Vitasora Health Limited (VHL) Earnings Call Transcript & Summary

Good morning and welcome to the Respiri Market update presentation. Thank you all so much for joining us. My name is Nova Taylor. I am the Joint Company Secretary of Respiri. In a moment, our Managing Director, Marjan Mikel, will join us and provide an update around the significant milestones we've achieved in the June quarter and provide an update on the company operations. If you would like to ask any questions during the presentation, please add them to the Q&A function with the button at the bottom of your screen. Marjan will attempt to address these as appropriate throughout the presentation, but if he doesn't get to them, he will answer them following the presentation, time permitting. We hope we will be finished by around 11:45. I think that is all the admin I have to go through. Marjan, if you'd like to start.

Yes. Thank you very much. Might give a few minutes as we wait for participants to join us and then we'll kick off and make sure that's all happening. We have a few more seconds and I will take the opportunity to thank everyone for joining us today. And the objective of today's call really is to go through the detail, a little more detail around the 4C that we announced to the marketplace last week and the exciting progress that we've made as an organization in the United States around the plans that we've been talking to for some time now and making some significant inroads in the plans that we have put in place for the organization moving forward. So exciting times for the organization and I hope to give you a little more detail around that as we move forward. As Nova alluded to, if you have any questions, please feel free to put them in the chat with the Q&A and I will endeavor to answer those time permitting at the end of the presentation, or hopefully most of them during the presentation with the details I'll be sharing with all of you. With that as background, I'm not easily made happy, but I am feeling very, very content with where we are as an organization at the moment and we are still very, very confident in our pursuit of cash flow positivity or profitability on a monthly basis by the end of 2024. And I would give you some details as to why we believe that is still a very, very real prospect for us as an organization and a prospect that really does take us to another level in our evolution as a business. It's important to note that some of the key areas that we will -- that will be driving this particular pursuit, we have seen in the quarter significant number increases in patients and these are accelerating. We've seen a significant increase in the number of clients that we are servicing with our services in remote patient monitoring and related services. We have a very exciting and extensive pipeline of new patients, including what I've been talking to for some time and that is patients who are dealing in the area of risk share and decapitated models, which, in the opinion of myself in the organization, is the future of health care delivery in the United States. The days of fee-for-service business models are limited. They won't be eliminated, but they are limited and the big opportunities lie in our ability as an organization to demonstrate to our clients our capabilities of improving patient outcomes and subsequently reducing events, hospitalizations and the costs associated with those. And important to note that our monthly fee per patients are being significantly and positively impacted by our clinic in cloud assessments and the additional services that we are delivering to our patients on behalf of our clients. So you would have noticed from the 4C that the quarter was a significant inflection point for Respiri and it gives me great confidence when I speak to our likelihood of achieving cash flow positivity by the end of the year. And as I said, I will get into the details about how we will achieve that. To recap, we almost quadrupled patient numbers to almost 1,500 patients from both existing and new clients. Now it is important to note that we went through a rationalization of our client base, removing some of those clients that were not profitable and difficult to deal with legacy clients from acquisition of Access. That's not an indictment on Access or anything like that, but rather more an indictment on our evolution as an organization where we are in a place now where our team can say no to business that isn't being done the way we think it needs to be done to ensure success for the client and most importantly, the patients. We had a record recurring revenue quarter of $200,000 and a record month in June at almost $100,000 in revs. And that is forecast to continue to grow significantly moving forward. Our client numbers increased to 25 through 30. So we have a significant uptick in what it is that we're dealing with when it comes to delivery of services. And important to note there is a wide spectrum of clients that we are dealing with. Everything from the smaller organizations to much larger groups that are far more attractive to us as an organization. And as we evolve as an organization, the future of Respiri's business doesn't lie in small client bases, but rather larger groups such as ACOs, which is accountable care organizations; IPAs, independent physician organizations; insurers and MSOs, medical services organizations. And I'll go into those details as we go through the situation. Important to note that our pipeline is also very, very rich. Now I want to say one thing and that is we do not need another new client to