Cambridge Nutritional Sciences plc (CNSL.L) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the Omega Diagnostics Group plc investor presentation. [Operator Instructions] Given the significant attendance on today's call, the company will not be in a position to answer every question received during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so and will make those available on the Investor Meet company platform. Before we begin, we would like to submit the following poll and if you could give that your kind attention, I'm sure the company would be most grateful. Without further do, I'd like to hand over to Chris Lea, CFO; and Jag Grewal, CEO. Good afternoon.

Thank you, and good afternoon, everybody joining us for the latest presentation from Omega Diagnostics. Thank you for taking time out of your day to listen to us. Some of you may be familiar with some of the content of this presentation as we delivered it some time ago. But we have now updates for our company and more importantly, a brand new focus direction for the organization going forward. So the usual disclaimer. And just some brief introductions for those who don't know me. So my name is Jag Grewal. I'm the Chief Executive Officer of Omega Diagnostics. I've been with the organization almost 11 years this year. Previously, I was the Managing Director of the Health & Nutrition division. I've been in diagnostics most of my working life, having worked for the NHS in the past and then a variety of diagnostic companies, and back into the NHS in London for a short period of time. And I'm also heavily invested in the diagnostics industry itself having been a Director and past Chairman of the [ Industry Association ].

Okay. And I'm Chris Lea. I'm the CFO. I joined the business in the autumn. This is my third A-listed company. The last 2 have been IndigoVision, which is a CCTV company; and Superglass, a glass wall manufacturer. Prior to that, I worked with KPMG and also within the poultry industry.

Okay. So today, this afternoon, we're really going to focus on a new vision and a more focused strategy for the company going forward. We would like to take the opportunity to update all of you on the progress we've made in restructuring the company since February, a brief overview of the core business and more importantly, our growth strategy, particularly centered around Health & Nutrition. A little bit of commentary on what we've been doing around global health and then we'll summarize at the end. So just as a background for those people who aren't aware of the organization, we have been operating for over 30 years in the in vitro diagnostics space. We're a company that develops, manufactures and markets diagnostic products into a global network of over 70 countries. In fact, the vast proportion of our revenues are outside of the U.K. Currently, we have 2 divisions: the Health & Nutrition Division, which is the main portion of our business. That currently provides testing products in the area of food sensitivity, particularly for those health care professionals and patients that are suffering with chronic disease related to their diet and nutrition. We also have a Global Health division that is focused on a very unique specialist test for CD4, a test that's used to monitor the immune system of patients living with HIV. So in terms of what we've been up to since we last spoke to you guys is looking at the business myself and Chris has been working quite hard in restructuring the business for future growth and future focus. So we dealt with what was a loss-making site based up in Scotland, in Alva, and sold that to a company called AccuBio, which is a subsidiary of a Chinese company called Orient Gene. And we then entered into a transitional services agreement that allowed Accubio to continue to manufacture products for us, mainly CD4. So we really focused on reducing our fixed cost base that was bleeding cash out of the business. Early April, we announced a trading update where we highlighted that our existing Health & Nutrition business grew by 54% over prior year, and that was largely driven by our laboratory-based foodprint product sales which grew 82% over prior year. We also conducted a strategic review of the CD4 business and really came to the conclusion strategically that it was best that we look at a CD4 business and sell the asset to interested parties. And we have a number of those parties now engaged with advisers that have been appointed to progress that asset sale. We took the decision to exit COVID completely from a product fit point of view, cost and pricing point of view. It just didn't make sense to stay in that game any longer. We remain in dispute with the Department of Health regarding previous licensing opportunities, and there's been no further movement on that since we last spoke to you guys. And really, going forward, it's -- there's a desire to invest capital in our Health & Nutrition business. That's where the growth opportunity is. going forward, and that's where we would like to take the company in that direction. So really, with a new team at the start this year, particularly, myself and Chris, we want to focus on substantial growth opportunities that I would highlight in the next couple of slides, particularly focused in around geography in the U.S. and a complementary menu that drives this area towards a more comprehensive cuts assessment testing profile. We were carrying on with the CD4 market adoption. That is getting good traction in the market with global agencies, NGOs and aid agencies. But as I said before, we are now looking for interested parties to take that off our hands and give it the home that it deserves to maximize its potential.

