HeraMED Limited (1I4.F) Earnings Call Transcript & Summary

Okay. Thanks, everyone, for attending today's HeraMED webinar. We thought it was important to call a webinar given the events of the last 4 to 5 weeks, and to give everyone a little bit more context as to what's happened over the last 4 or 5 weeks, but more importantly, introduce the new management team and our intentions and our plans and how we take HeraCARE, in particular, forward and begin to scale and deploy, which is why everyone is here. I think a couple of points to make. The first is when we announced those management changes on the 9th of April and we requested the shares go into trading halt, we had a couple of key decisions that needed to be made really quickly. The first one was around the value proposition of the technology at a really basic level. Did it have a value proposition? Were our customers really supportive of the technology? And did that commercial opportunity that we've been pursuing still remain intact? And we very quickly arrived at the conclusion that yes to all of those questions. The next question to ask was around, did we have someone with the skills and ability and experience to be able to take the company forward into its next phase. And pleasingly, as we announced on Friday, Anoushka Gungadin was made CEO on the 9th of April, and has now joined the Board as Managing Director, which is a really great step forward for the business and we'll let her take over shortly. The third piece and we wouldn't be here if we didn't manage to achieve this over the last 5 weeks. We clearly needed capital to be able to take this business forward. And pleasingly, on reworking the plan and the budget and presenting that to a number of key interested parties, both existing shareholders and new, they were very happy to support Anoushka and the broader team to really have a go at scaling HeraCARE. And that's why we've raised that money, we've raised $2.7 million, which gives us enough runway to really go and deliver on our commercial goals. So I think just to introduce everyone else on the call, we've got Anoushka, who we'll hear from shortly. We've got David Hinton, who is -- they are the nonexecutive director of the Board and has been critical over sorting the business through the last 5 weeks. And Cameron Jones, who we've seen announced as the CFO and Company Secretary of HeraMED and going forward. And again, without Cameron and his team's help, we wouldn't be here today. And great thanks to everyone both. I will just ask, we're going to open the floor to questions. We're going to manage the questions through the Q&A box only today. So if you do have questions, please raise them. I'm sure there'll be a lot of similar questions. We'll try and route them and deal with them all as we can through the webinar. So the one last point I will make is we're not going to make any comments on Ron today. I think it's important to spend this time going forward and speaking about our plans going forward. And Ron's position and so forth, we're just not in a position to be able to make any further comment on that at this point in time. So Anoushka, I'll hand over to you.

