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spk04: Good afternoon and welcome to Senando's third quarter earnings conference call. At this time, all participants are in a listen-only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. Joining me from Senando are Bjorn Berghain, President and CEO, and Michael Watts, CFO. Earlier today, Senando released financial results for the quarter ended September 30th, 2021. 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 this call that include forward-looking statements within the meaning of 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 relate to expectations or predictions of future events, results, or performance are forward-looking statements. All forward-looking statements, including those relating to our operating trends and future financial performance, The impact of COVID-19 on our business, expense management, expectations for hiring, growth in our organization, market opportunity, revenue guidance, commercial expansion, and product pipeline developments are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the risk factor section of our public filings with the Securities and Exchange Commission, including the final perspectives filed with the SEC pursuant to rule 424B4 on November 1st, 2021, in connection with our initial public offering. This conference call contains time-sensitive information and is accurate only as of the live broadcast on December 9th, 2021. Sanendo 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. And with that, I would now like to turn the call over to Bjorn.
spk06: Thanks, Matt. Good afternoon and thank you for joining us. Before we begin, I would like to take a moment to acknowledge that this is our first earnings call since we completed our IPO and listed on NYSE in October. I would like to take this opportunity to say thank you to all those who participated in the offering, which raised approximately $84 million in net proceeds, and to those who have invested in the company since. I would like to again thank the entire Sunendo team, our board of directors, and most of all, our patients and the doctors who care for them. With all of your support, we are well positioned to take the next steps toward our mission of improving root canal therapy by enabling better patient outcomes and reducing post-op pain via our general-based system. Moving to our quarterly revenue results. Sanendo's revenue for the third quarter, 2021, was $7.9 million compared to $6.1 million for the third quarter of 2020, representing growth of 29%. Growth in the quarter was driven primarily by increased utilization among our current installed base and increased general-based console sales. As of September 30th, General Wave's ending install base was approximately 750 units. Mike will later provide more details on our quarterly financial results and additional detail regarding full year 2021 guidance. Before providing some background on the company, I wanted to address two topics that have had a broad scale impact across the medical device industry. First being COVID. We did not see a meaningful impact on patients delaying or deferring root canal procedures in the quarter. Based upon our estimates and what we are hearing anecdotally from our endodontist customers, patients' volumes are trending at or slightly above pre-COVID levels. While our growth is heavily predicated on our ability to penetrate the root canal market and sell consoles to new users, the durability of patient volumes in dental offices is a positive sign that the end market is strong and that there is demand for our technology. As a reminder, our customers are primarily endodontists who operate small businesses and hire staff who work normal business hours. While dental offices have been busy rescheduling cases that may have been delayed due to COVID surges in 2020 and 2021, they are not subject to the same level of clinical fatigue that has plagued the medical industry. With that said, we will continue to monitor the spread of the Omicron variant and any impact it may have on our customers. Second is the headwind associated with the global supply chain pressures and its impact on medical device companies. Based on how our supply chain is set up currently, the majority of our raw materials and inventory are from domestic suppliers. While we do not expect supply chain issues to have an impact on our ability to meet our revenue plans, we continue increasing inventory levels for certain components to mitigate any future risk. Now I would like to provide a brief introduction of our company to those who did not have a chance to hear our story during the IPO Roadshow. Sonendo is a commercial stage medical technology company focused on saving teeth from tooth decay, the most prevalent chronic disease globally. We are initially focused on root canal therapy, or RCT, representing an annual addressable market of approximately $1.9 billion for Synendo in the United States and Canada. We at Synendo developed a General Wave system, an innovative technology platform designed to treat tooth decay by cleaning and disinfecting the microscopic spaces within teeth. General Wave is the first and only FDA-approved system for root canal therapy that uses a sterilized single-use procedure instrument to automate and standardize the cleaning and disinfection of these root canals. GelWave's proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy, and advanced fluid dynamics, debrides and disinfects deep regions of the complex root canal system in a less invasive procedure that preserves tooth structure. The clinical benefit of the GelWave system when compared to conventional methods of root canal therapy include improved clinical outcomes, such as superior cleaning that is independent of root canal complexity and tooth anatomy, high and rapid rates of healing, and minimal to no post-operative pain. In addition, the Gelmave system can improve the workflow and economics of dental practices. Sonendo is also the parent company of TDO Software, the developer of a widely used endodontic practice management software solution. TDO's proprietary software is designed to simplify practice workflow while also offering a built-in communication solution with the General Wave system. I would now like to take a minute to highlight what separates Sunendo and the General Wave system from the rest of the dental industry. Through years of research and development, we have compiled over 30 peer-reviewed journal publications and two prospective multicenter clinical studies that put Sunendo on a