ImpediMed Limited (IPD) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. My name is Scott Ward, and it is my pleasure as Chairman to welcome those of you participating online at the first virtual Annual General Meeting of ImpediMed Limited. Due to the current COVID-19 pandemic, we have transitioned to a virtual meeting to avoid the potential risk of a physical public gathering. We hope that holding a virtual meeting will enable a safer alternative while encouraging greater participation and engagement amongst our shareholders. It is now just past 9:00 a.m. in Sydney, the nominated time for the meeting. And I have been informed that a quorum is present. I note that the meeting has been validly constituted, and I am pleased to declare the meeting open. Let's start by reviewing the agenda for today's meeting. First, I will provide a few opening remarks and this will be followed by an overview of the group's performance for the 2020 fiscal year by Managing Director and CEO, Mr. Richard Carreon. Following Rick's presentation, we will allow time for any questions shareholders may have regarding the status of the business. Shareholders who wish to ask a question, please click on the Ask a Question button, type in your question and then click submit. I encourage shareholders who may have questions to please send your questions through as soon as possible. We have received a number of questions prior to the meeting, and these will be addressed during the upcoming presentations. Following the general business questions, we will progress to the formal business of the meeting where the resolutions provided in the notice of meeting will be presented to shareholders. Once again, we will allow time for shareholders to ask questions regarding the resolutions before proceeding to vote on the resolutions. I would like to begin today by introducing my fellow directors who are present online. Our Chief Executive Officer and Managing Director; Mr. Richard Carreon; Ms. Judith Downes, Non-Executive Director and Chair of our Audit and Risk Management Committee; Dr. Robert Graham, Non-Executive Director; Mr. Amit Patel, Non-Executive Director; Mr. Donald Williams, Non-Executive Director and Chair of our Remuneration Committee; and finally, Mr. David Anderson, our recently appointed Non-Executive Director. We also have other ImpediMed executives online as well as Jennifer Barker, from our auditors, Ernst & Young, and representatives from the company's share register, Link Market Services, who are also providing the virtual meeting platform today. So once again, welcome to all of you, and thank you for joining us. As I begin my prepared remarks, I hope that all of you and your families are healthy and are continuing to successfully navigate this pandemic. The past 8 months have been extraordinarily challenging for all of us, but I especially want to extend our gratitude to our customers and the health care professionals who have continued to serve our patients with lymphedema throughout the coronavirus crisis. Thank you as well to our shareholders for your continued commitment to our mission as we continue to make bioimpedance spectroscopy the standard of care for patients. Fiscal year 2020 was certainly a turbulent time for ImpediMed but we have emerged as a much stronger company firmly rooted in digital health care. Our SOZO Digital Health platform is a highly disruptive technology that provides our customers with a cloud-based software solution, enabling the early detection of secondary lymphedema, providing fluid status for patients living with heart failure or renal failure and a system that can be used to monitor and maintain overall health, all on a single device. By leveraging the sale of software as a service, or SaaS, ImpediMed has established a highly scalable business model that is now well-established in the management of lymphedema. The company achieved many important milestones throughout the year. Importantly, total revenue grew 38% to $5.7 million, with SOZO revenue of $4.7 million. SOZO revenue grew 99% and versus the prior year, and SOZO gross margin increased 16 basis points to 76%. SOZO SaaS revenue increased by 110% year-over-year to $3.4 million. SOZO SaaS gross margin steadily increased throughout FY '20, delivering an impressive 86% gross margin in June. We expect this trend to continue with SaaS gross margin increasing to over 90% in FY '21. Looking ahead, the company remains focused on 3 key growth areas: oncology, heart failure and renal failure. Our Managing Director and CEO, Richard Carreon, has shown tremendous vision and leadership in transforming ImpediMed to become a contemporary medical technology company. This vision has put the company in a position to thrive even during the pandemic. Our SOZO technology is being adopted within the medical community at a rapid pace, and our connected digital health platform puts us at the forefront of the digital revolution in medicine. We have a strong Board of Directors at ImpediMed with the experience and skill necessary to assure sound governance, while also providing effective support and guidance for management. During FY '20, we further strengthened our Board with the addition of Mr. David Anderson. David is the President and CEO of HealthNow Systems, operating as Blue Cross Blue Shield of New York State, and he brings a deep understanding of reimbursement and health insurance providers. We are very excited to welcome David to our Board, and we anticipate his experience will be invaluable in helping guide ImpediMed through the commercialization of its SOZO Digital Health platform. On behalf of the Board, I would like to thank our ImpediMed employees for their perseverance during this remarkable year. We are grateful for their dedication and commitment to support our customers and patients during this extraordinary time. I thank my fellow directors for their ongoing commitment to ImpediMed. And finally, I thank you, our shareholders, for your ongoing support throughout the year and during our recent capital raise. It is now my pleasure to introduce Mr. Richard Carreon, who will address our results in more detail and describe the work he is leading to deliver better outcomes for our patients, customers and you, our shareholders. Thank you. Rick, over to you.