Thank you, Tim. Thank you, Chairman. Hello, everyone. I'm very happy to be here in my new roles, both as CEO and Managing Director of the company. As you can all imagine, we have had a massive steep learning curve in the last 5 weeks. We've made an announcement on Friday after those 5 weeks of work together, and I'm here to share a bit more about that. But before jumping in, let me tell you a little bit about myself. You would have read my bio, but just a little bit about where I've come from. I have had a diverse career in the last 20, 25 years now across finance, legal, marketing, sales, 4 big brands, including L'Oreal. I've also worked for a large law firm when I was living in China. I set up the Australia India Chamber of Commerce as the founding CEO. So all -- across all my roles, stakeholder engagement and driving change in rapidly changing landscape, be it working towards the Beijing Olympics or setting up the commercial and corporate relationship here between Australia and India about 3, 4 years ago before it became very important as we see now. So I bring that expertise, I bring that experience to HeraMED. What helps me here is I have about 2 years with the company really working at the sales, working with our clients, working as the cull phase of the company. So those 2 years helped me be in a position to be able to step up and take this position today. We have a great team. We have great technology, and we have also very good insights from our market for me to be able to say, okay, yes, let's give this a very good shot. We have a lot of things going on -- going in our favor right now. There is -- women's health is in a big crisis requiring urgent attention. So that's happening globally. We need to close the health gap in women. And closing that, I'm just going to quote something from BCG that just came out not long ago, "Closing the health gap for women means it's going to boost the economy by about USD 1 trillion. I'm talking U.S. dollars by 2040. Not only that, there is actual funding coming out of different parts of the government and other places for women's health." You look at White House, there's been a lot of money being invested in the last month or 2. In Australia last week, about $1.4 billion have been earmarked for the Medical Research Future Fund. There are 3 key areas. One of them is women's health. The other one is chronic care. Again, women face a lot more disadvantage even in chronic care. So there's that happening as a global trend in the market. We also know the market is ready for personalized, digitally enabled model of care across women's health. And here, HeraCARE really fits that bill and does come across as one of the model that we can be looking at moving into the future. And we're not only saying that looking at trends, looking at what the research is, but also what our clients and customers are telling us. I spent the 2 years talking to public hospital, talking to the private sector, to insurance companies, to other partners such as Telstra Health, talking to EMR companies. And on that basis, looking at where the market is, looking at what our product delivers, looking at the skills we have within the team, we have put together the 4-point plan. This is the strategic plan that we shared in the ASX announcement. And the 4 areas are: Firstly, commercialization with a customer-first focus. So that's expanding and growing our pipeline, but also looking at the sites that we have in building our customer experience. Customer success is very, very important. And this is one of the major shifts we have in the business. We are no longer just creating tech. We're actually implementing tech. It's going and being implemented in different sites. It has to be fit for purpose. The next part of that is our strategic partnerships. Here, we're talking partnerships with the likes of Telstra Health, with FemBridge, but also research partnerships with universities. And that leads us into the third point, which is around nondilutive funding. I mentioned some of the grants that are available. There are more coming up. We need to partner with research organizations, universities to be able to create and demonstrate how our model of care is delivering care differently, is improving outcomes, but also is relevant for the current and the future of health. And lastly, talking about brand and visibility. Women's health, we need to uplift a bit in research, be it in the solution or investment. And here, we're going to be building our brand and take the position of thought leaders. We already set up an advisory committee with key opinion leaders. We're going to build on that. And we are going to be creating an ecosystem, a platform where not only we'll be engaging with policymakers, with investors, but also with moms. They are our users. While we have a B2B2C market, our end users are mothers. So we need to create a voice around that. So those are the 4 key areas that we're going to be focusing. And as I mentioned, this has been informed by market research, but also our own engagement, certainly mine over the last 2 years, and listening to that feedback and taking that in. Now we have a 4-point plan. We have also put together a streamlined operational and finance budget to support that. We have raised money on that basis, and we have started to implement a number of those action items. One of them being our finance and CFO functions being headquartered here in Australia, everything being centralized in the one place. That's the start. We are going to look at regulation in the same way, and we're going to continue and build and structure our team to be able to deliver on what is needed and as needed. Rather than having a number of employees and a head count, we're going to be servicing what is required based on where we are on the strategic plan. We have a network of consultants we can tap into. We have, as we have mentioned in previous releases, our HeraMED navigators who are very, very important as we build customer success, as we implement HeraCARE. Right now, we're doing that in the U.S. with Broward. We did that here earlier with Gold Coast. We are moving forward at different stages with Telstra Health. We will need all of that. So rightsizing the team to deliver on the 4-point plan is what you will be seeing as we move forward. There has been a savings of $2.2 million on an annualized basis, and we should be starting to see the results of that in the second half of the year. And all of this has been the culmination of 5 weeks of work. We have a team that is very skilled, but not only were we able to see how skilled they were, but also their commitment. Similarly, this team that is sitting in front of you as management and Board has been part of that and key part of now ensuring that we deliver on this plan. And a result of doing all of this are actual people and their lives that we are able to impact. We have a number of cases where we have been able to detect hypertension in between the visits at hospital, which is enabled by remote care that HeraCARE allows. Just last week, we have had -- we heard about a story at one of our sites, which is working with high-risk pregnancies at home. And in between visits, they were able to see high blood pressure for a mom and they made the decision to deliver the baby that very night. And this is what technology is allowing us to do. So it's a privilege to be able to be leading this company at this stage where a lot is aligned for us. And -- but this couldn't be possible without our shareholders, without our investors. And I have spoken to many of you, and I have said it each time. I want to have an ongoing conversation, so I'm available, and we should be doing regular updates as well. And I have also asked everyone, if there's someone you think I should be talking to, anyone I should be meeting, please make sure that I know of that. But certainly, I look forward to continuing this conversation outside of these Zoom forums, on one-on-one and as we need. So I'll stop here and open up for questions.

Thanks, Anoushka. I might manage the questions and direct them where appropriate. There's a couple of questions. We'll start around the sales process, I think. So there's a couple of questions. One around, do you have a customer success team in place in order to handle the scale that you might anticipate?