different playing field. At a high level, the General Wave procedure has been clinically proven to provide strong clinical outcomes superior cleaning in a less invasive procedure, and enhanced procedure efficiency. We have developed a solution that addresses a key limitation of conventional root canal therapy, which is the extensive use of instrument and files. These methods remove excessive tooth material, which can lead to cracking and fractures over time. Consequently, conventional root canal procedures have a failure rate in the range of 15% to 32%. Furthermore, 30 to 70% of patients report post-op pain. By comparison, the Gelmage system enables superior cleaning and disinfection with a 97% success rate with minimal to no post-op pain. As a result of this, we see from our survey data that the vast majority of patients upon learning about Gelavave would rather be treated using Gelavave than conventional root canal therapy. As such, we believe there's a significant opportunity to leverage these dynamics to further support our commercial effort. As we talk more over the upcoming quarters, we will share further details on specific programs and initiatives designed to support our commercial expansion. In addition to providing superior clinical outcomes, General Live is designed to improve workflow efficiency. Given the lack of standardized protocols for conventional root canal treatments and the fact that tooth anatomy is extreme and complex, roughly half of all conventional procedures require multiple visits. Aside from the patient having to make a second appointment, multi-visit cases make it difficult for dentists to run an efficient and profitable practice. From a workflow perspective, general automation and standardized protocols result in faster procedure times and increase the number of single visit procedures. As doctors move from conventional methods to the general way procedure, we have seen single visit cases increase from 57% to 90%. The key takeaway here is that the general way procedure can enable doctors to save time, allow them to treat more patients, and increase practice revenue. In addition, conventional methods of RCT utilize techniques and devices that create aerosols during the procedure which has become an important issue for clinicians and patients during the COVID-19 pandemic due to the heightened sensitivity to the concerns associated with cross-contaminations via aerosols. Whereas the GEL-MAID procedure has virtually no aerosol emissions, something that we have seen be important for both doctors and patients. Transitioning to product development. With more than 700,000 GEL-MAID root canal procedures to date, We have learned a lot and have taken these learnings and incorporated them into our next generation clean flow procedure instruments. As a company, our goal is to not only provide superior clinical outcomes and positive patient experience, but to drive increased efficiencies at the practice level. With the launch of clean flow, we have improved the general way of procedure by removing certain steps, with the practitioner now only needing to open and prepare the tooth to allow the procedure instrument to be put in place. It is also important to point out that the CleanFlow Procedure Instrument will work off the existing consoles so there is no need for existing customers to buy a new machine. This will allow us to start shipping CleanFlow Procedure Instruments to our existing customers. Another reason why we're so excited about CleanFlow is that we've been working on enabling better contribution margins for our consumables. Given the simplicity of CleanFlow compared to the previous generation Procedure Instrument, there are fewer components which lowers material costs and allows for easier assembly, which we believe will drive increased efficiencies at higher volumes. While we're already approved to sell clean flow procedure instruments in the United States and Canada, we're currently selling these procedure instruments in small quantities in a more controlled market release. This will allow us to ensure that we understand how doctors utilize the procedure instrument in their practice to support a broader market release. Early feedback from key customers has been positive, and we expect the product to be fully commercialized and available to all customers over the course of 2022. Turning to our commercial strategy. In the United States and Canada, there are approximately 17 million root canal procedures performed annually, representing a market opportunity of approximately $1.9 billion. The GelMove system product offering consists of a GelMove console, a single-use procedure instrument and accessories, and an annual service contract. We believe our razor blade business model with capital equipment and recurring consumables enables an efficient commercial model. Our initial commercial strategy is focused on targeting the specialists in root canal therapy called endodontists. By our estimates, there are roughly 5,000 endodontists in the United States and Canada who perform approximately 4 million root canal procedures annually, or roughly 25% of all procedures. Given this extremely concentrated customer base, our commercial approach has been to bring together a team consisting of capital sales reps whose function is to drive new business through market penetration of the general wave system, while consumable reps who act as practice consultants and are focused on educating and training doctors to ensure successful onboarding and to drive increased utilization within the practice. Following the IPO, we are in the process of expanding our commercial organization to accelerate growth. As of December 1st, we have expanded our team of capital sales reps to 23, up from 16 as of June 30th. As we articulated during the roadshow and in our securities filing, our plan was to bifurcate our sales force to include consumable reps. I'm happy to report, as of today, we've hired 17 consumable reps. who will be an integral part of our growth and execution as we enter 2022. In summary, we have a revolutionary technology backed by compelling clinical data and KOL support. Following the IPO, our focus is to invest and expand our commercial infrastructure to penetrate the endodontist channel to make the general way of the standard of care for root canal therapy. Additionally, we will continue to prioritize cross-margin expansion and clinical at practice efficiency with the launch of CleanFlow in 2022. With that, I will turn the call over to Michael Watts, Sunendo's Chief Financial Officer.