hit our objectives of being cash flow positive by the end of the year. Now we don't need them, but I want them if they're the right types of clients and there's a big difference there. So we will continue to pursue business development activities with our pipeline, which is very exciting and also includes risk share opportunities, which I will get into more detail through this presentation. But to be clear, the clients we currently have, have the patient pools that we need to be able to hit cash flow positively easily. Everything else is cream on top and will continue to drive growth into 2025. Clinic in cloud continues to be very well received by certain aspects of our client pool. And the exciting thing, particularly for the wheezo clinic in cloud programs that we have, I thought we'd be happy to hit a number of roughly $130 per patient per month with clinic in cloud. The wheezo programs with some of our clients in COPD, the number is $190 per patient per month. So that's blown our expectations out of the water. Now it is early days. And I'll be happy if we can hit north of $130 on a sustained basis, but $190 is where we ended the quarter up on average with our clinic in cloud services. We are also, as I've said many times, in -- investigating relevant merger and acquisition opportunities in the marketplace. Now I just say that because it is a very fragmented marketplace. There are many players in this space, some very, very good operators that have either complementary services to what Respiri has to offer. So offers cross-selling opportunities to patient pools and also clients, but also have similar businesses to ours, which lends itself to the procurement and restructuring savings that we can see by bringing organizations like that into ours. Early days, but it's certainly something that we are very cognizant of as an opportunity beyond the organic growth targets that we have ourselves. As I said, a record recurring quarter for us at $200,000 and I have to say, forecasts and results to date in June -- July, sorry, make me very, very comfortable with what it is we'll be reporting moving forward when it comes to growth rates with revenues and patient numbers. With regards to the breakeven metrics, as I said, with the scaling, we will need about -- or it will cost us roughly USD 0.5 million or $750,000 in Australian dollars, sorry, to fund what it is we need to do to hit cash flow positivity. Now we are getting a lot better at what it is we do and we're getting more efficient at what it is we do. And our per patient per month numbers are also increasing significantly. So the original 9,000 patients that I said we would require to get to cash flow breakeven has now been whittled back to about 7,500 patients for us to hit that USD 0.5 million, sorry, revenue stream to fund what it is we need to do to get to profitability on a monthly basis, which is really exciting. So it's not just growth from patient numbers, but we are now significantly better at what it is we do as an organization, hence, don't need as many patients to hit that breakeven number. I mentioned existing clients. It is important to note that right -- as of today, there are circa 40,000 high-risk patients from our existing clients that need to be on remote patient monitoring and we are currently actively recruiting these patients into programs. That's really important to note. So they're there, we need 7,500 of them. Our current conversion rates on getting patients on program from prospect is roughly 70%. To be specific, I'll round it up, it's actually 67%. But it also lights around. So our ability is to get patients on program. The number of patients we currently have available to us as a patient pool gives us everything we need to hit our intention of breakeven by the end of the year. That is our pursuit. Important to note that the pipeline, particularly with the capitated risk share models as well, opens us up to over 0.5 million lives -- real lives that would qualify either through capitation and risk share, so per member per month or per patient per month revenue opportunities for us to pursue during the year of 2025 and obviously, the balance of 2024. So it is really exciting. And we've got no problems with the volume of patients that are at our disposal when it comes to being able to onboard. Our challenge is to align our clients around what needs to happen to get these patients on program. And as you would have seen from the numbers that I've already described, we're getting a lot, lot better at that. So I'm very, very excited about the prospect of this office. Our target range per patient per month, that is PPPM, is still $70 to $100. Remembering that the per member per month risk share is lower and I'll get into that calculation later in the presentation. I've already spoken to the clinic in cloud revenue per patient per month. Our target was $130. Initial indications are $190 for the wheezo program. Our current volume of total patients is about 3% and we forecast that to grow to roughly 15% by the end of the year. Remembering it can be almost 3x the bottom range of our PPPM under the, I'll call it, traditional billing capabilities that we have at the moment. Risk share contracts, as I said, are part and parcel of our pipeline and huge opportunities. And again, I reiterate that risk share, capitation, value-based models and delivery of services around those models is the future of health care delivery in the United States. Any organization that doesn't understand that, any organization that's not working towards that, will miss the bus and we are very