access Program. Can you just provide some more detail? You know, who are these customers? What is the traditional makeup of them? Are they doing this for translational science, just for pure, you know, researchers-only sort of work? Just any detail there would be helpful. And then also just economics with those partners. Are they paying for the panel? Are they getting access to it for free? With anticipation they'll pay later. Thanks.
spk07: Yeah. Thanks, Alex. This is John. In regards to the kind of the demographics of that group, it's about third pharma, two-thirds academic translational medicine. It's predominantly being used in that transmed spot. It's being positioned as an alternative to RNA-Seq relative to, you know, really less sample, faster turnaround time. And in regards to the economics, the first couple samples that we're running, or first couple, were kind of quid pro quo so that we could get access to cohorts. But the expectation is that the vast majority of these will actually start paying for the product and will be essentially our day one customers when we launch in Q3. That's great.
spk09: I guess, how are you thinking about pricing, though? And any thoughts on do you plan to use any external partners to help with commercialization? And is commercialization still at Q3? Did I hear that correct?
spk07: Yeah, so full commercialization. Obviously, the early adopter program, is the start of commercializing the product because we're looking to build, you know, kind of build up market demand for the product. In regards to pricing, we're still finalizing that. Obviously, we're very aware that, you know, where RNA-seq is from a total cost standpoint and what other service providers are charging for full transcriptome RNA-seq, and we'll be looking to position the product relative to that.
spk09: That's great. You mentioned some of the competitive advantages. So I guess as you're going out there and talking to these partners or the potential partners in the academic centers in pharma, I guess what is the response that you're hearing from them? I guess what's the major pushback, and then ultimately what's the major interest that they have in the platform? Is it the ability to do this on degraded samples, left sample quantity? Where's the real secret software? why and why customers sign up so far?
spk07: Yeah, good question. I was actually surprised because I thought it was going to be something different, but it's turning out to be the assay failure rate associated with RNA-seq is a real pain point, especially on FFPE tissues. Again, I keep saying RNA-seq is a fantastic technology, but you need very pure and quite a bit of purified RNA And in the real world, specifically with retrospective cohorts, that frequently isn't the case. So the number one driver is our ability to deliver a quality data set from archived FFPE. What then follows, which also is a little surprising to me, was the faster turnaround time. The turnaround time that we cited in the paper assumes you've got biostats resources available to analyze your RNA-seq data. In many institutions, those are kind of precious commodities, and to go sample to data for RNA-seq can take weeks by the time you get it back from bio. So the turnaround time is kind of the ease of use with our bioinformatics is probably another big upside. In regards to adversity or headwinds, it's going to be the fact that RNA-seq is perceived as the gold standard. So we have to be able to provide something different and something better. And I think initially when we position a product in market, it'll be a coexist product. It'll be for, hey, if you've got FFPE or if you don't have a lot of sample left, this is a very good alternative to RNA-Seq where you otherwise might not. But then I think the benefits that we're bringing of ease of use, faster turnaround time, you know, high-quality data and low assay failure rate, I think will start, you know, nibbling into the rest of the business.
spk09: That's great. I guess just two quick questions. One on guidance. You know, no guidance here for 2021, but how should we be thinking about growth? Over the course of this year, should we think of sequential growth off the Q4 2.6 million number? Is that accurate? And then how are you incorporating WTTX into that growth?
spk07: Good question. So I wish I had a crystal ball that's going to say what each of the quarters is going to look like. We are expecting turbulence is probably a good way to put it in this year. And we've seen some of that in Q1 where we had some unexpected growth. border closures in Europe that impacted us and our ability to either install instruments or get samples out. And we saw some similar events in the U.S., both in academia and pharma. So it's going to be hard for us to predict every quarter, but we, you know, I continue to believe we will be back in, you know, that 30 to 40 percent growth range year on year uh i think it's going to be lumpy based on you know whatever wherever the hot spots are for for covid um and then what we've done with uh the the wttx or what we're now calling whole transcriptome is uh because we're launching in the second half usually we have a business rule not to layer in revenue for that so it's a pretty modest revenue contribution for uh 2021 Obviously, we'd love to exceed that with a strong early adopter program, but we're, I think, being conservative with that, but we do have very high expectations for the product in 2022.