Thank you, Scott. Slide 9, please. Good morning, and welcome. Yesterday, we released our Q1 FY '21 4C and held an investor conference call. As such, I will be summarizing much of what I spoke about yesterday and review the highlights of the updated investor deck we released to the ASX this morning. Next slide. We introduced SOZO, our connected digital health platform, several years ago. SOZO was a combination of the best of our scientific and medical devices. It is a single platform with multiple applications. And since its introduction, we have sold more than 600 devices. Our 3 key focus areas are in large and growing markets. We have regulatory clearance in most of the key health care markets throughout the world, and we have amassed more than 500 peer-reviewed journal articles with some of the most compelling evidence to be published in the coming months. The SOZO platform provided us the opportunity to transition our entire business from a capital-intensive model to a medical technology company with software as a service. As reported yesterday, we finished Q1 with a contract revenue pipeline that in total value -- which has a total value of our future contracts is now standing at $13.1 million. This grew 42% from the previous corresponding period. Our annual recurring revenue, the revenue that will be generated from those contracts over the next 12 months, grew to $6 million. This was up 54% from the previous corresponding periods. We have a number of clear indications, such as lymphedema, heart failure and protein calorie malnutrition. We continue to work with the FDA to obtain other clearances that we believe will provide us future opportunities to expand and grow our markets. Slide 11. As I said earlier, SOZO was a connected digital platform that provides a wealth of data on the human body in less than 30 seconds. Whether a hospital has 1 or 100 devices, the information on all of their patients can be assessed anywhere on any of their systems. And this data is proving invaluable for us as well. This growing database has increased our accuracy, we've used it to automate our protocols and we're now using it to provide real-world data support our FDA filings. We've also grown in the number of prestigious cancer centers incorporating our technology into their patient care continuum. Today, 20 of the 30 NCCN nationally recognized cancer centers use our technology to help better the lives of their patients. Slide 12. We are focused on 3 large and growing markets: oncology, heart failure and renal failure. And in each of these markets, we are expanding our offerings beyond fluid analysis. Combined, these 3 opportunities have an addressable market of over $2 billion. So why these 3 focus areas? Slide 13. They are all chronic diseases. They require long-term patient management. There is a high cost of care for these patients. There are large unmet medical needs in these patient populations, and they all require a deep understanding of fluid imbalance. Slide 14. Let's talk about the oncology market for a moment. We originally entered the cancer market focused solely on lymphedema. And today, we are expanding our reach throughout oncology. Slide 15. The overlap of technology and other cleared indication is allowing us to move into a number of areas of the broader oncology market. For instance, 55% of all newly diagnosed cancer patients are at risk of developing limb lymphedema. 30% to 85% of these newly diagnosed cancer patients are at risk of developing protein calorie malnutrition. This is a market we know very well. And we have a strong foundation of compelling clinical data from which we're building on. Next slide. For the cancer market, there have been a number of independent studies. These represent just 6 of the more than 140 lymphedema studies. And as you can see, the use of our technology BIS (L-Dex) shows compelling results. These studies showed when you include our technology and a prospective surveillance model of care, we can reduce the progression to clinical lymphedema from 73% to 100%. There are 2 Level 1 evidence studies to be published. The first, a meta-analysis of 50 studies. This has been accepted for publication, and we expect to see the results in the coming weeks. The second is a report out of the clinical endpoints for the PREVENT study. As you know, this is the single largest lymphedema study ever undertaken and we've been working on this study for up to 7 years. And we expect these results to be published by March of next year. Now clinical evidence is critically important to obtaining reimbursement for our technology. Next slide. We are focused on 3 key areas: one, clinical evidence as we just reviewed and Level 1 evidence, which is the highest level possible is really the key. We're going to focus on the NCCN guidelines -- or continue to focus on the NCCN guideline. Now these guidelines drive the clinical cancer care in the United States. And we will be submitting both the meta-analysis and the PREVENT study today. And our objective is to get BIS (L-Dex) into the guidelines. And finally, focus on payers. Today, Medicare reimburses all the providers who test for lymphedema in their cancer for patients. Now the Level 1 evidence that I just mentioned are critically important for obtaining payments from their private insurance companies, and that's our next step. Let's move into heart failure, Slide 18. We moved into the heart failure market as we were in the cancer space. The oncologists were asking us if we could track small fluid shifts in the human body, could we do the same for heart failure? And thus, that journey began. Slide 19. The heart failure market represents a larger market opportunity for the company. Heart failure today is considered a global pandemic, affecting at least 26 million people worldwide. One in 5 people over the age of 40 will develop heart failure in their lifetime. And the key to this market is the clinical assessment of fluid overload. Slide 20. We've been working with the Scripps Institute (sic) [ Scripps Research ] to develop our technology specifically for the