much at the forefront of delivering a value proposition around that, which is one of the things that sets us apart from our competition. The other piece, of course, are M&A opportunities, which I've discussed and they will continue to be assessed as an organization by the organization moving forward to look for opportunities that we think fit nicely within what it is we're trying to achieve as a business. Patient numbers, almost fourfold on last quarter and that last quarter was rationalized. So we got rid of a whole bunch of patients from clients that were rather difficult to manage and putting undue -- unnecessary and undue stress on the resources that we had as a organization. Tough thing to do when you first start a business because you'll take anyone really to drive dollars and cents. But as I said, we're in a luxurious position now of being able to say that we'll only work with those organizations that we believe have a chance of being successful. And the only way they can really be successful is that they do things the way we think they should be done in the context of their workplace. So that's pretty exciting. Just a update. Our numbers in July are already 20% up on the June numbers. So I'm pretty excited and look forward to where they're going to end up by the end of quarter 4 -- sorry, the September quarter this year. So numbers continue to grow as we speak on the back of the things that you'll hear about today. Important to note that our clients, remembering how strict privacy laws, et cetera, are in the United States, one of our clients has already given us a list of 3,500 patients for us to start recruiting from immediately and enrolling into programs. Most of those patients are wheezo RPM patients. It is a fee-for-service, not clinic in cloud, but still a very, very exciting time for us because what it does demonstrate is that we're getting into situations where clients are not just sharing their billing data, but also their patient data with us under the auspices of what we call our BAAs, business associate agreements, which allows us to do that with our clients. That's how much they trust us, that's how much they believe in what it is we're doing. So it is an exciting time. And as I said, we have been given carte blanche to go talk to these patients and bring them on to program and importantly, work with those clients to make sure that they support the narrative of a new standard of care that we will deliver in conjunction with them. We're successful when nobody knows who Respiri is when it comes to the patient engagement. The pipeline, as I discussed, is huge and it excites me for where we can take this business in 2025 and beyond. And as I said, because we are getting so much better at what we're doing, we only need 7,500 patients on a monthly basis to break even. And that is very, very doable. And as I said, we continue to pursue that goal and we are still very confident as a Board of getting there by the end of this year. Clients continue to explode. We have many, many new clients. I won't go into all of them. But as I said, these clients, including the pipeline, basically take us from a high-risk patient pool of roughly 40,000 patients to well over 0.5 million patients moving forward. So there is no paucity of opportunity through patient numbers for the organization moving forward. And as I said, our challenge is to make sure that we keep taking the things that we know are working now and apply them to our new clients and existing clients to get accelerated onboarding and recruitment of patients. So why are we so successful? I mean, you're probably getting bored listening to me talk to these things as we go through this journey together and I do appreciate all the support that we've received as an organization from the people on this call. So thank you. And even with all those difficulties, we have been dogged in staying the strategic course. Now I do say with tongue-in-cheek that we're differentiating -- differentiation is driving our overnight success. That overnight success has taken some time to get there and we anticipate continuing to grow as we move forward. But we do things differently and we do things better. And last quarter was a very good example of our partners, clients, patients and doctors think the same. And when it comes to the pipeline, why significant health insurers and ACOs continue to want to work with us to get us over the line for these risk share contracts, which will be huge revenue opportunities for the organization in 2024 and certainly in 2025. Part of our differentiation is we offer more, we do more. We have a broadening remote patient services portfolio, everything for remote patient monitoring, which is our traditional platform, involves devices, to all what we call the [ Ms ], remote therapeutic monitoring, transitional care management, chronic care manager, principal care manager. All these different services are reimbursed by CMS that is Medicare in the United States. And many of them can be delivered to the same patient. Now when it comes to a fee-for-service model, that adds revenues per patient per month. So PPPM. So we have that capability to not only increase PPPM, but also increase the number of patients that we can deliver services to. Of the other services outside of remote patient monitoring, there are no data requirements when it comes to qualifying for the CPT codes, the reimbursement codes for delivering these fees. We know our clinical services are world-class and people believe that. We have virtual clinics that allow us to do a lot of what it is that