spk09: Okay, got it. And then how do you think about need and desire to raise additional capital? It looks like you used the ATM again in the first half of the year, so I'm just curious. You got about two years of cash, it looks like, at the current burn rate. Why raise additional capital now versus wait towards the whole transcript on panel launches and starts to generate revenue at that time?
spk03: Alex, this is Sean. You know, we're just trying to be responsible for the balance and making sure that, you know, we have enough runway to get through these milestones that, you know, we've talked about on the earnings call. So, again, opportunistically enter the market. We have the tools available to extend runway, and as we indicated in the call, you know, we'll use them when we think they're appropriate. That's great. All right. Thank you. Appreciate it.
spk07: Thanks, Alex.
spk08: And our next call is from Kristen Koleska with Cantor Fitzgerald.
spk01: Hi everyone. Thanks for taking the questions. So I wanted to follow up about the 15 organizations through their Early Access Program. I know you're also using this program to collect, you know, any last feedback ahead of the launch in the third quarter. So I wanted to ask if you could talk about the diversification across these pharma and academic translational medicine centers, are they using it all for different reasons, and how has the process been about collecting real-time feedback?
spk07: Yeah, so it's a very structured process. We actually had demand that exceeded kind of the capacity for 15. We're probably going to sign up more. I think we're directionally looking toward maybe 30 by the time it's all said and done. Right now, we're also trying to get releases so that we can actually start naming some of these folks, because to date, we're still under CDAs with everybody. But no, what we're trying to do is really push this assay around and see how it performs in what I would call the real world. So we've got a white paper where we procured samples, but what we want to be able to do is you know, beat it up with other tissue types beyond the five that we've looked at, and then begin to expand it into other sample types like PAX gene, like, you know, cells, purified RNA, et cetera. And then this is the time where we're going to make all the final assay tweaks, if you will, to really get this product as robust as possible and, as previously mentioned, starting to charge people for the use of it so that we've got day one customers.
spk01: And of these 15 organizations, can you speak to how many were involved before the publication number two for the white paper? And to that note, just curious about the feedback that you've gotten since this white paper two came out, if it answered some of the questions that lingered since white paper one came out?
spk07: Yeah. If you remember, white paper one, the RNA seek arm failed. which is why in the second white paper we increased the sample load for the RNA-Seq to four to eight cuts of tissue to make sure that we had more than, hopefully more than adequate sample load. And we ran that against one cut from HTG. So by having both arms of that study, we were able to show the Pearson coefficient correlation of 0.82 of our product relative to RNA-Seq, which was an important data point. And then again, we followed up with the ERCC controls, which we would consider to be synthetic truth, if you will, to demonstrate accuracy. And again, our correlations there were 0.9 to 0.98. So I think that was a big piece of additional data. However, the 14 new customers we signed up, or new organizations we signed up going into the year, were signed up before that second white paper came out. We're very bullish on that product, I guess. Commercially, it's looking good.
spk01: Great. Thank you so much. Appreciate it.
spk07: Thank you, Chris.
spk08: And our next question is from Yu Cheng with HC Wainwright. Please proceed.
spk04: Hi, this is for each end. Just really quick, can you comment on potential market size of the whole transcriptome panel? And maybe if you can touch upon the projected revenue from this panel in 2021 and 2022, that would be appreciated. Thanks.
spk07: Yeah, sure. In our investor decks, we've done quite a bit of analysis on what we consider to be the RNA gene expression profiling market. We sized that at around $1 billion, growing at about 15% per year, so we expect it to double over the next five years. So we see that as the total available market for this product. So it's a pretty big market. Now, this product is not going to do everything that RNA-Seq does. RNA-Seq does other things like looks at methylation and the like. But 80% of the utility of RNA-seq is gene expression. So, you know, we're hoping that we can, you know, gain either high single-digit or low double-digit share of that market with this product. It's not lost on us that our top-selling product today is our whole transcriptome microRNA product. And that's a much smaller market, much more niche. So we're, again, cautiously optimistic that we've got a great product in a big and growing market with all trends picked on. And in regards to total expectations, you know, we'll know a lot more on that once we're on market for a quarter or two.