management of heart failure patients. The newly released software for heart failure provides clinicians with data on fluid overload that was not easily and readily available to them. Scripps even developed a marker, a marker that indicates when a patient should be admitted into the hospital due to fluid overload. Now for us, this is a very, very exciting opportunity for the company. Let's touch on renal failure, Slide 21 -- Slide 22. There is excess of 450,000 U.S. dialysis patients who undergo more than 44 million treatments per year. And most hemodialysis patients go to the dialysis -- go in for dialysis treatment 3 times a week for an average of 4 hours. Today, a weight scale is the primary means for evaluating their fluid overload status. And we believe SOZO can be incorporated into the patient care continuum and providing more accurate means of determining fluid overload. We believe this will improve patient outcomes as well as their quality of life. Next slide. This market is also very attractive as it's dominated by 2 major companies who care for more than 85% of dialysis patients. Fresenius and DaVita both operate more than 2,500 dialysis clinics each. And together, they treat in excess of 400,000 patients annually. Although a smaller market than oncology or heart failure, the concentrated nature of this market makes it very attractive for us. ImpediMed is currently in the process of formulating our clinical, our regulatory and commercial strategy, and we'll keep the market updated on this as we go. Slide 24. Let's move into the finances that I presented yesterday. Although the company faced many challenges throughout the quarter related to global pandemic, we saw a strong rebound across the entire business. Next slide, please. The key drivers of this rebound were the addition of new cancer centers, the expansion of SOZO in key centers -- cancer centers, either by the placement of new devices or the purchase of new indications. We also saw the broader adoption of our newly introduced Lymphedema Prevention Program. And we saw the acceleration of patient testing. All of these contributed to our growth in this quarter. Total revenue was $1.5 million, up 11% versus the previous corresponding period and up 24% quarter-over-quarter. SOZO revenue for the quarter was $1.4 million, up 45% versus the previous corresponding period and up 29% quarter-over-quarter. SOZO SaaS revenue came in at $0.9 million, up 23% from the previous corresponding period and up 1% quarter-over-quarter. When you exclude the impact of foreign exchange, SOZO SaaS revenue for the quarter was up 28% versus the previous corresponding period and up 9% quarter-over-quarter. Now this equates to 12 straight quarters of quarter-over-quarter growth in the U.S. SaaS revenue business. Patient testing reached record highs and have recovered to pre-COVID-19 levels with over 25,000 patient tests in this quarter. This was up 42% from the previous corresponding period and up 54% quarter-over-quarter. Through the end of this past quarter, SOZO tests have now exceeded 150,000. Also of note is AstraZeneca selected SOZO Digital Health platform to be used in a Phase II trial to measure fluid volume in patients with heart failure and chronic kidney disease. This contract is for a minimum of 175 SOZO devices to be used in 20 countries over approximately 18 months. The value of this contract is $2 million, and we expect delivery of devices to the clinical trial sites to begin this quarter with recurring revenue to commence later in this quarter and to accelerate in Q3 of FY '21. Other key achievements for the quarter. Our contract renewal rate was 100% representing 17 contracts, 2 of these renewals were significant contracts within large U.S. hospital systems with an average monthly license fee increase of over 50%. Of particular note, the power of our technology and SaaS business model is providing opportunities with existing customers through new device sales as well as new indications, which all increased the monthly licensing fees. And as we previously stated, our SaaS licensing fee bring with them gross margins of over 90%. And we expect this trend to accelerate over the coming quarters. Our churn rate remains low at just 1% and cash on hand as of 30 September 2020 was $15.4 million. Took receipt of an additional $1.4 million from the exercise of options issued to subscribers in the entitlement offer with the potential for up to a further $15.7 million to be raised by 31 March 2021. Next slide, please. Critical milestones. For the oncology market, we will continue to see strong growth in our SOZO SaaS subscription business. The meta-analysis has been accepted as we reported and is currently pending publication, and we believe that will happen in the coming weeks. We should see the publication of an additional scientific paper assessing the risk of subclinical lymphedema by the extent of surgery and radiation. One of the key milestones is also the PREVENT trial 3-year data being published at the end of March of next year. And then the private payers, we believe, will begin the coverage for L-Dex and we believe this will be the catalyst for broad adoption across the United States. And then we'll see multiple submissions to the NCCN Guidelines with the objective to have L-Dex included in the guidelines for heart failure. We see the commercialization of heart failure to commence this quarter. We'll also see further heart failure publications come out. We're working on the regulatory clearance for heart failure with patients with implantable devices. And for renal failure, we'll be reporting now on the clinical, regulatory and commercial strategy. Slide 27. Let me take a moment to thank people. Our entire team at ImpediMed, they have been going through a challenging time and they have risen to meet those challenges with both dignity and grace. I want to thank the Board who have supported us in ways far beyond their responsibilities to ensure the success of our company and to our investors who have stood by us. Thank you, all. Scott, let me hand it back to you.