doctors would normally need to do that we do on their behalves. And very importantly, we have some AI-powered predictive analytics that we've developed over the period of time where we can look at data that's provided to us by our clients to help identify high-risk patients, not just high-risk patients today, but high-risk patients of the future. I'll get into a little more detail about that later. But in saying that, our clients and potential clients love our capabilities in this space and it is one of the areas that's driving our penetration with particularly the larger organizations that we're talking to and particularly with the risk share contracts that we are pursuing. Our approach is evidence-based and we work in conjunction with our clients. We're collaborative. Very importantly, if you want something to fail in health care, get a doctor or a health care administrator to do something that they don't do every day. In fact, they've got too many things to do. They don't have the resource. They don't have the experience. They don't have the people and they don't have the systems to be able to do these things that they know are required to close the gap when it comes to health care delivery. So our model is built around the premise you keep focusing on being a doctor or an administrator doing the things that you do every day. You deputize us to be your extension into the community so that we can help deliver a new standard of care together to your patients. We are successful when nobody knows who we are. And what I mean by that is there's a continuum of care with our clients and their patients. We are part of the client's team. And our clients like it. And I think the fact that we doubled our patient -- sorry, quadrupled our patient pool and doubled our client pool is testament to that. We have the abilities to use analytics to identify high-risk patients. We work into their existing workflows to make sure that we don't change the way they do things and we don't add to their work burdens. Our model sees one care manager allocated to a patient for the duration of that patient's journey with us. They build a relationship, it's longitudinal. And with that longitudinality and that relationship comes the added benefit of getting patients to be able to comply a little better. We have good engagement rates. And as I said, we partner with our clients to make sure that there is no demarcation between Respiri and the client. We are now part of a single, a single new standard of care. As I said, we've got proven analytical capabilities that are unearthing at-risk, high-cost patients, not just today's high-risk patients, but those that will become high-risk. Now I want -- the data there is there for -- to show you what it looks like rather than to go into information. So none of this will make sense to most of you, but what it basically does show is these are the levels of details that we get into, particularly with ACOs, issuers and other risk share clients to help them understand that we know who we need to be targeting. We know who's going to cost them a lot more money moving forward next year than they do this year. We know what needs to be done with these patients to address the cost-generating activities and exacerbations that are recurring, remembering that most of these patients are comorbid. So they've got a lot of things wrong with them. There is not just one thing and it's laughable to think that we're going to give these patients 10 devices and they're going to use them all. We need to pick the eyes out of what's actually causing the issues and importantly, very importantly, what's causing costs because of those issues. So that's -- they're all the things that allow us to then build a model around what it is we need to do and who we need to do it with to improve outcomes for the collective and also the patients. At the end of the day, health care is there to make patients feel better, be better. And if we do that well enough and stay focused on that, costs will look after themselves. Our other differentiator still remains our little egg friend, wheezo. We have been invited into numerous new business opportunities on the back of the unique services that we can provide in COPD, particularly with our wheezo device. There is no doubt about that whatsoever. It opens doors for me and I know it does because I've been lucky enough to have conversations with large health care organizations in Hawaii, the West Coast, Northeast and everywhere else in the United States. And more often than not, it's on the back of our little friend wheezo that opens the door for me and allows us to then broaden our business opportunity with that client. Nobody else has got this but us. Why they like it is because the program that we have developed around wheezo as RPM is proven. We know that we have the ability to improve the ACT scores, which is the asthma control test scores, a lead indicator for complications with patients and hospitalizations by 5.1 points. Clinical significance is 3. Clinical significance is 3. We improved it by more than 5. That is really important to know and that resonates with our customers and it certainly resonates with the physicians that we are dealing with when it comes to delivering a service in remote patient monitoring in patients with COPD. And I can tell you from my own personal experience, there is nothing according to the doctors in COPD that is valuable when it comes to the clinical management of patients when they leave the care of the doctor. They jump on the wheezo program pretty quickly. Fox Valley Pulmonology (sic) [ Pulmonary ] is a classic example of where the half dozen pulmonologists in that group jumped at the opportunity of what it is we'll be able to provide them with when we introduce wheezo as part of the COPD program for their patients when they leave their care. So that's a really exciting piece that nobody else but us can do. Importantly, it doesn't matter what chronic condition the patients have got, we've got a device solution for that. And we've got a solution beyond remote patient monitoring to support those patients. So that's pretty exciting. We're a one-stop shop for high-risk patients that require an intervention when they leave the care of the doctor. That in itself is when you add in the wheezo's COPD program. We provide a suite of services that nobody else can match. And as I said, our growth in client numbers, patient numbers and also pipeline is testament to that. It's a lot of fun turning up to a client with the solution they can't get from anybody else. What I thought I'd do is just review the revenue streams that we currently undertake, just to remind everyone of how we get paid, not what we do and I want to make that very clear to people, right? What we fundamentally deliver to patients is care beyond the clinic that provides greater transparency around what's happening to doctors, patients when they leave the clinic. How we get paid is immaterial to that, important financially, of course, but immaterial to the value proposition. But I can tell you that our flexibility in how we get paid is one of the reasons why we are talking to large insurers, ACOs, MSOs and IPAs around aligning ourselves to their risk share contracts because we're prepared to put our money where our mouths are based on the clinical outcomes that we know that we're generating at the moment. So we're rather unique in that space and as far as I know, the only RPM company that's prepared to do that. So just a recap. There are 2 revenue streams that we have that align themselves around how U.S. customers get reimbursed themselves. One is the fee-for-service which is either we provide the service on behalf of the doctors, provide them with the information they need and then they submit the reimbursement claims through the -- to CMS and their other insurer partners and we get paid a fee-for-service. The other half of that piece is the clinic in cloud, which is our preference because not only do we make more money out of it, but it also removes a lot of the choke points that have hampered our progress with customers that we acquired early in our journey, some of whom are no longer with us. And it also allows us to build all the different remote services that we have in place. If we are to deliver, for instance, chronic care management, CCM and RPM to a client -- to a patient, we can get up to $250 per patient per month when it comes to fee-for-service. The second one is the risk share model. And now this isn't per patient, but this is per member. So typically what happens, they will be -- we're working on a program right now, 6,000 patients of high-risk patients. And we will get paid a fee per every member in that group, 6,000 times, $50 every month from month 1. Our job is to make sure that we use our analytical capabilities to identify the patients that we really need to be targeting to provide the savings through improved health care delivery to our customers and then share in the upside of the savings with them at the end of the contract. So if we save $1 million, let's say, we'll get to keep about 1/3 of that on top of our $50 per member per month. Okay? Important to note here, we do what it is we need to do with the high-risk patients to drive outcomes rather than try and introduce more and more services to get paid for it on a fee-for-service basis. Now this is the future, absolute future of health care delivery in the United States. Absolutely. And as I said previously, we're aligned around that. Our strategy is aligned around that. Our portfolio of new clients is aligned around that and all our systems are being developed to support that. Now that's the future. Today, fee-for-service pays for bills and we've got a very strong pipeline of clients there. Now the future of health care delivery is not going to change next year, but the horizon for 5 to 10 years is certainly moving towards the risk share modeling and major organizations, ACOs, et cetera, are engaged in the risk share model and we have to. It is criminal for us not to align ourselves around how our clients get paid. And we're pretty good at doing that and making some great inroads into that with our clients because they've never had anyone in our space, RPM space, talk to them about this possibility. Reminding -- when it comes to fee-for-service and the clinic in cloud, it's a pretty laborious process of getting paid. And there are choke points all along those. You've seen this before. Clinic in cloud removes a lot of these, allowing us to basically take on evaluation and management services through our own clinician base, allow us to claim for RPM and other CPT codes directly and not rely on doctors to do that. And then reimburse patient -- sorry, reimburse our clients with a management fee for helping us manage the patients. Lot quicker, cuts out about 2 months of what is usually a 5-month age receivables period for us. And anything we can do to get our cash a little earlier is obviously very welcome and the clinic in cloud helps us do that, as does risk share. From day 1, we get paid for risk share. Now the risk share contracts I've spoken to, as I've said, the cash is