Okay. So having completed the sale of the site in Alva in early March, we've managed to reduce cost base on this site by roughly about 50%. We still have an ongoing cost of around about GBP 300,000 a month based out of the site to continue to support our CD4 manufacturing and all the associated quality and regulatory costs that go along with that business. So the second stage of our cost reduction plan really is linked to the withdrawal of the sale of our CD4 business, at which point we will be able to reduce the cost base at very short notice, generally, a month or so to be able to say around about another GBP 300,000 a month from the cost base. As Jag said, we've exited COVID completely, and our focus now remains on trying to bring the dispute with the Department of Health to a satisfactory conclusion. And as we've said before, there's been no movement from the Department of Health in response to some questions that we posed to them on the 8th of February. So we are still awaiting a response to our large list of questions. And finally, recognizing the need to align shareholders' interest and management interest, One of the things we've -- we're planning to implement very shortly actually is a new long-term incentive plan scheme for executive directors, which will be driven -- introducing performance-based reward system that's driven purely of share price going forward. So as you'll see from the announcement that we issued on Friday, we've already, in fact, raised GBP 2 million through a placing from 3 shareholders in fact. And we've launched an open offer at 4p to raise potentially another GBP 2 million. So the difference between this time and the placing that we announced on the 11th of February is that the placing funds, the GBP 2 million from the institutional investors, is already secured and is not subject to a General Meeting, although, obviously, the open offer will still go to General Meeting scheduled for the 6th of June. As part of the pricing of this particular offer, it's now at 4p. The previous pricing was at 5p. That's a consequence of the share price movement in the intervening period. And unfortunately, to get the pricing away, we've had to give warrants for a further 90 million shares at 4p, which are exercised and more within the next 18 months. And that was a condition required by the placees if we were to proceed. The state of the circular is planned to be posted to shareholders on the 13th of May. We've deliberately left a week or so gap between the announcement and the post of the circular to allow anybody who wishes to purchase shares in the market to participate in the open offer to do so. And the directors are, as before, once again, all putting in GBP 85,000 between -- as everybody is putting in at least GBP 20,000.

Thanks, Chris. Just a bit more detail about each of the product segments and our plans in and around that. So in terms of Health & Nutrition business -- and as a reminder, our tests are typically used where there are chronic long-term inflammatory conditions increasingly, as being linked to poor gut health and the nutrition or the diet by particular patients. Largely, our ultimate consumers are out of pocket in terms of payments. And they use that to maintain health and wellness going forward. We are a market leader in this area in terms of food sensitivity. We sell our products and services in over 70 countries. And over the past couple of years, have grown those revenues significantly over that period of time. It's a cash-generative business. It's a profitable business. and that's what we hope to build on going forward, good growth margins and significant opportunities for growth. And those opportunities lie in 3 core areas. We've seen the performance of the division over the prior year from FY '21 to FY '22. And that's largely driven by organic growth by increasing our coverage in countries, maintaining our leadership position. Our brand and our leadership is largely based on scientific education and building awareness amongst the health care professional community. What we are doing and working on is going to couple that with digital technology that allows our customers, both patients and health care professionals to better manage chronic inflammatory conditions. And then based on marketing activities on that digital engagement through those channels and drive our brand awareness in all the markets that we sell into. There are geographic opportunities, as I said, ongoing optimization of distributors and business partners, both in existing territories and vacant territories. China with food sector, which is our point of care in-clinic product represents a big opportunity for us. And that will return back to growth this year with orders forecasted in the second half of our financial year. And then the U.S. itself represents the single biggest opportunity for foodprint, which is our lab-based microarray platform that allows a health care professional to test the blood for over 222 different reactions to different foods off just a drop of blood. The U.S. is a very health-conscious mature market where we feel by lifting an existing successful model, which is our CNS lab, which services health care professionals and patients directly in the U.K. and Ireland, by lifting that, adding on our digital technology, we can address that market in a very unique way, a very competitive way which could yield good results. In terms of menu, that's our third opportunity. We currently look at the immune system and its response to food. We wish to expand our menu through the use of the Baltic services to investigate the microbiome and the DNA of the patient that will allow us to give a much better, more comprehensive assessment of the gut health of a particular patient. As I said, the U.S. represents the single biggest opportunity for our CNS lab service model going forward. It is a model that currently has some competitors in there, but we believe we can differentiate from our tried-and-tested approach around education and science, coupled with our digital strategy to engage and empower customers in the U.S. The total market size is estimated to be between $50 million and $100 million. And we really feel quite conservatively that we have the potential to realize GBP 3 million to GBP 6 million per annum in a 3- to 5-year time frame, going forward. And then when we look at menu area of great interest to health care professionals is the microbiome increasingly there's a greater level of understanding of how the microbiome or your gut flora impacts your gut health and the consequent impact on chronic disease. There's been an increase linkage of the microbiome and the diversity of the microbiome linked to many conditions such as diabetes, anxiety and obesity. And we know from speaking to our existing customer base across the world that there's an increasing level of demand and interest in adding microbiome to the assessment of patients. And then the third piece on the jigsaw that completes the triangle to give a comprehensive personalized nutritional assessment is your DNA. There are now an increasing level of mutations and genes that are responsible for dietary function and gut health. And really, when you put all 3 together in terms of the immune system, the fruit sensitivity parts we have today, the microbiome analysis and your DNA assessment in terms of nutrigenomics that gives us the real potential for addressing this market and maintaining and building on our market-leading position going forward. To support that in terms of growth and expansion, we have already highlighted that we aim to move into a new facility just down the road from our existing facilities in Ely and Cambridgeshire. It gives us a much larger footprint and more importantly, GMP manufacturing space with temperature and humidity control that allows us to maintain compliance on a regulatory front that give us the capacity for future expansion and our growth plans. So that's our Health & Nutrition division. We want to just talk briefly about Global Health and what we're doing in that area. The main product line within Global Health is our business at CD4 advanced disease product. It's a lateral flow test, one of the most unique products in the marketplace in that it is the only instrument-free CD4 testing product in the marketplace. And CD4 is a test to monitor the immune system almost as a barometer to see how the progression of HIV infection proceeds. Advanced disease, previously known as full-blown AIDS is very important in detecting as early as possible. And this market is really dominated by the world aid agencies and global funders. So people like the Clinton Health Access Initiative or CHAI, WHO, Unitaid and the funding organization within the U.S., which is known as PEPFAR.