Excellent. Thank you, Rick. And many thanks to you as well for your leadership of ImpediMed during this extraordinary time. And I would now like to open the floor to general questions on the business. You'll have the opportunity to ask questions pertaining to each resolution when we get to the formal business of the meeting. Just a reminder that this is a shareholder meeting, and therefore, only shareholders are able to ask questions at this meeting. Let me just check then, Leanne. Are there any general business questions that we have received?

Yes, Scott. We have a question from [ Peter Gregory ] . And the question is, with the R&D tax incentive claim, can you share the proportion that is overseas expenditure? And has the group sought preapproval for this?

Okay. Thank you, [ Peter ], for that question. Rick, I'll hand that off to you or Tim to address.

Tim, why don't you address that?

Great. Thank you for the question, Peter. Yes, we have an overseas filing in place for eligible activities outside of Australia. We haven't disclosed the proportion that relates to overseas versus Australia, but it's something we work with our tax accountants on to manage and ensure that we have all the right things in place for eligibility requirements. So we continue to monitor that. But if you think about our R&D tax incentive, the majority of the spend is on our clinical trials, it's the PREVENT trial. So that covers the different work we're doing in all those different sites for the PREVENT trial.

Very good. Thank you, Tim, and thank you, Peter, for that question. Leanne, I'll check. Are there other questions at this time?

There are no more questions, Scott.