relative immediate and it's predictable. If there's 6,000 patients that's $50 a patient, that's USD 300,000 a month, every month. That's attractive to us. As I've said, it is the future opportunity and it's the way the health care industry is moving, but major organizations are already working in that space. We currently have engagements in our pipeline with 3 ACOs/IPA, MSOs. I won't go through those, big aggregations of providers, late-stage negotiations, lots happening and I look forward to updating the market on this in the coming months as these come to fruition. We're also engaged with a number of national insurers pursuing preferred vendor status as Respiri with them, which is a big tick. We've been asked to provide a proposal for a cardiovascular disease pilot on the mainland for one of them circa 6,000 patients as a start. And all of these insurers have got national footprints, all of them like the fact that we're just talking in their language. And that language is putting our money where our mouths are when it comes to the delivery of health care. And that's important to note, we get paid per member per month every month. We deliver on the cost savings, which we are very confident we can do. We get an uptick with about 1/3 of what it is we're going to save the insurer or the ACO. We don't -- we'll need to give some of that cash back at the end of the period as well as part of the downside. So there is a risk, but it is the future of health care delivery in the U.S. and exciting engagement for us and a key platform that does not just differentiate us, but is driving the way that we are moving with the organization. I've spoken about M&A and I just want to stress that -- and remind everyone, we've got a $20 million, I'll call it [ slash ] fund that's been put aside by a cornerstone investor. That's there for this sort of activity, okay? So it's by mutual agreement that it will be made available to us where we need it to be made available. But it's there. And we have a very defined way of assessing what a good acquisition looks like and it will be EPS accretive. It will add opportunity not just from the immediate revenues that it would introduce to the organization. But we don't need 2 platforms. We don't need 2 CTOs. We don't need 2 CFOs. We don't need, we don't need, we don't need duplication. So there is huge opportunity for that initial sugar hit when it comes to what it is that we can save by bringing an organization into our family. Often the services that they provide are complementary to ours, which lends itself to cross-selling and up-selling opportunities with existing patients and existing clients. Some of the organizations and people I've spoken to have a strong business in chronic care management, but they don't do RPM. They can deliver both of those services to their patients. Our models, clinic in cloud are pretty sexy for some of these people and they like the upkick in revenue opportunities that exist from being able to deliver their services utilizing our business models. So that's pretty important in getting the per patient per month numbers up as far as we possibly can from existing clients. So it's not just a procurement play from restructuring. It's also the growth strategy that we can have and the narrative around what it is we can do to take an existing business and double revenues simply by adding the additional services that Respiri has to offer them. Now as I said, early days, it would be remiss of me not to be assessing these opportunities as a CEO. And our shareholders and those of you who are interested in Respiri, it's an active part of what it is that I do. So there is a wonderful opportunity here for us to assess potential organizations that can add to the Respiri story, revenues and opportunity. So it's been a wonderful quarter for us, a business inflection point. It gives me and the team great confidence and it should give you great confidence that the pursuit of profitability on a monthly basis by the end of this year is a very, very real possibility. As I said, we need about USD 0.5 million in revenues to be able to fund that. Our improved capabilities now have dropped the number of patients for us to get there, patients or patient equivalents. Now patient equivalent, as I said, for instance, with risk share. It isn't $70 to $100 per patient per month. It's $20 to $80 per member per month, but there are a lot more members. But let's keep it nice and simple. So 7,500 patients gets us there. It was 9,000. We are doing that because we're better at what it is we do and we're getting a better return on what it is we do. We've currently got 40,000 patients who are high risk that we need to onboard immediately. Now we have various levels of success with our different clients, but that's the opportunity right now. We have a conversion rate of roughly 70% when it comes to those onboarding conversions. Remember, I need 7,500, I've got 40,000 and we have a 70% conversion capability on people we contact. The pipeline is the most exciting piece beyond the current opportunity. Over 0.5 million high-risk lives, not just in fee-for-service and importantly, clinic in cloud fee-for-service, but also capitation. Lots of patients, future of health care delivery and when it comes to fee-for-service, a growing number of patients are going to fall in the $130 per patient per month mantle as opposed to $70 per patient per month. And as I said earlier, clinic in cloud, CiC, will continue to grow as a proportion of our total patient pool. Risk share contracts will remain a significant focus for our organization