spk00: Mike? Thanks, Dan. Sunendo's total revenue for the third quarter of 2021 was $7.9 million compared to $6.1 million for the third quarter of 2020, an increase of 29%. Growth in the quarter was driven primarily by increased utilization among our current install base and increased general wave console sales. In the third quarter, Genowave console revenue was $1.8 million compared to $1.2 million in the third quarter of 2020, representing an increase of 44%. We were pleased with the growth we realized in the quarter and continue to see a positive response to the value proposition and benefits of Genowave, enabling continued adoption of the technology. Turning to procedure instruments, PI revenue was $3.7 million compared to $2.8 million in the third quarter of 2020, an increase of 30%. PI revenue growth was driven primarily by increased monthly utilization, measured by procedure instruments sold per account, and increased install base as compared to the third quarter of 2020. As Bjorn mentioned previously, despite the increase in Delta variant infections, we did not see a meaningful impact on patients delaying or deferring root canal procedures in the quarter. While monthly utilization was down sequentially compared to the second quarter of 2021, it is important to point out that the third quarter is typically a seasonally slower quarter. and therefore in line with our expectations. Total software revenue for the third quarter was $1.7 million compared to $1.5 million in the third quarter of 2020, an increase of 17%. The increase was primarily driven by recurring revenue of the subscription base of our TDL software compared to the prior period. Gross margin for the third quarter of 2021 was 26% compared to 19.6% in the third quarter of 2020. The increase in gross margin was driven primarily by reduction in inventory charges relating to excess inventory versus the third quarter of 2020 and improved overhead absorption in 2021. Total operating expenses in the third quarter of 2021 were $13.1 million compared to $10.8 million in the same period of the prior year. The increase was driven by increased sales team hiring and other general and administrative costs, primarily legal and accounting. This was slightly offset by lowered research and development costs. The increase is also reflected in the fact that we've reduced our commercial footprint over the earlier period of 2020 in response to the pandemic, and so our 2021 spend profile reflects a return to pre-COVID commercial headcount and associated spending. Loss from operations was $11.1 million in the third quarter of 2021, compared to $9.5 million in the prior period. Net loss was $12.7 million for the third quarter of 2021 compared to $10.6 million in the third quarter of 2020. Our cash and cash equivalents as of September 30th, 2021 were $13.7 million, while our long-term borrowings totaled $30 million. We received approximately $84 million of net proceeds from our IPO, which closed on November 2nd. We believe this funding will provide the liquidity and capital resources needed to support and grow our current business. Moving to our financial guidance. We expect to end full year 2021 with revenues in the range of $32 to $32.5 million. Since the majority of our customers are small business owners, the fourth quarter is typically our strongest quarter as a large number of dentists wait to purchase capital equipment to maximize calendar year tax benefits. Additionally, by year end 2021, we expect our commercial routine to consist of approximately 24 sales reps and 17 consumable sales reps. which should put us in favorable position to execute a long-term strategic plan as we enter 2022. At this point, I'd like to open up the call for questions.