Okay. Thank you. Well, thank you, everyone, for your questions and for your attention to Rick's presentation. As Rick said, we are very grateful for your support of ImpediMed. So we will now progress to the formal business of the meeting. The notice of the meeting was sent to all registered shareholders within the notice period required, and I will take the notice convening this meeting as read. Before moving to the various resolutions to be considered today, I will briefly outline procedures for today's meeting. In accordance with the company's constitution and as described in the notice of the meeting, voting on all resolutions will be decided on a poll, which I now declare open. Shareholders will be able to cast their vote using the electronic voting card received when online registration was validated. If you have any questions about casting your vote online, please refer to the virtual annual meeting online portal guide or use the helpline specified on the screen in front of you. The result of the polls will be declared and released to the ASX shortly after the close of the meeting. I have been advised that all proxies received for the meeting have been checked, and I declare them valid for voting. I will disclose proxy votes on your screen prior to the vote being taken for each item. These figures include the results as recorded at the closing time for receipt of proxies, which was 9:00 a.m. on Monday, the 26th of October 2020. There are a number of voting exclusions that apply to the resolutions being put to today's meeting, and these were outlined in the notice of meeting. The resolution in item #2, remuneration report, is a nonbinding resolution. All other resolutions, except for item 6, are ordinary resolutions, meaning that to pass, they require more than 50% of votes cast by shareholders to be in favor of the resolution. If sufficient votes in favor of the resolutions are received, they will come into effect. Item 6 is a special resolution, meaning that to pass, it requires 75% of votes cast by shareholders to be in favor of the resolution. As Chair of the meeting, and as detailed in the notice of meeting, I will vote where authorized all undirected proxies in favor of each resolution. Moving now to Slide 30 and addressing the first item of notified business. This item is to receive and consider the financial report, the director's report and the auditor's report for the year ended 30 June 2020. There is no formal resolution required for this item, but I invite shareholders to ask questions or make a comment on the financial report or the reports of the directors and auditors, to ask questions or make a comment on the management of the company or to ask any questions of the auditor relevant to the conduct of the report, the preparation and content of the auditor's report, the accounting policies adopted by the company in relation to the preparation of the financial statements or the independence of the auditor in relation to the conduct of the audit. Leanne, have we received any questions on this item?

There are no questions on this item, Scott.

Okay. Very good then. I will move on to the next item of notified business, Slide 31, the remuneration report. The resolution in item 2 is a nonbinding resolution required by the Corporations Act in relation to the remuneration report, which formed part of the annual report. The presentation of the remuneration report is a requirement for all listed companies. Information concerning executive and director remuneration was included in the director's report in the annual report under the heading, Remuneration Report. It is to be considered at this meeting as an item separate from consideration of the annual report. The Board is committed to ensuring that the group's remuneration policies and practices are fair, competitive and responsible and that we communicate the remuneration arrangement with clarity. We have aimed to do this in the 2020 remuneration report that is before you at this meeting today. I put the resolution to the meeting as displayed on your screen. I now open this item for discussion and ask if there are any questions online.

We have no question.

Leanne, are there any questions on this item. Sorry.

Sorry, we have no questions on this item, Scott.

Okay. Very good. Thank you. Details of the votes received for this item are on the screen, so please now select either for, against or abstain for resolution 2 on your voting card. [Voting]

Very good. Thank you. Moving on to Slide 32 then. The next 3 items of notified business concern the reelection of directors as required by the company's constitution and the ASX Listing Rules. We will consider each of the election resolution separately. I refer shareholders to the explanatory memorandum for the experience and details of each candidate seeking reelection by shareholders at this meeting. It is noted in the explanatory notes that the Board unanimously supports the reelection of these directors, other than the person who is the subject of the vote. On to Slide 33. The first director standing for reelection is Ms. Judith Downes, and I put the resolution to the meeting as displayed on your screen. I now open this item for discussion. Are there any questions online?

We have no questions on this item, Scott.

Thank you, Leanne. So the details of votes received for this item are now on the screen. Please select either for, against or abstain for resolution 3.1 on your electronic voting card. [Voting]

Thank you. We'll now move on to Slide 34. The next director reelection is for Dr. Robert Graham. And I put the resolution to the meeting as displayed on your screen. And I now open this item for discussion. And Leanne, are there any questions online?