Yes. Look, for where we are, I believe we do have, but what we are creating is also a lot of efficiency within the team. So what we are doing and what we have learned, for instance, at Gold Cost, we are applying that at Broward. We know at which stage we need to be present on site. We know at which stage we need to be having our tech team being at the forefront of that of that deployment. So we -- and we also are creating trainings. We are putting a lot more process in place. So there's a bit of a rinse-and-repeat mindset that we bring into the business now. While we don't -- and we won't have a team that is sitting and waiting for deployment to happen and to go, but we can turn that up because we also know how long it takes to train someone. That's where we're also bringing in consultants as opposed to having headcounts that are just sitting on the P&L.

And there's a follow-up question, but I think you've been asked around customer success being able to be technology-enabled or people-enabled. And I suspect it's a little bit of both, but...

You can have the best technology, but if you don't have the right people delivering and executing on that, it's always -- it's going to fail. We know 3 out of 5 change management projects fail. That's because we are not building the right culture and leading the team. And for me, that's high priority. You can't have the technology without the team. It's not going -- So yes, you do need a bit of both.

Just -- I'll do one quickly on HeraBEAT and then there's a number of questions around the revenue model. We'll get on to those and deal with them all in one go. But just quickly on the HeraBEAT itself. At the moment, it's being made in Israel. Where do you see the manufacturer of it? Will it stay there? Will it be merged?

Yes. Look, the last 5 weeks, has been focused on getting us to this point. Moving forward, I talked about streamlining operations and efficiency, and one of them is looking at a HeraBEAT, including this -- answering this question. We should be able to give you an update on that. Nondilutive funding includes looking at what R&D initiatives and incentives there are here in Australia. We have started that conversation in Victoria, certainly. So I don't have an answer of where it's going to go, but certainly, we're doing enough research to be able to make that call.

So just I'll group the next lot of questions together, and it's a little around revenue model, and it's mainly around pathways to market. So I think there's probably a high-level comments you make about your channels to market in your various customer verticals. And then specifically around FemBridge and why is the Board, I guess, believes that FemBridge is an appropriate pathway to really partner with in terms of taking on the U.S.

Look, the U.S. is a very, very big market for us. It is a very big market in maternity. They have a growing problem. They have -- they are past the point of crisis, and there is funding being put into the market. However, there is no one solution, and there won't be, I don't think, one solution. FemBridge is working and has created a model and has created solution that fit within the reimbursement model. So on that basis, that's where we believe they are very good partners for us. And anyone who has been on the call with Traci and Maggie, they were on the last investor call. They would -- you would know that they know what they're talking about. They are very well connected within the system. They understand the women's health industry very, very well, and they're certainly very passionate about what they do. So FemBridge is a very, very good partner for us into that area of Medicaid social determinants of health. However, they are not the only one. We're also working with Broward. We have eLovu as well in the U.S. And there are other markets where there are needs, which is not necessarily in the -- that socioeconomic group that FemBridge works with.

And then maybe whilst we're on channels and markets and so forth, maybe it's a good spot just to have a quick comment on Australia as well as Europe and just where progress is at with respect to some of your partners in both?

