Bonesupport Holding AB (publ)

Yeah, so good morning, everyone, and thank you, operator. Welcome to the bone supports quarter for 2023 result call. My name is Emil Billbeck, and sitting next to me is Håkan Johansson, our CFO. We're broadcasting from the U.S. West Coast, where we are participating in the largest American Orthopedic Congress. So we will use the next 25 minutes to guide you through the presentation of the fourth quarter results, and then we will open up the line for questions and answers. So we go to the next slide. Before we will start this presentation, we would like to draw your attention to any disclaimers covering forward potential looking statements that we might do today. So let's go to slide three and get started. So I would like to begin this presentation with some condensed highlights from the report that we released an hour ago. So overall, quarter four sales were 173 million Swedish krona, which corresponds to a reported growth of 67% year over year. In constant exchange rate, the growth rate was 60%. The operating results before incentive provisions was 11 million SEK, which is a profit improvement versus the same period last year of 21 million SEK. Reported EBIT was a negative 8 million SEK, negatively influenced by a few distinct topics, which will be covered in the finance section. The main highlight of the period was, of course, the ongoing launch of Cerament G in the US. But I wanted to draw your attention to the following topic. In the quarter, we received MDR certification for Cerament V and Cerament BVF, bringing us to full MDR certification for all our products and our quality management system. We submitted the market authorization request for a label extension with Sermon G in the US for the indication open fracture trauma. And at our Capital Markets Day in November, we announced our ambition to enter the spinal fusion segment with Sermon. Lastly, CERMA-G was granted an uncapped outpatient reimbursement through CMS transitional pass-through payment program, the TPT. I will cover these topics more in detail here in the presentation, but let's first look at the sales development, and let's go to slide four of our deck. So this is one of our standard charts for the quarterly report and investor presentations, and obviously one of our favorite charts. It shows the last 12 months sales in Swedish currency every quarter since quarter four 2016, split by region and product category. The sales numbers are really taking off. If you look at what looked as a big disruption to the top line in 2018, following the change in U.S. commercial structure and strategy, it now rather looks like a small dent on a successful journey. The strong acceleration in both geographic segments over the last 24 months becomes very visible in this slide. In the US, the performance has been boosted, of course, by the continued launch of Cerament G. In Europe, we see an improved market dynamics and strong capturing of market shares by Cerament from more traditional treatment methods. In total, The antibiotic eluting sediment globally is growing with 220% versus quarter four 2022 and 25% sequentially over quarter three 2023. Let's go a bit into the details and we will start with North America. So sales was, as you have seen, 132 million SEC in the quarter, which corresponds to reported growth of 79% year-over-year. At constant exchange rates, growth would have been 70%. The U.S. pandemic surgical backlog has been quite decisively addressed during 2023 by the healthcare systems. through stretched hours in the operating theater and increased recruitment by the hospital. This has created favorable market dynamics during 2023 for hip and knee surgeries, but also for corrective post-trauma surgeries and for foot and ankle surgeries. The Swedish krona experienced exceptional volatility in the quarter impacting both reported sales and expenses. Large impact was seen on the recalculation of operating assets and operating liabilities, and Håkan will cover this later in detail. Sales are taking off well in the US, with the largest driver being Sermont G in the US. Sales reached 76 million SEK in the quarter, which is up 13 million SEK or 21% sequentially. We have now several surgeons that have used the product and developed experience and also collect the data in a structured way. These surgeons are forming our growing base of ambassadors and we're facilitating peer-to-peer group discussions within the hospital and at hospitals in the region. We see good continuous progress with hospital systems, adding approvals at the same pace as in previous quarters. We saw one of the strongest quarters when it comes to onboarding of new surgeons, surgery centers, and orthopedic departments. This is driven by the hospital system approvals that were accomplished in quarter two and quarter three. Now, being a breakthrough device and a disruptive standard, a disruptive product to standard of care, a surgeon will not be allowed to use and apply Ceramen G until they and the operating staff have been properly trained. A large share of the salespeople's focus in the US is now to ensure that these new customers get properly onboarded, trained in application technique, and instructed on billing procedures. In December, we submitted the label extension request to FDA for the Cerament G in prophylactic use. The data for the submission is compiled out of existing, published, peer-reviewed clinical studies. And these show strong results with serology at index surgeries of open fracture trauma cases. A 400-patient demographically matched cohort control group have been used. The infection incidence for the control group was reported to be a mean 14.5%. In comparison, in clinical publications for Cerament G used at open fracture trauma, infection rates have been reported to be between 1% and 3.7%. During quarter four, in 2023, CMS approved CEREMENT-G for outpatient reimbursement through CMS transitional pass-through payment with its own reimbursement code. This payment is intended to reimburse hospital outpatient departments and ambulatory surgical centers for the incremental device cost that they otherwise might have of CEREMENT-G. The purpose of this reimbursement program is to promote new technology and provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases or conditions. The TPT is uncapped and valid for three years. So I think the TPT could be said to really be a strong testament and recognition of the strong differentiation, health economic benefits and improved patient outcome shown in multiple clinical studies for ceremony. I'd like to draw your attention that since 2016 There are only 23 medical devices that have ever received the untapped TPT reimbursement. So that's on the U.S. Let's also go a bit more in detail on Europe on the next slide. So for the quarter, we saw sales of 41 million SEC, corresponding to a reported growth of 38% year-over-year and 32% at constant exchange rate. Europe has been delayed in the ability to address the large surgical backlog due to a shortage of staff and structural disruptions. Towards the latter half of 2023, we saw improved market dynamics from increased surgical capacity and also a stronger focus of the healthcare systems to address the pandemic-induced backlog. Reliable market data in this area is not readily available, but several sources imply market growth rates of around 6%. Now, within this strong dynamic, Sarament is capturing significant market shares, mainly on autographed and traditional bone cement, which is obvious by our growth rate. While we got a bit disrupted by the pandemic in setting up our hybrid structure in Spain and Italy, we are now seeing these under-penetrated markets take off nicely with strong growth rates above 70 percent in the quarter. With the medical device regulation certification for CEREMENT BVF and CEREMENT V, we have now full MDR CE certification for our entire portfolio and our quality management system. This is a strong achievement as the transition from the EU medical device directive, the formal regulatory landscape, to the EU MDR, which is the new landscape, poses a challenge to the companies within the medtech industry with significantly higher demands for clinical evidence. Data from mid-2023 indicates that less than 30 percent of submitted MDR applications have so far reached certification, and that there is still a large number of devices for which the MDR application have not even been submitted. Thus, I'm very pleased that the solid documentation, the growing pool of clinical evidence, and the skilled organization at Bone Support has brought us to the other side of this process. The level of marketing and market and marketing activities is very high. We participated in several of the regional and national orthopedic conventions. in order to meet surgeons that still have not yet heard about Saramant. At the two largest meetings that both took place during Q4, the European Bone and Joint Infection Society and the German Orthopedic Trauma Meeting, the DKOU. We held satellite symposia, and these symposia were facilitated by faculties consisting of distinguished European orthopedic surgeons with a program featuring a blend of clinical evidence presentations, patient cases, and panel discussions. In total, over 250 orthopedic surgeons attended our symposia, generating many new potential users. So that is a short wrap-up of the business in the region, and we'll now hand over to Håkan for more of a deep dive into the figures. Håkan, over to you.