because we believe that's where health care is going. And we also believe that we need to align ourselves around that. Often, the contracts to getting there will start with fee-for-service as they suck it and see, so to speak, with our capabilities, but they will end up that way, whether they are insurance companies, which we're in very heavy discussions with, insurance companies that you've heard of, all ACOs, large conglomerates of doctors, hospitals and health care organizations who are particularly interested in what it is we can do for them to capitalize on their capitated agreements with insurers. And finally, merger and acquisition targets remain an area of interest for us and we will continue to assess those as they come along. So I am extremely confident in where we are as an organization. The June quarter demonstrated quite clearly an explosion in patient numbers. We're already up about 20% in patient numbers in July already. Now where that ends up by the end of the quarter, I don't want to make a rod for my back, but I'm very confident with where those numbers are going to be. And those numbers will generate and drive revenue numbers. And as I said, the age receivable period for us from the fee-for-service is about 5 months. And doctors are notoriously hopeless at paying. But we've got a group of people that are knocking on their door on a regular basis, reminding them that they need to be paying us. So the future looks very rosy for us and I am still extremely confident in hitting that breakeven point by the end of this year based on these facts. What I'm showing you here are facts. I don't need any more patients to get there, but I want more patients. So thank you very much, everyone. With that, I will...

There's a couple of questions. One is -- question. $20 million announced in December that is ring-fenced for further acquisitions. Firstly, what are the conditions for these funds to be released? What type of complementary services are we targeting? I think I answered that. I mean, it is by mutual approval that these funds will be released. The services, I think I also touched on and that is a lot of the people that I'm talking to do, for instance, chronic care management, which doesn't require a device, but still gets reimbursed by CMS. And those patients still qualify for RPM irrespective of whether they're getting the CCM services themselves. Just to give you an understanding, CCM services are more of a coordination. So our people help coordinate appointments, transport, various other activities that the patient needs to undertake to be able to enact the programs that have been put in place or the care management plans that have been put in place by their doctors. RPM provides the physiological parameters that allow us to see whether or not all that stuff is actually working. So those 2 go hand-in-hand. And really, in an ideal world, where you deliver both to a patient for a fee-for-service perspective, you double revenues to almost $250 per patient per month. So that's pretty attractive for us. So I hope that makes sense. Now the other piece, let me quickly have a look. The latest quarter mentions a planned U.S. listing. Are you able to provide information regarding what that means? Look, at the end of the day, our job is to generate value for the shareholders, most of the people on this call. And we are assessing on an ongoing basis how we best do that, where the opportunities for the organization lie and the value proposition we deliver. There's a lot of interest in what it is we do in the United States, particularly after the last 4C. It's growing exponentially from that point. And we -- it would be remiss of the Board not to assess and evaluate all opportunities available to us. Now there is no plan today to be listing anywhere else except optimizing our opportunity on the ASX and driving shareholder value from the share price there. But in saying that, we are constantly looking at how we can generate more value for the organization, looking at our industrial relations plans -- Investor Relations plan, sorry, when it comes to what it is we need to do to get our message out there. So the answer is it's a possibility when there is no win, it's -- if it's right for the organization moving forward. So I hope that that answers that question, which is pretty cool. That's all the questions I have. I will reinforce all of you know my e-mail address and my telephone number. If there are any other questions that you have, please feel free to either e-mail them through to me or importantly, give me a call, I can't guarantee I'll answer the phone immediately, but I will answer it eventually and get back to you. I will be back in the United States for the month of August. So in a different time zone, but I'll be contactable. So I do very much look forward to hearing questions that you may have. I want to thank everyone again for the support you've given the organization. And I hope you got a little joy in the last 4C because that is our game-changer. That's where all the pieces of the puzzle that we've been pulling together for the last 2 years show that they are coming together. That is an indictment on our ability to stay dogged with strategy and ensure execution. And it is also important to note that's the start of the journey. So again, thank you very much and I look forward to sharing more great news with you as we move forward as an organization and look forward to our next 4C, which is due in the not-too-distant future to give you a further update on where we're at. So thank you again and have a great day.