spk04: All right. That's it for me. Thank you.
spk07: Thank you.
spk08: And our next and final question is from Sudha. with SBB Lyric.
spk05: Hey, guys. It's Leslie today on for Puneet. Thanks for taking my questions, and congrats again on getting the second white paper out. So I guess starting on the whole transcriptome product, John, you mentioned a number of customers that you're focusing on in the early days of launch when that time comes. Just curious about a third pharma and third academic in the early adopter program. How has this kind of influenced your plans on launch and what type of acceleration can or should we be expecting to see the P&L or on the extent side of things when the launch does come?
spk07: Yeah, again, usually we have a business role. It's a great question, Wes, that if something comes in the second half, we generally don't plan, you know, substantial revenue for it and we kind of almost leave it as upside Now that being said, because the feedback continues to be very positive from the early adopters, and there's kind of more demand to come into that program than we can currently handle, we're actually looking at expanding our commercial team. So we've kind of opened up a couple additional sales territories that we had not originally planned, because we really want to drive this as hard as we possibly can when it becomes available. And, you know, it's Q3. That is still looking real good, and that's a risk-adjusted plan. And we're really through all the heavy lifting. We're through design input lock. We're really close to design lock. And that's the last big trigger before we go throttles up for the product.
spk05: Great. And then I guess just following right off of that, should we be expecting any additional updates on the data front or additional papers after the lock's complete, or will that wait until commercialization?
spk07: Yeah, we'll probably have one more big white paper to support commercialization.
spk05: Okay. And then I guess switching gears a little bit, on the pharma side of things, you highlighted a number of trials that timed out during the year and efforts. this year to bring more trials on board. Do you anticipate any of those timed out trials coming back into the funnel? I mean, just having them starting back up again, essentially?
spk06: No, I don't. I think because there's usually a time sensitivity for the market windows that these customers are trying to hit with their drug and their indication.
spk07: Once something times out, they're probably relooking at their portfolio, which a couple of our customers did. And, you know, it just continues to be painful to see that the trial volume is down so substantially, you know, more than a 50% reduction in oncology. And it's, like I said, it's forcing us, and we have, to go get new customers that are outside of the top five, which we had kind of been You know, that was our core business, if you will. And also, you know, moving into other markets besides oncology, specifically, you know, immune response is another area where RNA is a very valuable biomarker. We're getting some traction, and we really need to continue to, you know, make that happen in 2021.
spk05: Great.
spk07: I believe our pharma business is probably where we're still going to face the most uncertainty in regards to how and when will it come back. Unfortunately for us, pre-COVID, that was our biggest market and our biggest driver. So we're working very hard to replace that growth with growth coming out of academia in the US and Europe, and then pushing our pharma strategies into smaller and more mid-sized biopharma, as well as market expansion. And we started to see the results of that in Q4. As I said, we're seeing a little, you know, hiccup here in Q1. We'll know more at the end of the quarter. But we do see the markets coming back. And, again, we're looking forward to getting back on a growth trajectory.
spk05: Great. Appreciate the call. Thank you.
spk07: Yep.
spk08: Thank you. Ladies and gentlemen, we have reached the end of the question and answer session. And I'd like to turn the call back over to John for closing remarks.
spk07: Great. Thank you, operator. I really want to thank everyone for joining us today. And I really want to thank the employees here at H2G. It was a really challenging year, and they just did tremendous work, tremendous self-sacrifice, and continue to demonstrate that we can grow this company, attaining our technical milestones, our customer growth, our customer diversification, was extremely important for us. And I'd also want to take the time to thank our board and our shareholders for their continued support. And we look forward to updating you again on our next earnings call. Thank you.
spk08: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation and have a great evening.
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