Thank you, Emil. So, net sales improved from 103.2 to 172.7 million, equaling a growth of 67%, or 60% in constant exchange rate. Emil has already spoken about the strong performance in the two segments and the main drivers behind the sales acceleration. Let me comment on the currency. Changes in currencies measured in year-to-date averages into 2023 versus 2022 had a positive impact of in total 7.7 million, of which 6 million relates to the stronger US dollar. Currency movements and conversion to Swedish SEC impact expenses. As you will see in later slides, but also through realized impact from in and outgoing payments and from conversion of assets and liabilities in foreign currencies to say. Let's move to the next slide. The contribution from the segment North America improved with 34.7 million and was reported to a regional contribution of 52 million. The improved contribution relates to increased sales after effect from increased costs. Sales and marketing expenses during the quarter amounted to 73.2 million compared with 52.1 million previous year, of which sales commissions to distributors and fees amounted to 4 million compared with 24.3 million the same period last year. The increase of 1.4 million excluding the sales commissions and fees was driven by currency effects of 1.3 million. The contribution was also charged by R&D costs related to clinical studies of 0.5 million in the quarter compared to 1.7 million previous year, where previous years included 1.3 million related to ongoing projects. From the lower graph showing net sales as bars and gross margin as the orange marker, it can be noted that the gross margin is remaining strong and reported to 95%. In Europe and rest of the world, a contribution of 5.7 million was reported to be compared with 3 million previous year. The improved contribution relates to the increased sales after effect from increased costs. Sales and marketing expenses increased with 6.5 million and was driven by field vacancies, increase in sales representatives and high level of market activities to capture the momentum we now see in Europe, but also by currency effects of 1.4 million. From the lower graph and the orange marker, you can see the gross margin remaining stable compared with the previous quarter this year, with a minor impact from product and market mix. Next slide, please. Selling expenses increased with 12.8 million versus last year, of which 2.7 million relates to currency effects. In Europe, we have filled vacancies and increased our total Euro commercial organization to 31 people. The cost increase in the quarter relates to ramp up in activity level at Congresses, medical education, and of course, the continued launch program for ceremony in the US. As presented at our Capital Markets Day in November last year, R&D initiatives are now accelerating due to the execution of strategic initiatives such as future expansion into spinal fusion and a planned marketing authorization submission for CEREMENT-V in the U.S. In the quarter, we had the FDA submission fee for the CEREMENT-D trauma label extension and the cost for MDR-CE certification for CEREMENT-BVF and CEREMENT-V, totaling a bit more than 2.5 million. And underlying administration expense, excluding the effects from the long-term incentive programs, remaining on a stable level. The quarter included temporary impact in consultancy spend and provisions for short-term incentives, the later following the strong business performance during the year. Next slide. The adjusted operating profit was reported to 10.9 million compared with a loss of 10.1 million for the same period previous year. The 21 million improvement following a strong safe performance and despite substantial negative impact from currencies with a net negative impact of 11 million. The difference between adjusted EBIT and reported EBIT operating loss are expense provisions regarding long-term incentive programs amounting to an expense of 18.9 million this year, compared with 9.2 million previous year, as you could see on the previous slide. The reason behind this high expense is the acceleration in share price development during the period and how this affects the value on the long-term incentive programs. Of the total cost of 18.9 million, in the period. Only one million is cash flow impacting in the future. For the second consecutive quarter, a positive cash flow from operations was reported. The period involving a high build up in both semi-finished and finished products, ensuring full flexibility, the flexibility of products to future market needs. And with this, I hand back to Emil.