Well, one of the things I learned in the last 2 years is that we have a great solution, whether we're talking about HeraBEAT, HeraCARE or the combination of both. So we've got clinical traction. We know how it works. However, implementation of both of them still needs what we call a pilot or a trial because each market is different and how the application of our solution is different. So I look at HeraBEAT. The way it is used in Europe, the way it is used in Australia and the way it's used in the U.S., quite different. In Europe, it's used as an NST for high-risk pregnancy without an issue. In Australia, it's low risk high risk. In the U.S., again, quite different. It's not used in NST. Likewise, HeraCARE, the way we will take it to a remote hospital is quite different to walking in out of your office into a hospital or in the private setting. So looking at all of those and looking at each of the verticals, when we talk public hospital, there is a relevance also where it is, whether it's Australia, U.S. or Europe. I want to make a distinction that what we do in one place while we have learnings and it helps us create the model to go into a new market, there's actual relevance of the places we are talking or the players we are talking to, even in Australia. I'll give you a quick update on Australia. So Telstra Health, where we are partnering with them, and for us, that's an important model to partner with players such as Telstra Health, and have one partner where we're able to reach about 50% of the GPs in Australia. In Australia, more than 90% of pregnancies of babies are delivered in the public hospital. And GPs are often the first point of contact for a pregnant mom, and then they continue on and have the GPs as their family doctor. So when we talk about continuum of care and having a model that works with women's health from -- across their different life stages, you can see GP is very, very important. So for us, this partnership with Telstra is crucial. But how we integrate with them, how we go to the GPs and from the GPs to the mom, again, is what we are doing at the moment. We are -- we have looked at the integration of the platform. We are working with the first group of early adopters, learning what that -- and fine tune that business model, that pricing model, that's where we are with them. And I have to say, they are very invested in this relationship. Although we're bringing a specific vertical, and it is adding and completing any gap in the offering, we are working very, very well and learning from each other a lot. So Telstra Health is moving forward as planned. We have -- we will be announcing something later in the month on Telstra Health. We have more than halfway with Gold Coast. And there, HeraBEAT is being used as a doctor, and HeraCARE is now being used across pregnancy, and we are starting to talk about post-delivery as well, which is new and it wasn't in the scope where we started because HeraCARE is able to really -- you learn as you do, and that's what we're learning from them. I would say probably those 2 would be the ones that have moved. With GPEx, there has been a change in leadership. We have reengaged, and we are looking at that and scoping it with them. Pleasingly, there are 2 very advanced conversations with university partners, and I'm meeting face-to-face with some of them later in this week. And we're very much looking forward. And there, we are not taking [indiscernible] supply for one brand and get this and do that. We're really looking at women's health, how -- what we do, what they do and what is the need and how it aligns it have a bit of a longer view rather than just apply for something, tick a box and move forward. So that should be coming up. Going to Europe, I think, we have had a clinical trial using HeraBEAT as an NST in high-risk pregnancies that has gone very well. The results are being peer reviewed. And I think, of course, we should be able to share that. There is a commercial proposal that is out being negotiated at the moment. And there are also grants partnerships that have advanced, we are at the last stage of pitching. That would be the highlight for Europe. And in the U.S., Broward is probably one that is really moving very well. Launch is imminent. But there's many steps. Between the time you sign and you actually onboard the first month, there are many steps, and there are many months. So there's the technology being integrated, but that looks like care plans being customized for the population that the hospital serves. Then we need to test them, create the testing environment, test them, launch product being delivered. So HeraBEAT has already been delivered. HeraCARE has already been implemented. We're doing the care plan and the testing of that and training. There's a number of training for midwives, for the exec team, for the tech team. All of that has been happening. And we have Nicole in the U.S., where we're working closely the hospital with [ Rose and ] moving forward very, very well there.

Just quickly, I think you touched on this earlier on. You talked about things in the market that have changed and probably come towards HeraMED and more specifically the use of HeraCARE. And one example of that is the sheer quantum of funds being made available through various granting bodies. Just a comment on that because it's happening in the U.S. and Australia and the EU, and just how the business is being positioned, et cetera?

Yes. So we are building partnerships through universities to be able to apply for some of these big grants. Being a [ full profit ] organization, we are not eligible to apply a line for some of them. And there are some big grants. One of them we're looking at for next year. And I'm saying next year because it does take about 12 months to get ready to maybe have smaller studies in between to be able to put a very strong application. And we're working with the associate professors. We're working for those who have had a lot of successes putting those grants together. We're looking at one for next year, which is about $5 million. There are smaller grants that are about $1 million. The areas we're looking at includes using the data that we collect on a clinical level, and taking that, combine that with molecular data that the researchers have. I can't give too much detail. Unfortunately, I can't name some of them. But combining those and then creating environments where we can use AI, new simulation, look at pre-term birth, it's very exciting. I mean I hear some of these birth words, and I get very excited. But we're putting steps in place. This morning, I actually accepted -- being in one of these grant application I just did. Today is the deadline. And we have a few of those. In Europe, we have 2, one of them is a consortium with hospitals, med tech companies, the government itself, the insurance companies -- that just skipped me -- coming together to really look at the model of care, recognizing that it needs to be changed, and we are one of the players. And you can see a lot has changed in the market is really readiness for adoption of remote pregnancy care or remote patient monitoring. But there's also a need for a model that brings multiple partners together. Its -- partnership is essential for our success. And in U.S., FemBridge has got a couple of grants out, and there are new grants, there are new money, and the turnaround is quick. So there's a fair bit there where we do need to build the capability and be able to apply.