So in relation to our CD4 business, from a standing start, we achieved revenue of GBP 1 million in FY '22 but our order take is twice -- order intake was twice that amount. We've had challenges, as we've mentioned before, in terms of scaling up the manufacturing from smaller batches to larger batches. This is linked to raw material stability, the commissioning of new bits of equipment, quality control procedures where our products have to be tested externally using live blood at Charing Cross Hospital. And also, we have, to a certain extent, been a little distracted in terms of COVID because some of the resources between CD4 and COVID have historically been shared. We mentioned before that there's a requirement to invest additional money to try and optimize the yield, improve stability and reduce the manufacturing costs, and that was included in the GBP 1.5 million [ potential ] use of proceeds from the placing that we announced in February. With the placing no longer forward from that time, the Board is not -- simply not in a position actually to invest the GBP 1.5 million that we were looking to invest in relocating the product into the new Ely site. And in addition, it's not bad to take on the risks of technical transfer. So the conclusion from our strategic review is that we've decided to seek offers for the business. Under our transitional services agreement with AccuBio, we can continue to operate CD4 manufacturing from this site until the end of the year. And we -- although the cost of doing so is still around about GBP 300,000 a month. So there's a trade-off here between how long we are willing to fund that business and the value we think we can get through a sale. And the aim is to try and conclude a sale within the next 3 to 4 months, if possible. And the Alva site has to return to AccuBio at the 31st of December. So we need also to factor into the transaction an appropriate amount of time for an acquirer to be able to relocate the production capacity into their own site and get the necessary regulatory approvals. We're not sure what the value would be in terms of what we might get for the business. It's very difficult at this stage of the process to be able to put a number on that. But to give you an indication of the amount of investment that we've made in CD4 to date, it's about GBP 6.9 million, which is tangible fixed assets around about GBP1.5 million, capitalized R&D over a number of years of just under GBP 5 million and inventory of around about GBP 600,000. We have appointed advisers. We have launched an information memorandum in the data room, and we received expressions of interest from a number, more than 5, less than 10, of interested parties in looking to acquire the business. So under the placing that we announced last week, we are guaranteed to get the GBP 2 million worth of initial funding. We may or may not get proceeds from the open offer. We may or may not see the warrants exercised within the 18-month period. So the only additional funding we can count on today is the initial GBP 2 million. What we are aiming to do here is to make sure we have adequate funding to be able to see the CD4 business through to a successful sale. So GBP 1.2 million of the GBP 2 million proceeds is allocated to make sure we can fund the GBP 300,000 a month for 4 months to be able to sell the CD4 business for value. And the balance falls into working capital. And this is -- what we're trying to do here is make sure we avoid having to cancel a sale process partway through because we don't have sufficient funding to enable us to see it through to a conclusion. The open offer -- to give you an indication, the open offer launched in February, yielded just under GBP 0.5 million of investment based on a 5p selling price and we will see over time the level of take-up in relation to the offer that we've launched last week. The funding from the sale of the CD4 business will be used and -- for the exercise warrants actually will be used to accelerate the investment in our health and nutrition product range and also in accelerating the U.S. expansion. As before, we are not raising funds to repay the Department of Health. Our position remains unchanged that whilst the dispute is ongoing, our legal advice is that we're not required to repay the GBP 2.5 million initial preproduction advance and in fact that the company is entitled to recover additional losses incurred under the contract. And we have a little bit more clarity now that the Alva site sale has been concluded as to what the size of that loss may be and therefore, the size of any potential claim should we wish to make one against the Department of Health.