Thank you, Håkan. Let me then start with a short recap of the key messages from our Capital Markets Day in November and also announce a change in timing for one of the communicated milestones. So one of the key messages from the Capital Markets Day was the ambition to enter the spinal fusion segment with Cerament. And we will be entering this segment in the future with a strong value proposition, matching an existing market need. So one out of five spinal procedures actually fail to fuse due to insufficient bone remodeling. And in about 40% of the procedures, off-label antibiotics are used. Yet in 2% to 6% of the procedures, an infection develops post-surgery. There's plenty of solid data confirming the strong bone remodeling capabilities of Cerament. Most of it is in extremities, but there are also compelling evidence supporting these capabilities in spinal fusion. In autumn last year, a preclinical spinal fusion study was presented showing positive results for Cerament BBF. we have decided that there are sufficient strong data points for us to submit the application for the interbody fusion indication while we continue to generate more data related to certain application techniques. And just as a reminder, the regulatory clearance in the US for spinal posterolateral fusion called PLF for our serum and BVF is already in place. The application that we are referring to here is the supplementary spinal interbody fusion procedure. The application is already completed, and the submission will take place during quarter one, 2024. This will, however, not change our timing for potential market entry, which is slotted at the earliest for the end of 2025. As a second step, our ambition is to introduce antibiotic eluting cerament to the spinal fusion indication, but we will return on the future timing for this. Another highlight of our Capital Markets Day is that we will be submitting a marketing authorization for settlement V in the US, and that will take place in the first quarter of 2025. We also gave a guidance where we emphasized that sales growth in 2024 will be above 40 percent in constant currency. So let me, with that, go to the last page of this presentation and do a quick wrap-up. Now, we are, of course, pleased to present such a strong quarterly result that is more than confirming the high and strong traction that we see of sediment in the market, reflecting how surgeons are experiencing improved patient outcome with this therapy. We have today reported a top-line growth of 67% for Q4 2023. We reported on continued success of Sermons G in the US, regulatory filing for the extended label, and finally, the uncapped incremental reimbursement in the ambulatory surgical centers under Medicare. And that concludes our presentation. And let me then open up the floor for questions that you might have.