We have no questions for this item either, Scott.

Thank you. So the details of votes received for this item are on the screen, so please now select either for, against or abstain for resolution 3.2 on your electronic voting card. [Voting]

And thank you for that. Now on to Slide 35. The next item is the election of our new Non-Executive Director, Mr. David Anderson, and I put the resolution to the meeting as displayed on your screen. I now open this item for discussion. Are there any questions online, Leanne?

We have no questions on this item, Scott.

Very good. Details of the votes received for this item are on the screen. So please now select either for, against or abstain for resolution 3.3 on your electronic voting card. [Voting]

Thank you. The next 2 items of business relate to the long-term incentive grants to Mr. Carreon, our Chief Executive Officer and Managing Director, in the form of performance rights and options, and they will be put as separate resolutions. Details underpinning these 2 resolutions are outlined in considerable detail in the explanatory notes to the notice of the meeting. And I would remind you that the performance grants shown in item 4 represent the maximum opportunity available if the 2 defined 3-year objectives are met at the maximum performance level. Given that these are 3-year objectives, the performance rights will not vest until mid-2023, and the actual number of vesting will be based on the company's performance versus those objectives, which are detailed in the explanatory notes. Details of the number of performance rights actually vesting at the time will be included in that year's remuneration report. So now moving to Slide 36. Item 4 relates to the grant of performance rights to Mr. Carreon, our Chief Executive Officer and Managing Director, as part of his long-term incentive. I now put the resolution to the meeting as displayed on your screen. And I open this item for discussion. Are there any questions online related to this topic?

We have no questions on this item, Scott.

Very good. Thank you. So the details of the votes received for this item are on the screen. And I would ask you now to please select either for, against or abstain for resolution 4 on your voting card. [Voting]

Thank you. We will now proceed to Slide 37. Item #5 refers to the second component of Mr. Carreon's long-term incentive, as explained previously. And I put the resolution to the meeting as displayed on your screen. Once again, I open this item for discussion. And Leanne, are there any questions online?

We have no questions on this item, Scott.

Thank you. So the details of the votes received for this item are on the screen. And I'd ask you now to please select either for, against or abstain for resolution 5 on your electronic voting card. [Voting]

Thank you. We will now move to Slide 38 and item #6. Item #6 is a special resolution pertaining to the ability of the company to issue up to 10% of the company's share capital without shareholder approval should this be required. Once again, I put the resolution to the meeting as displayed on your screen. I now open this item for discussion. Leanne, are there any questions online?

No. We have no questions on this item, Scott.

Thank you. So the details of the votes received for this item are on the screen. And I'd ask you now to please select either for, against or abstain for resolution 6 on your electronic voting card. [Voting]

Thank you. And we will now move to Slide 39 and item #7. Item #7 seeks approval for the rules of the ImpediMed employee incentive plan. The company last sought shareholder approval for this plan in 2017. Once again, I put the resolution to the meeting as displayed on your screen. And I open this item for discussion. Leanne, are there any questions online?

We have received no questions on this item, Scott.

Very good. Thank you. Details of the votes received for this item are on the screen. So please now select either for, against or abstain for resolution 7 on your electronic voting card. [Voting]

Thank you. And we will now move to item 8. Item #8 is an ordinary resolution relating to the issuance of securities under the ImpediMed executive share plan. The company is proposing to remunerate its senior executive staff, including the Chief Executive Officer and Managing Director, with shares in lieu of cash. I put the resolution to the meeting as displayed on your screen. And I now open this item for discussion. Leanne, have we received any questions online regarding this item?

We have no questions on this item.

Very good then. The details of votes received for this item are on the screen. So please now select either for, against or abstain for resolution 8 on your electronic voting card. [Voting]

Thank you. And we will move to Slide 41. Item #9 is an ordinary resolution relating to the issuance of shares to Mr. Richard Carreon under the ImpediMed executive share plan. Once again, I put this resolution to the meeting, as displayed on your screen. I now open this item for discussion. And we'll ask Leanne, are there any questions online?