spk01: Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, press star one. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly if questions are registered. The first question is from the line of Matthew O'Brien with Piper Sandler. Your line is open.
spk02: Matthew O' Good afternoon. Thanks so much for taking the questions. Bjorn, just for starters, you were addressing Delta, I'm curious about what you're seeing here in Q4 as far as Delta goes, Omicron, and then what's kind of implied in that guidance for Q4 in terms of utilization, capital placements, and the seasonality you typically see in the business?
spk06: Yep. Hey, Matt, and thanks for the question. So like a lot of other companies, obviously, we're monitoring COVID very, very closely. One of the unique features that we have at Sunendo is that we can monitor utilization live across our install base. And that's obviously something that we've paid close attention to since the start of COVID. And what we've seen in general is that after August of 2020, we've seen that utilization is substantially back to pre-COVID levels. And obviously, we've been monitoring to see if there's been any effect of the Delta variant And we cannot really discern any impact to the Delta variant in our utilization numbers. And as we're also looking now, obviously recently, and obviously studying the effect of Omicron, again, we cannot see any discernible impact for Omicron on utilization. But obviously that's something that we're going to continue to monitor as we go forward. Now with respect to the guidance, we're obviously sitting here on December 9th of Q4 with roughly about 20 days left of the quarter. So if we start looking at consoles and look at consoles first, while Q1 and Q3 are traditionally lower quarters, for console sales, Q4 is typically a higher quarter for us. And at this point, we feel very comfortable with the console component of our guidance. And, you know, I just talked obviously about the utilization trends. And like I said, this is progressing well. So in summary, at this point in time, we feel good about our guidance. And the guidance also reflects a moderate risk of COVID.
spk05: Okay.
spk02: Appreciate that. And then as the follow-up, you know, I don't want to get into 22 too much here, but What I'm really curious about is the clean flow launch. I know it's early days. Would love to hear the initial feedback and then thoughts about the impact of that technology as we head into 22.
spk06: Yep. So one of the things that we talked about during our S1 and in our roadshow is that the clean flow procedure, it's an easier procedure. Nothing is inserted into the tooth. And it's just a simpler procedure for the doctors to do. And that's consistent with the feedback that we're getting in the field. You know, we also talked about the fact that with clean flow, obviously, we expect higher contribution margins. And the other thing that we have talked about is that clean flow is already approved for sale in both the United States and Canada. Now, what we said in the roadshow and the S-1 is that we're still in the limited market release. and we expect to be fully commercialized in 2022. At this point in time, we're not ready to communicate a broader launch date, but the program is performing well with select customers that we're working with. And obviously, as that date gets closer, we'll make sure to update everyone on that launch date. Got it. Thank you. Thank you, Matt.
spk01: Thank you. The next question comes from the line of Michael Churney with Bank of America. Your line is now open.
spk07: Good afternoon. Congratulations on the first quarter as a public company. John, I very much appreciate the fact that you went into some of the differentiation on GentleWave and what the advantages are, what safety and other elements are. When you think about the customers that you don't have yet, what tend to be the biggest hindrances for what seems to be a no-brainer trade-off in terms of patient satisfaction as well as time spent in chair and volumes for the endodontist? Why is somebody not buying a gentle wave when you're pitching them?
spk06: Thank you, Michael, for that question. I agree with you. There are some significant, obviously, advantages of the General Wave systems, not just from a clinical perspective, but also from a workflow perspective and also from an opportunity for the practice to use General Wave to really grow their practice. You know, I think what we're seeing in general, right, is that the doctors that have converted are very happy with General Wave. And at this point in time, I think the number one thing that we need to work on is just education in the field. We need to continue to educate our customers. We have a lot of customers that at the get-go, they feel that they're perfect. They feel that they're getting good results. And we need to educate them on the fact that failure rates in endodontics are high. and that there is an opportunity to reduce those failure rates with GEL-N-WAVE. And I think the other thing that we need to work on is to also show the doctors that with GEL-N-WAVE, you can also become a more efficient practice. You can use this to become more efficient driving the clinical workflow in your practice and also the practice workflow, and you can also use GEL-N-WAVE to attract more patients into the practice. I think the other thing that obviously is something that we spent a lot of time talking about in our prepared remarks is the commercial expansion. I think one of the things that we need to do is we need to put in place more capital sales reps and more consumer reps in the field to drive that education and help sell more systems to doctors. That's one of the things that we're really happy about. Obviously, today is to As per statement, we're talking about the fact that we have added more console reps and also more consumable reps.