If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Mattias Vadsten from SEB. Please go ahead.

Hi, Mattias Vadsten from SEB. Thanks for taking my question. The first, I think we'll take them one by one. The first one, the decision to submit the application in Q1 now to FDA for BDF is Final Fusion. Previous communication, Q4. Could you talk a little bit more about this? I think I did hear it correctly that it doesn't change market entry timing. That confuses me a bit. So yeah, that's the first question.

Thank you, Mattias. Yeah, we will start by that. So we have carefully reviewed the data that we have available on CEREM and PVF. What we felt we were missing was a small animal study. that articulated some of the parameters which we felt was required for such a submission. And during late autumn, the presentation of a rat study with CEREMENT-BVF really gave us that additional information that we felt we needed, together with the, of course, extensive data that we already have in terms of bone remodeling. Now, given that this is a fairly crowded segment, this binary fusion, our strategy here is that we will submit the extensive data we have and then let the questions from FDA potentially guide us in what we should continue to reply to their questions or if we should generate any additional data. Timing-wise, that will be more or less the same as the original timing. The spinal fusion small animal study that came during autumn shows good results both in the micro CT and in palpation of Newton force for the spinal fusion. So we felt that we have a good package and we would like to submit that to FDA to also initiate the dialogue. So your question then is, well, if we do that six months earlier than planned, then why aren't we launching potentially earlier? Well, that's also because if this submission is accepted and approved and will lead to the interbody fusion, that's all fine. But we also feel that we will not go to market before we have extensive application technique data. So you could almost see it as the studies that have been built into our applications are very much on the mechanism of action and the bone building capabilities on microbiology perspective. But it doesn't take away the fact that the clinicians deserve also to see how the product is applied in various different shapes and forms before we go to market with it. So that's why we remain with the original timing, so we have enough time to collect the evidence that signifies when we go to market, we pride ourselves in having strong evidence looking at the product from all different angles.

Thanks for that answer. Then I think in the previous call in conjunction with Q3, you highlighted the 82 system approvals, hospital system approvals. that at the time were around about a thousand hospitals one out of five bought at least one box of 7g and i'm just wondering what's the case here now in terms of you know number of hospitals and and what share that that was at least one box and then maybe to this question if you could update if there is anything new on vision and what what that could imply that's the next one yeah thank you matthias

In the beginning of the launch of CERAMA-G, we disclosed the number of hospital systems where we had approval, but we felt that also led to quite a lot of conversations on how many hospitals are in the different systems and what is the penetration rate. Eventually, we felt that maybe that's not where we want to drive the absolute focus, but rather show and display what sales we have on CERM and G. So the pace of getting hospital system approvals in quarter four was the same as in previous quarters. So the delta between quarter two and quarter three, you can apply that on quarter four if you wanted. The pace remained unchanged. The biggest difference, rather, is that the approvals have gone a bit better and a bit faster than we anticipated. So we have spent a fair bit of quarter four to bring on board those hospitals that have received approvals to work with the product from their central organization. So we have been very active in the market. And in quarter four, we had actually a record high recruitment of new surgeons and new clinics starting to use not only CEREMENT-G, but also CEREMENT-BVF. So the quarter has been very much focused on training, education, application techniques. You also asked Vicent. What about Vicent? No news on Visient, ongoing discussions, but as we have discussed a couple of times that several of the big hospitals under Visient are very determined to use the most updated and modern therapies and they will do that regardless of what the somewhat weaker central organization might might think about that.

I appreciate that and the good answer. Then my next one actually relates to EMEA, which looks to accelerate growth in the fourth quarter compared to what we've seen earlier in the year. So the market, I guess, you know, it's improving a bit, but it looks like you get some leverage on the extra sales that you put out facing customers. So if you could give some flavor here, you know, how we should look at it because yeah, It looks strong in EMEA, I must say.