Thanks, Chris. So in summary, we're quite busy since we last spoke to you. We've been focusing on cost control and operational efficiency. And Stage 1 of that was completed by exiting the Alva site. We're now in the process, as Chris described, of seeking offers for CD4 business and ensuring it's got a home for the future of that product line. And more importantly, as a test that's essential for monitoring patients living with HIV in remote or inaccessible areas. We've also exited COVID-19 completely. But going forward, the strategic plan is to focus on health and nutrition diagnostics. And this is not just a lifestyle wellness test. It's increasingly understood within medicine that gut health and personalized nutrition has a vital role in dealing with the epidemic of chronic inflammatory disease that manifests itself in many, many different ways. As a leader in food sensitivity testing, we occupy a very central place in this area. And by adding the microbiome and nutrigenomics, we can not only occupy the central area but dominate the testing of gut health for years to come. So we have a business that, for many years, has grown and grown substantially, a business that generates EBITDA and generates cash. It's now got the potential and more importantly, the focus to grow organically, to grow with this digital platform enabling to grow geographically and to grow with its menu to truly offer a world-leading, comprehensive gut assessment level. So thank you for your time, and thank you for listening. And we'll head over to -- for questions.

[Operator Instructions] I'd like to remind you that recording of this presentation and on the copy of the slides and the published Q&A can be accessed via your Investor Meet Company dashboard. Jag and Chris, obviously, you know investors submitted a number of pre-submitted questions, and we've received a number throughout today's presentation, They are kind of, in some areas, quite similar. So we do manage to cover a number of these themes that have been raised. So if I may start with the first question. Why are you not proactive in keeping your shareholders up to date with what you're actually doing? It feels just silence and then RNS says twice saying that you're raising funds with little information for what working capital, for what -- perhaps you give a little bit more color on that, if you could?

Yes, I'll get that one. So we said historically that we will not provide a running commentary in terms of what was going on within the business. But when there is something to communicate then we will do so. Obviously, it's disappointing to see the success -- the placing was voted down on the 7th of March. And we said at that time, we would take some time to reassess the strategy and the implications of the placing not going ahead. We've now done that and we've set out in the RNS last week, but also in the circular that will be posted later on in a week, more details about the revised strategy, including the fundraiser we've just concluded, the divestment strategy for CD4 and continued investment in our Health & Nutrition business. We also provided a trading update for the year ended 31st of March on the 7th of April, showing growth areas, particularly in Health & Nutrition and in our foodprint business, that Jag referred to earlier in the presentation. In terms of working capital, whilst we said last week that we have GBP 1.4 million in the bank and an overdraft of GBP 2 million that's not yet drawn, the CD4 business still is a cash drain. It still requires GBP 300,000 a month of funding to continue to grow. We believe that continue to spend that in the near term, we can get that money back and more besides by virtue of a sale. And if that changes, then we'll have to reflect on that. but the company does need the additional funds to make sure that we can see a sale through to a satisfactory conclusion. Furthermore, the bank overdraft is due for renewal in June. I had my first meeting this morning with the bank manager regarding the renewal process, and that will take a number of weeks to conclude. So right at this time, we have no certainty that the overdraft will be renewed or will be renewed at the current level, particularly given that we will be posting a substantial loss for the financial year just ended as a result of COVID and the cost base that we have in the Alva site. So we need the additional headroom to allow them to make sure that the business is fully funded to deliver on the new strategy.

That's great. A couple of questions through the live panel around social media and Twitter. And one of the questions here reads as follows, and perhaps one for you, Jag, if I may. Why is your social media presence so poor? Little if no interaction with the shareholders on social media like Facebook Linkedin or Twitter.