I'll keep going. Changing the attack slightly towards the competitive landscape. Anoushka, just a comment on this competitor is at a product level but also at a platform level and it changes in geographies. So just where we sit with respect to where the market is going and how advanced we are in respect of our competitors?

Yes. Well, we start with HeraBEAT. Probably the one we hear most often are -- is Nuvo. And -- but they are used much later in pregnancy. We are used -- we are much early in pregnancy. We have a CE clearance. They don't have a CE clearance. So it's not exactly the same. And we are probably the only FDA TGA CE -- we are the on FDA TGA CE fetal heart rate monitor that is cloud-based. So that gives a lot of comfort to some of the users. We're talking health care. We're talking data privacy and all of that. So in that sense, yes, there are Dopplers, yes, there are others, but not everything has the bells and whistles and the safety features that HeraBEAT has. As far as HeraCARE goes, we provide education to moms within our partnership with the Mayo Clinic. We also take customized content on each of our partners. So it's highly customizable. The next part of it is the customized care plan. So a mom with high blood pressure will have a different care plan to someone who doesn't have high blood pressure. And that allows us to have personalized care delivered to them. We are able to monitor that. We are able to escalate care and also give them options of what to do on their end that empowers the mom. At the same time, the physician and the care team have actions that they need to take. And we have all the connected devices that we continue to add, and that's based on the feedback we're getting, whether it's glucose monitoring. Now we have surveys on postpartum care, so we connect to multiple devices. So when you take all 3 combined, the HeraCARE platform, again, is quite unique. You have some that delivers information and education. Babyscripts is often one of the names that comes up, but it doesn't have all the different features that HeraCARE. There are -- there's one organization out of Melbourne Uni that's in Australia, but they are at a very early stage. And in some of these competitors landscape cases, I think having a conversation, you may see room for collaboration. It's not always -- we don't need to go against each other. Sometimes we can do what we do best and there's room to collaborate. I might stop here.

David, I'm going to try to give Anoushka a quick break. There's a question around monetizing Australia versus our global sort of opportunities, and just -- we've been doing a lot of work over the last 3 or 4 weeks just on that. A comment on focus around the business strategy?

Yes, I think the -- thanks, Tim. I think the focus -- I think what we've realized, as Anoushka commented on before, is the way I see it is that the hospitals have always been understaffed, under pressure, not having enough money to actually deliver the level of care that they've wanted. And so they've been very much focused on the tactical or the short-term solutions, stick band aids on the solution part in the plan. They've now had a chance to maybe sit back now that the pandemic is behind us and sit back and look at delivering care in a more holistic way or a more strategic way. And that's probably opened up our ability to have conversations with those hospitals and with those health care systems. So I think the need for our solution to our platform has always been there. The market is now more receptive to having those discussions. As Anoushka mentioned, the sales cycles are long. Hospitals, by definition, are conservative because they need to be, because they're looking after people's lives. And so getting through the red tape, getting through those processes needs people on the ground to actually do that. And then the pilot and then the assimilation into the system and then the approval and then the -- running a pilot, there are all things which are inherent in this business up until now. I think we're getting faster traction. So I think the conversations are running faster. So we're in a good place to be able to do that. Now if we can get -- if we can harness the horsepower of Telstra Health, for example, if we can kick some goals with FemBridge, with the penetration that they have into hospital systems, then we're in the right place at the right time, and our technology can be readily deployed.

Thanks, David. There's only one more question left. So if anyone does have any further questions before we draw the webinar to a close, please put them into the Q&A now. Just back on to the sales side of things, Anoushka. We're talking about partners and scaling and so forth. How many salespeople do you think ultimately will -- inside HeraMED? And what does that look like? Is it purely a partner model? Or we have some direct?

I think we will have a mix of both. And as I mentioned, even in the U.S., there's a large market. There's more than like 3.6 million births a year. We -- and even if we have partners, we need to have a sales team that supports our partners. Telstra Health may be a channel to market. We still need to be supporting Telstra Health and enabling them to have -- we're still the best at our product, and we fit into within an ecosystem of product. And Tim, was the question for now? Was the question for later?

Yes. How we think about it now, and then perhaps just to give some guidance how we're thinking about it in 12 months' time.