No, I agree. Absolutely. It is a very strong result. And it's easy maybe to lose track of percentage points back and forth when the business has grown with almost 40%. But at that growth rate, we're definitely taking strong market shares on more or less all markets. But the dynamics have improved, Mattias. We see that. Europe specifically was... slow in getting extra staff in and stretching also their surgical theater hours. And I think we should expect that the market dynamics in Europe will continue to be favorable. I mean, there will be quarters up and there will be quarters down. And we've seen that they're also more prone to disruption when surgeons go on strike. But governments have noticed the large surgical backlog and are putting a higher focus on it. So we are definitely on top of that wave with a positive market dynamics also going into 2024. Good.

I think I will jump back in the queue. Thank you.

Thank you, Mattias.

The next question comes from Eric Castle from Danske Bank. Please go ahead.

Hey, good morning, Emil and Håkan, and good afternoon to everyone else. First, I just want to touch upon the profitability issues that the market seems to be seeing. I mean, you touched upon the NRIs several times, but when I sort of try to do the math on that, I get a clean EBIT of nearly 26 million. When you're looking at underlying profitability, adjusting for NRIs, incentive costs and FX. I mean, is that the sort of ballpark figure correct for where you see underlying earnings as well or has something more structurally changed?

I'm glad how you phrased the question, Erik, because it also shows that you've been able to capture all the disclosures that we have in the report trying to indicate how is the underlying business going and what is the impact of those external factors. So I can only say, Erik, that you're in the right ballpark.

Okay, perfect. Then I have a question on the sort of mix of the growth as of now. You've been on market now for quite some time. I mean, is it possible to now give some sort of flavor on how much is coming for more use of, you know, the early adopters using it for more cases versus still, you know, mostly new surgeons trying out the product?

Yes, absolutely. And I assume you refer then to 7G in the U.S.?

Yes, exactly.

Yes. Yeah, so the dynamic here is quite interesting. What we have referred to in earlier quarterly calls is this go-stop-go. We clearly see that. So we have had a lot of surgeons starting to use the product in quarter three and quarter four. But we also have a few surgeons where the hospital administration has said, okay, we need to look further into this product as it has both a bit of price difference versus the standard of care, but it is a new technology and they're figuring out how to build it, how to deal with it administratively. The surgeons that have used the product, and if we trace it back now to quarter one, we can very positively say that they are seeing the results that have been shown in clinical studies. And this is very rewarding. So right now we are at one of the biggest orthopedic conventions in the world and in the US, and we have sessions where surgeons can come forward and present case studies. And those that have done it in a structured way, they see that their patient outcome mirrors what has been done in the big clinical studies. And this, of course, leads to an increased use among those surgeons also and more ambassadorship where they talk to other surgeons that still haven't discovered Ceram and G. We should remember that we're still in the very early phase of this launch. So if you look at sales, in the quarter, a clear majority of that sales is coming from customers that came on board during the year because they have much bigger volume use. And then there are quite a few also new surgeons, actually a record amount of new surgeons, but they are using it maybe in one week, and then they wait three weeks before they use it the next time. Also in terms of evaluating with the operating staff, how did it go? Was it a desired result? And did also the patient in the first checkup perform as anticipated? So we must always remember ourselves that introducing these breakthrough devices in orthopedics Unless it's a generic, which is absolutely not, it takes time and it's a long journey.

All right. Thank you very much, Emil. Then I think I'll limit myself to just one more. I was just a bit curious on what more can be said about the cannibalization of BVF in the US and sort of how you expect that to trend. Because previously you sort of expected to be as in Europe. I'm just wondering if you see any sort of change for that statement?

No change in statement really. There will be cannibalization on CEREMENT BVF and I think mid-long term the ratio between CEREMENT G and CEREMENT BVF is going to be the same as in Europe but not because CEREMENT BVF will decline but due to the exceptional growth rates in CEREMENT G. that ratio will eventually be reached also there.

Perfect. Perfect. Thank you very much, guys.

Thank you very much.

The next question comes from Sten Gustafsson from ABG Sundal Collier. Please go ahead.

Thank you. Good morning. Good afternoon, everyone. Just to follow up on the the previous question regarding FX impact on non-recurring items. In the other operating income and expenses, is it fair to assume that all of that is related to revaluation effects, which are non-cash or at least a minority?

Yeah, thank you Stig. So on that line, a vast majority, with the exception of a few hundred thousand, everything relates to either realized FX impacts from in and outgoing payments or the conversion of assets and liabilities to Swedish SEK. All right.