That's a great question. And social media is a very useful tool and a good tool for interacting not only with shareholders but clearly, our customers and other stakeholders like key opinion leaders for our business. And I think it's fair to say our last 12 months or social media channels have been probably dominated quite a lot of shareholder chatter and some of that has been, again, quite understandably on the negative side. And that had an impact on customers, suppliers and employees. So we've been -- we've taken a step back in terms of looking at our investor relations and looking at our strategy of how best we communicate more effectively with shareholders and presentations like this are key to that. As COVID restrictions lift off as well, we'd be more than happy to do face-to-face presentations going forward as well. We will use social media going forward to broadcast some news. But in terms of that regular interaction, we will look at other areas which can't be hijacked by negative comments per se, which only serve a purpose to damage the business. But if there are specific questions that investors have, please do contact us via Walbrook PR. There's an email address on the slide just there. And we will do our best to answer every single question.

That's great. Chris, If I may turn to you on this one. As of the first of May '22, does Colin King continue to receive any monies from Omega Diagnostics Group of companies? If so, what is the outstanding financial commitment as of the same date?

Well, obviously, the settlement agreement with Colin is confidential between the parties, but it did include a number of deferred payments to facilitate a smooth transition to Jag as Chief Executive and also to aid cash flow for the business. Full details of Colin's package will be set out in the directors' remuneration report in the annual report.

That's great. Again, Chris, if I may stick with you. There's been a number of questions and the comments around the share price in today's presentation. The question reads as follows: Given Omega Diagnostics has suffered over a 95% reduction in the share price, should the Board take a pay cut?

Well, the Board recognizes the need to have directors remuneration strategy and shareholders' interests fully aligned. I don't think that's been the case historically, particularly with the use of share option schemes in the past, which I know is a bone of contention. Looking forward, we're implementing a new long-term incentive plan. where shares will be awarded on the basis of achieving share price targets over a 3-year performance period. So in that case, our interests as managers and the interest of shareholders will be wholly aligned and determined by share price performance.

And I guess a natural extension of that question, I'm probably not surprised to come is why isn't the Board investing their own money at these low prices?

The Board would like to invest. I [ wouldn't ] like to invest in recent months. But in reality, we've been dealing with a number of issues, which have put us in a close period, not least the funding and the sale of the CD4 business. So now that we are issuing -- we issued our announcement last week and further details to be provided in circular, the Board are intending to invest, and you will see a commitment from each of us to invest at least GBP 20,000 each as part of a subscription alongside the open offer. But there are, as you will understand, certain times of the year when the Board can and can't invest. We have a window of opportunity now, and then we will be going into close period actually fairly shortly before the results are announced later in the year.

You have asked me to read out all these questions in full, so I will. So please explain how you're not just a lifestyle company? How invested are you all as directors in the success of the business? Having diluted shareholder investments further with this placing announcement, what is the proactive sales strategy for the Health & Nutrition business and why should we believe anything in terms of moving into the future? And do you think that given the performance of the share price, it's appropriate to keep paying yourselves at the current levels?

Yes. I'll take part of that. I mean I think some of the remuneration stuff has already answered in the previous question. We are more than a lifestyle company, wellness and chronic disease prevention is critical to health care systems and all around the world, particularly with an aging population and prevalence of chronic disease. We're passionate and it's not just myself and Chris, it's our team underneath us that really delivers the results in Health & Nutrition. We are a leading player in food sensitivity testing that has brought many, many benefits to many millions of people around the world. And we're passionate about how the role of gut health plays in medicine today. It is the last frontier of medicine. We don't quite understand today how things like the microbiome and your gut health manifest themselves in chronic disease, but we certainly believe that good diagnostics, early diagnostics leads to better wellness and better recovery from inflammatory conditions. So that ranges everything from diabetes, autoimmune disease, to mental health issues, to skin conditions. We're just are passionate about this. And more importantly, more than just lifestyle, if we can change the tide of chronic disease by better diagnostic testing and gut health, that's what our mission and vision is, going forward. And proactive sales strategy which we'll do more of what we do today. We're a leader in science and education in health and nutrition. It's a business that has grown from just over GBP 2 million 10 years ago to just under GBP 9 million now and has much break-open to grow in this exciting new area. You'll see companies elsewhere investing in microbiome in terms of supplementation, probiotics and prebiotics. It is, as I said, an exciting frontier of medicine -- and we are at the heart of it, and we wish to dominate the heart of the testing certainly in this area.