spk07: And along those lines, I think you take a very interesting and what appears to be a successful approach on that bifurcation of the sales force. Just give us a sense, especially as a new company, how quickly it takes from identifying the role that you want to fill towards getting someone in the seat, towards having them get up in terms of typical utilization, typical pull-through of that sales rep?
spk06: Yeah, so one of the things that we talked about during the roadshow is that we've hired a very seasoned, experienced chief commercial officer, Michael Smith. And one of the things that we have been very clear about within our sales force is the exact roles that these different, both the capital sales reps and the consumable reps will play. If you look back in the early days of Sanandro here, we effectively had one sales team, effectively the capital sales reps. They have spent, sometimes more than recently now, more than 50% of their time looking for and taking care of existing customers, which meant that they're spending less than 50% of their time looking for new accounts. Now with the consumable reps in place, we can have the consumable reps really obviously be focused on onboarding, driving utilization, help promote the practice and really become a consultant to that practice. And then we can have the capital sales rep really be focused on selling more general web consoles. And really spelling out those activities is something that's been really important to us which I think is in line with what you're asking about.
spk07: I appreciate that, Bjorn. Thanks again. Thank you, Michael.
spk01: Thank you, Mr. Turney. The next question is from the line of Nathan Rich with Goldman Sachs. Your line is open.
spk03: Hi. Good afternoon. Thanks a lot for the questions. Maybe starting with the gross margin in the quarter, you know, I think it was flat sequentially. I think it was consistent with the guidance range that you had put in the S-1. I guess how do we think about the trajectory of gross margin in the fourth quarter? And then next year, you know, could you maybe talk about your expectations around the ramp-up of clean flow, how we'll see that play out over the course of the year, and what impact that could have on the cadence of gross margins next year?
spk00: Mike Watts Hey, Nathan. It's Mike Watts. Thanks for the question. So, as you point out, our gross margin Q3, we did show a significant improvement year over year. And a lot of that was due to absorption gains due to higher production levels and the volume. So, we expect that trend to continue into Q4 as we move forward, albeit with higher sales levels. So, we're expecting that to inch up slightly. We did, I will just mention in the quarter, we did have some slight offset gross margin due to just some additional resources that we pulled in for clean flow. And we'll have those resources on board for Q4 as well. So we want to make sure that the clean flow launch is set up for success as it moves into 2022. We're not giving, of course, specific guidance on 2022, but I think directionally, What you can expect is that as we launch, we'll begin to convert customers in a measured way and towards the end of the year, be able to have more clarity around what percentage of customers have converted and then what percentage of the business is expected to be clean flow related.
spk03: Okay, great. And then maybe just to follow up, Bjorn, I think you said that you hadn't really seen any supply chain issues. Most of the product is sourced domestically. I guess, you know, inflation has been the other big topic. Have you been seeing any inflation on either components of General Wave or components of the procedure instrument and anything different kind of, you know, in your expectations relative to maybe where we were three or six months ago?
spk06: Yeah, thanks, Dayton. You know, starting with the supply chain side of this, obviously that's not something that's really unique to the dental industry or the endodontic segment, but this is something that we are going to continue to be all over. We're talking to our suppliers, and we have a great team here, really. That's really all over the supply chain side of this. We will sometimes take a larger inventory position to manage the risk of supply chain, but at this point in time, We feel that we're on the top of the supply chain issues, and that is not an immediate risk to the business. With regards to inflation, we are seeing, obviously, that across the board, not just from parts, but also on the labor side. But I don't think that's something that will be a significant impact to the business. Mike, do you want to? provide some additional comments on the inflation side?
spk00: Yeah, no, it's a great question, Nathan. I mean, so, you know, we're not immune from what's happening in the broader economy for wage inflation, but, you know, at this point, you know, our financials have not been materially impacted by either supply chain or inflationary issues, other than some isolated costs that we've been largely able to offset internally. So I think we're in a good position for that, but it's been indicated we are taking measures with our inventory channels to make sure that we have adequate supply moving forward.