Yes. I think between now and 12 months, partners would be a major focus for us. We are a small organization. And we want to be really, really good at what we do, which means we need to be able to then integrate and work with others and partnership, whether it is channels to market or working with -- I'm now thinking of one conversation in Europe where the insurance companies are -- play a role in that model and creating those models. So for the 12 months, I think sales, for us, will be very much with our partners and some of them that are already existing, FemBridge is one of them, Telstra Health is one of them.

Just seems to be the end of the questions. If there's any more, please feel free to add them now. I guess maybe we'll just have a quick comment on IR with respect to our shareholders going forward. Anoushka, it's something we've also spoken a lot about. We do want to update and release a presentation. We do want to ensure that we're getting regularly on the road and meeting in face as well as via Zoom and webinar shareholders on a regular basis so we can be measured against the expectations we create. And we think regular updates and dialogues, people will get a sense of how we're doing that. I think it will be a mixture of platforms that those updates happen on. Really material stuff obviously has to come on to the ASX. We will be using LinkedIn a lot more. We also have a distribution list of e-mails as part of the company's database as well that we will also be using. So I think all of those things will form part of our IR going forward. We want to be visible. We know we have some brand preparing to do on the investing side. Pleasingly, HeraCARE's got a great brand, but it needs to be elevated even further, and that's one of the goals for the next 12 months.

Yes. And Tim, maybe we want this to be a 2-way conversation. We also want feedback, and I have had some of -- even in how we share news and some of those one-on-ones. So yes, look, I think this is also a partnership. So we do want to hear from you as much as we will be hearing from you -- you will be hearing from us as well.

Maybe one final question. Again, it's a little bit revenue model related around the payer side or the insurance companies, just how they fit into the revenue model in various sort of verticals?

So that one, we still need to really work out partly because maternity and pregnancy is a cost in the health insurance world. But then again, in Australia, there's only -- there's less than 30% of mothers who have pregnancy and maternity cover. So that does leave a big group of moms who could afford some level of care or some level of insurance, but what is that model? And that's where we will work in partnership. Even through the Telstra model, we have already engaged and is there a role for insurance company in there or around that. In Europe, certainly we have had that discussion in one of the countries, and there's much more of an upside there. We do need to find that answer. The HeraCARE, HeraBEAT bundle did not allow for us to have that flexibility. But with the HeraCARE and the way we're looking at it and moving forward, we're exploring that. And it's a different -- it's a very different offering.

I think there's just one final one, and then we might draw it to -- this webinar to a close. I think it's really more a comment, but I think a question or a comment from the floor was around being able to use some of these use cases from some of our partners where we are having success. And how we can communicate that back to the investor world. There's been some challenges to this point around confidentialities, but hopefully, as we get further down the track, we can share some of that.

Yes. And that is something we are discussing. I was last week at the Digital Health Forum, and not long ago, at another forum where we were speaking. And even around data sharing, there's a lot of compliance that -- and regulation that comes from government, but it's not really serving. Moving this forward, how can organizations share that information? And which part of it is private and which part of it can be shared? So we're working. There's something that needs to shift. And I think we've engaged in conversation around the ethics of not sharing, of holding information, which means holding care. So I think this space is really shifting. And we -- certainly, when we engage with partners from the very beginning now also educating and managing this expectation that we do need to share at different points. So that's how we're also engaging at our level. But overall, there should be some shifts as well that we would be looking forward to. And hopefully, they do come. So where we can share a lot more.

All right. Okay. I think at 11:41, we'd like to draw the webinar to a close. Anoushka, I don't know if you've got any final -- or David, final comments? But our doors are open. Please...

I want to thank everyone who has jumped on board and supported us. I wanted to say a big thank you to everyone, and I look forward to working with everybody, but thank you.

Thank you for the investors who are supporting us and being patient as we work through this process. It's never pleasant, but I think we've come out of it with a trimmed down, slimmed down business model. And we're in a good place to now go and prosecute on this 4-point plan.

All right. And again, to echo Anoushka's comment earlier on, our doors are open. So if there are questions and comments where you are looking for further insights into what the business is up to, please reach out via e-mail, and we're happy to engage. We're about to draw it to a close here. Thanks, everyone, for joining. Have a great day. Bye.

Thank you. Bye-bye.