Chris, if I may just turn to you, just a continuous I guess, of the previous questions, but why have the directors not committed more of their own funds if they believe that path will be successful? Surely, that show of faith would make success far more likely?

Yes. I refer to the earlier question really that we're putting GBP 85,000 in between us, GBP 20,000 each minimum as part of this fundraise. So -- and alongside that, I know Jag and Jeremy, in particular, have already got significant shareholdings from previous fundraisers as well.

Jag, if I may, turn to you around the future of Omega Diagnostics. Does Omega Diagnostics still have life in it?

Absolutely. I think over the years, we've tried to do too much. The curse of a lot of businesses is distraction by diversification. And yet under our noses has been a business that has grown double digit every year, provided all the EBITDA and all cash for the business with very little being invested back into it considering the potential that it has. Prashant and Chris have dealt with those disruptions and those areas that have cost us time and money. I think by having a single laser focus on a particular mission, having a very clear vision and strategy for this business, I think it more than has in it, to be honest. I think it's probably in the start of a very exciting time going forward for the company, its customers, its employees and obviously, naturally as a consequence of that its shareholders.

That's great. Chris, if I may turn to you, where are we with the attempt by the government to reclaim money?

The last correspondence for the government was in early February, as I mentioned, during the course of the presentation. In that, we wrote to the government and asked for certain information that they alleged was available as the correspondence that they claim to have issued, which we have not seen. So the ball is very much in the Department of Health's court to answer. That's now over 3 months without a response to our last letter. We are continuing to chase, as you might imagine, but I have a strong suspicion of some of that information that they've previously referred to does not exist, which I think probably strengthens our argument rather than recent at this particular point in the cycle. So I think we're increasingly confident that we're not going to be required to make a repayment of the GBP 2.5 million. And as I said before, we are debating or contemplating making a counter claim for additional losses incurred under the contract, and that is subject to discussion with our internal legal counsel.

That's great. Jag, what third-party Health & Nutrition products are already being distributed?

Well, at the moment, we only distribute and sell our own food sensitivity products at the Food Detective, which is a point of care in clinic tests that can measure reactions for 59 foods and then the more lab-based ELISA and more importantly, microarray system at the foodprint system. And that's sold out through a distribution channel, apart the U.K., where we are direct with our own CNS lab service that uses our technology servicing health care practitioners and patients. Going forward with the menu expansion, like biome and nutrigenomics, they will be third-party not a necessary products but laboratory services. But the most important thing is those test results get incorporated into our digital platform that then provides health care practitioners, health care professionals and patients the right information to then personalize their nutrition going forward.

And Jag, if I stay with you, where is it intended to source microbiome products from?

So the microbiome products or more correctly, the testing services will be sourced from a third party. Those conversations, currently ongoing, are confidential. But as soon as we announce those collaborative partnerships, we'll obviously announce that to our stakeholders as soon as we complete them.

That's great. And maybe if I -- maybe for you Jag, what use does health and nutrition make of KOLs, influencers and how?

Okay. We don't use a lot of influences in terms of Kim Kardashian, et cetera. But we very much support our cytokine educational brand by using KOLs or key opinion leaders. They tend to be clinicians, they tend to be leading nutritionists and Naturopath around the world. Often, they are involved in scientific studies that often published in scientific gut-related journals. And more importantly, they're very much part of our team. They are involved in our own educational and scientific activities in terms of delivering talks of seminars, conferences and webinars.

Okay. Jag, Chris, just mindful that we coming up to the 45 minutes for today's update. And thank you to all the investors that have submitted questions. And of course, every question that's been submitted will make available to the company and where appropriate we'll publish those responses and notify you when they're ready for your review. Chris, Jag, I know investor feedback is important to the company, and I'll shortly redirect investors to provide you with their thoughts and expectations. But before doing so, I wondered if I may, Jag, just to ask you for a few closing comments?

Yes. Thank you. And personally, thank you to the audience for their time this afternoon. I hope you can see some progress being made in the company as we it shake it up for greater focus and greater growth going forward. We've had Health & Nutrition under our noses for way too long, delivering results but with massive potential. And it's our job now to make sure we create the runway and the structure and more important focus to deliver on what we already have built on over the last couple of years.

Well, that's great. Jag, Chris, thank you very much indeed for updating investors this afternoon. Can just ask investors not to close this session as well now automatically read out to you for the opportunity to provide your feedback in order the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Omega Diagnostics Group plc. I'd like to thank you for attending today's presentation. That now concludes today's session. And I wish you all a very pleasant afternoon.

Thank you.