Yep, that's good. Thanks for that. When it comes to the overall OPEC spending in 24, how should we think about R&D costs? I mean, you mentioned there were some fees to FDA and MDR in Q4, but we also perhaps should expect that there will be some additional clinical trials coming, et cetera. So how do you see the R&D line develop throughout the year.

Well, thank you, Stig. And again, I think that the way to think here is that, of course, all the ambitions expressed at the Capital Markets Day in November will also mean an impact in R&D spend going forwards. the animal studies that we need to do to support the submissions we have in the plan, et cetera, will mean that the existing run rate will move up during the year. So I think that what we see in the fourth quarter with the step up that we see in expense level, et cetera, that can be expected also to continue going into 2024.

Thank you very much for that. And regarding the sales commission level, it seems like it's coming down a bit in percentage of sales, at least compared to my estimates. But is the level right now, is that a good proxy for the year or are there any sort of one-offs in there that we should be mindful about?

And I think that the latest quarter, it's only minor movements in the total percentage. And again, just to remind you, Stan, and everyone else, that the commissioning fees is not only the sales commission. It's the sales commission, it's freight costs, it's GPO fees, and a few other sales-related charges. And we believe that it's a good indication of the level we can expect also going forward.

Okay, excellent. My final question relates to the TPT approval you got there. Will this approval have any impact on pricing and how do you see pricing on CERM-NG in general for 2024?

So the TPT will not have any effect on our pricing we Proposition is well balanced and well accepted so we don't see any

need for it. If anything possibly in the future there might be price increases but not as we have in the near term.

That's good to know, excellent. Thank you very much and congratulations on another good strong quarter.

Thank you.

There are no more questions at this time, so I hand the conference back to the speakers for any written questions or closing comments.

So back to us here then. We have two written questions that I would like to address. We have one from Christopher Lilleberg at Carnegie, where he says, can you explain the drivers for the sequentially higher selling expenses in quarter four? and what the number of hospital approvals was in the quarter. So, I already commented on the hospital approval.

It is almost a completely straight line in terms of hospital approvals.

I think that keep in mind is that from seasonality point of view, we have Q2 and Q4 that is the whole world was more active in terms of mock activities, congresses, and so on. there is a which means that Q4 is coming in. And then in this year, we also And then we have one question from . It says, first of all, top line performance in the fourth quarter. Can you give us some hints regarding the current momentum in the next quarter? And in contrast to your guidance, more than 40% growth. Thank you. So as I mentioned, the momentum in Europe market dynamics is very strong. We have seen during 2023 an increased capacity in the U.S. hospital systems, which has led to strong momentum in knee and hip surgeries and also a bit more in the foot. where we are more represented.

It's difficult to say how long the strong momentum in the US will continue.

It started before Europe, and I really couldn't have a good view on it. But in terms of Europe, we do expect that the catch-up of the backlog will continue. Now, all that said, in terms of market dynamics, it seems almost regardless of market dynamic, if we look at the key markets where we are present, we are growing at a factor of significantly higher than what the market is doing. So we are obviously taking market share on every single one of the different markets that we are on. And probably that's where we are focusing, but we can also enjoy, of course, that

all those patients that have not had the elective surgery is finally now getting good care. So those were the questions we had. Thanks everyone for calling. There is another question on the phone line. One moment. Great. We have one more question. That's great. So we'll give room for that. Yeah, sorry. Maybe one or two more. In terms of one, of course, if you could take, you know, the investment to increase manufacturing capacity was mentioned, for MDR certification, and the FDS filings. So if we could just take those one by one and how much they were in the quarter. That's cool. And again, And we have to send those in the school. The extremely expensive that relates to MDR and the submission is $1.5 million. And the minor, you could say, investments That's clear. Thank you very much. So some of these costs are mandatory fees when you send in the submission. The production capacity increase is

simply because we believe that our sales growth is very strong and will continue very strong. So we're making some modifications to accommodate that. So these are costs that will occur at some quarters, but each of them are carefully measured against preparing us for the future. Thanks. Thank you, Mathias. Well, that's all folks now. Håkon and I are off for the first morning coffee and we wish you all a good time until we speak again. Thank you for taking the time to listen to us and please keep following our exciting journey. Bye-bye.