spk03: Great. Thanks for the question. Thank you.
spk01: Thank you. The next question is from John Black with Staffel. Your line is open.
spk05: Hi, guys. Good afternoon. I guess, first, as Salesforce is running ahead of our thoughts by a good amount, actually, it seems, on both capital and consumable reps. Maybe if you could just talk to that dynamic of that hiring pace that you've seen or experienced, and making sure the right people are being hired, most importantly, and any color on where you're pulling these capital reps from. Does that allow them to ramp up or come up the curve pretty quickly?
spk06: Thanks, John. Yes, you're right. We're very happy where we are from a hiring perspective. As we talked about during our prepared remarks, we're currently at 23 console sales reps, and we're going to move to 24 by year-end. And also, at this point in time, we have 17 consumable sales reps. It is, like a lot of companies are talking about, it's a tough environment to hire in. But I have to say that we're very happy with the caliber of people that have joined the organization. Typically, the people that we're hiring are from MedTech, obviously the MedTech space that are used to both capital sales and also consumable sales. So we feel really good about the caliber of individuals that we have. And I think that is going to put us in a good trajectory as we head into 2022. Got it.
spk05: Fair enough. And maybe just to pivot, You know, in some of our Gen-O-A checks, we saw that one of the few pushbacks around Gen-O-A was some of the docs talking about building the platform and that that could be timely for some. If you could talk a little bit about, you know, what elements of the procedure does CleanFlow make more efficient? I mean, you mentioned, you know, the setup, and we know the insertion, if you would, but does building the platform change at all? Is that made, is that simplified with CleanFlow? Maybe if you could just talk about these early adopters, and I know it's early, but just what they're seeing in terms of overall procedure time, efficiency, and I don't know, in the light of the new procedure instrument and an inflationary environment, could it actually open the door for price longer term? Thanks, guys.
spk06: Thank you, John. So let me talk first about the current procedure, then I'll transition over to clean flow. You know, what we're seeing in general is that a conventional root canal procedure takes roughly about 90 minutes for an endodontist. Now, it varies. Some are doing it faster, some are doing it slower, but roughly about 90 minutes. And what we're seeing as we're transitioning doctors to general wave The doctors that are firing on all cylinders are able to move that procedure time down sometimes to 60 minutes. Sometimes we see doctors moving the procedure time down to 26 to 28 minutes. Obviously, there's a lot of variation here, but that's one thing that we're seeing. We're also seeing that doctors that are converting their procedure from conventional to general wave typically moved from roughly about half their procedures being a single visit to roughly about 90% of their procedures being single visit. Again, that's another thing that really helps the efficiency side. The building the platform component that you talked about, yes, that is something that takes roughly about two minutes, sometimes three minutes, but roughly about two minutes for doctors. For that, time is incorporated into those time savings. So what we see is that when doctors are following our protocols and firing on all cylinders, it really gives them an opportunity to save time on the current procedure. Now let's talk about what changes when we move to clean flow. For those that are familiar with our procedure, In the current procedure, you need to size the height of the tooth. You need to access the tooth a certain way. You need to also put on a specific sealing cap. The majority of those steps will go away with clean flow, so we do expect a little bit of time saving when we move to clean flow. We do also expect clean flow to become an easier procedure. We do expect overall procedure time to go down. With regards to clean flow and price, that is something that we're looking carefully at. When it comes to pricing, that is not something that we're prepared to discuss at this point in time, but that's something that we'll obviously communicate in more detail as we go forward.
spk05: Perfect. A lot of great color. Thanks, Pierre.
spk06: Thank you, John.
spk01: I will now pass the conference over to Bhajan for any closing remarks.
spk06: Thank you again, everyone, for your time today. I want to wish everyone a safe and happy holiday. Mike and I look forward to meeting many of you at future investor and healthcare conferences. We also look forward to meeting many of you one-on-one. Have a great day.
spk01: That concludes the Sunendo third quarter 2021 earnings conference call. Thank you for your participation. You may now disconnect your line.
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