There are no questions for this item, Scott.

Thank you. Once again, the details of the votes received for this item are shown on the screen, so please now select either for, against, abstain for resolution 9 on your electronic voting card. [Voting]

Thank you. We will now move to Slide 42 and item 10. I should note that the next 6 items of notified business concern the issuance of shares to nonexecutive directors. The company is proposing to remunerate its nonexecutive directors with fully paid ordinary shares in lieu of cash under the proposed nonexecutive director share plan. Unfortunately, we must consider the resolutions for each grant separately. So bear with me as we proceed through this process. And given my interest in this next item, I'll hand the meeting over to Rick Carreon. And Rick, I'll ask you to cover 10.1.

Thank you, Scott. 10.1 granted shares to Mr. Scott Ward, Slide 43. I put the resolution to the meeting as displayed on your screen. I now open this item for discussion. Are there any questions online, Leanne?

There are no questions on this item. Thank you, Rick.

Thank you. Details of the votes received for this item are on the screen. Please now select either for, against, or abstain for resolution 10.1 on your electronic voting card. [Voting]

Thank you. I'll now hand the meeting back to Scott Ward. Scott?

Thank you. Thank you, Rick. Sorry about that. But you did a very fine job on describing that item. The next item of business pertains to the issuance of shares to Ms. Judith Downes. I put the resolution to the meeting as displayed on your screen. And I now open this item for discussion. Are there any questions online?

We have no questions on this item, Scott.

Very good. Thank you, Leanne. So the details of the votes received for this item are on the screen. And I'd ask you to now please select either for, against or abstain for resolution 10.2 on your electronic voting card. [Voting]

Thank you. We will now proceed to item 10.3. And for Don Williams, I put this resolution to the meeting as displayed on the screen on Slide 45. Once again, I now open this item for discussion. And Leanne, are there any questions online?

We have not received any questions for this item, Scott.

Thank you. So the details of the votes received for this item are on the screen. And I'd ask you now to please select either for, against or abstain for resolution 10.3 on your electronic voting card. [Voting]

Thank you. Moving on to Slide 46. We will address the issuance of shares to Mr. Amit Patel. And once again, I put the resolution to the meeting as displayed on your screen. And I now open this item for discussion. And Leanne, are there any questions online on this item?

We have no questions on this item, Scott.

Very good. The details of the votes received for this item are on the screen. So please now select either for, against or abstain for resolution 10.4 on your electronic voting card. [Voting]

Thank you. And now to Slide 47, regarding the issuance of shares to Dr. Robert Graham. I put the resolution to the meeting as displayed on your screen. And I open this item for discussion. Leanne, have we received any questions online regarding this resolution?

We have not received any questions on this item, Scott.

Thank you. The details of votes received for this item are on the screen, so please now select either for, against or abstain for resolution 10.5 on your electronic voting card. [Voting]

Thank you. We'll move on to resolution 10.6 and consider the issuance of shares to Mr. David Anderson. Once again, I put the resolution to the meeting as displayed on your screen. And I now open this item for discussion. Leanne, are there any questions online regarding this item?

We have not received any questions on this item, Scott.

Thank you. Details of the votes received for this item are on the screen. So now please select either for, against or abstain for resolution 10.6 on your electronic voting card. [Voting]

And thank you very much. Ladies and gentlemen, this concludes the formalities of the meeting. Shareholders should now submit their votes. The poll will remain open for a few more -- for a further 2 minutes to allow you to complete your voting on your electronic voting card with the poll closing after that time. As I mentioned earlier, the results of this meeting will be announced to the ASX as soon as they have been counted and verified. So now moving to Slide 50. I would like to take this opportunity to thank my fellow directors, Rick Carreon and his management team for their dedication and commitment to our business and the customers and the patients that we serve. I would also like to thank our shareholders for your support and for your participation today. I look forward to meeting with you again at next year's Annual General Meeting. And we will call this meeting to a close. Thank you, everyone.