Omada Health, Inc. (OMDA) Earnings Call Transcript & Summary

Great. Well, good afternoon, everyone. I'm Craig Hettenbach. I cover the health tech and provider space for Morgan Stanley. Thanks for being here, day 2 at the conference. And we'll close out, I think, on a strong note here with Omada. So very pleased to have CEO, Sean Duffy; and CFO, Steve Cook. So welcome.

Thank you.

Just before I kick off here, I do have to read some disclosures for the Morgan Stanley. Morganstanley.com/researchdisclosures. With that, and again, on the heels of the IPO and your first quarterly earnings report, I think people are familiar with the story, but still love to just kind of high level, set the stage in terms of a brief overview of Omada, and then we'll dig into some more detailed questions. Perfect. Well, thank you.

Yes. Thank you so much, Craig, everybody, Sean Duffy, Co-Founder and CEO of Omada. Saving the best for last. Obviously, I hope you guys had a good day and enjoy the rest of your evening after we wrap here. So for those of you less familiar with Omada, just tell the quick story here. Omada is a between-visit provider. And that's in response to what I recognized while in medical school, while founding the company that the vast majority of the 156 million Americans with chronic disease are kind of stuck in this visit-by-visit model. And I hear my friends, practice and clinicians say like, look, I send these patients out of my clinic with diabetes, and I say, lose weight, take your medicines, exercise, eat differently, check your sugars. And I only -- I know that there aren't any support. And that void is what we aim to solve and we asked, well, what is the solution to that void and a proactive day-to-day longitudinal care with a different care model, different reimbursement structure kind of ground up was really the answer. And so -- and that's what we endeavor to build in day 1. The care areas we're in are prediabetes, obesity, diabetes, hypertension, musculoskeletal care. And then we're proud of the progress, and we're here as a public company, just had our first earnings call and some key stats to give you a sense of the business. We have north of 2,000 customers for us that's either an employer, a health plan, an integrated health system in our PBM. The -- when we use the word member at Omada, that means someone that's actively under support and that we're building on. And at the end of we had 752,000 members. And so the Q2 results was a $61 million quarter, which we're proud of, and that represented 49% year-over-year growth. So we like what we see in the business. We're in this remarkable moment not only in digital health, but in metabolic care. And I'm sure at some point, you'll ask about the 2Gs, GLPs and GPT because both have a lot of relevance for us.

For sure. We will get there. And great to see the good start kind of right off the bat from earnings. You mentioned the 4 programs, weight and prevention kind of furthest along and still some good growth there. Can you maybe just kind of tick through kind of the programs, kind of where they're at and just kind of the growth prospects that you see there?

Yes. So for everyone's reference point, our journey began in prediabetes and obesity or we call it weight health sometimes. Later in roughly 2019, we expanded the diabetes to hypertension and MSK care from there. So we have had a strategy of selective breadth. We recognize that if you are to expand, you need to do a great job. Equally, when we talk to our benefits buyers and share that, look, you could have 1 account manager versus 4, you could have 1 company organizing marketing campaigns to your employees and then your employees have multiple disease conditions, that's attractive. So the order upon which they're represented the business roughly mirrors the order which we've rolled them out. And now we have over 31 as of the end of last year, over 31% of Omada's customers overall work with us in a multi-condition fashion. So we're proud of the progress in each.

Great. Can we touch on just the TAM in terms of across self-insured, fully insured and MA. You most furthest along in self-insured, but there's still a long runway for growth. So what are some of the strategies to continue to penetrate that TAM and drive growth?

Yes. So the -- within the Omada growth algorithm, you're highlighting the first bucket, which is who pays. And within that, you can think of it as kind of a matrix of which type of insurance and then which programs we offer. We got our start in the commercial space with about 14% penetration in self-funded lives, about 9% fully insured. And so obviously, in the U.S., if you're a large enough employer, you self-insure. That led to many relationships with payers that then looked at what they saw there and started to write us into their fully insured lines of business where they want to capture some of the outcomes and the savings as well. And then more recently, Medicare Advantage has become productive for model. We're still very, very early there, about 1% of that market. But that's actually in response to some of our existing payers telling us that, look, we'd love to put you into MA. And so we're happy to work with and able to work with really any entity that carries the risk of medical or pharmaceutical claims for that person.

All right. I won't keep the 2Gs waiting any longer. We'll get to GLP-1s now, and then we'll follow up with some ChatGPT. But on GLP-1 Care Track, can you just kind of give us an update in terms of that program? I know that was released yesterday, a new study. I know that's important to your selling motion. So how it's resonating with your customers and members?

Yes. So our Omada's metabolic offering has a care track. We call it our GLP-1 Care Track. And so the overall Omada experience involves us marketing to you, making sure that your coverage eligible, giving you connected devices, pairing with the care team, working with you on goals, content, creating communities, having tracking. We updated all the pieces of the surface area to be responsive to the needs of someone on a GLP-1. And so that's the care track. So we turn that on in our technology stack when someone is on a GLP if the customers purchased it. And it's been just wonderful to see. I mean, most important is, of course, the patient and the member. I mean the stories that we hear are inspiring. We bring these members into our town hall to help our employees remember why we're here. And what we see is this really remarkable thing where these meds can actually serve to get the ball rolling as a behavioral catalyst. But at the end of the day, an injection is not getting to know you as a person. A pill doesn't understand your goals and help encourage different ways of eating your physical activity. So the goal is to really grab that, ideally attain higher quality and more on therapy progress. And if the person's goal is to discontinue the med, which we try to ask right upfront to help enable their success. And so we've got this. This is great. This is scaled with 2 of the 3 nation's largest PBMs such that their clients can, with the push of a button, turn it on as well as our other products. And then what we announced yesterday is 12-month data of weight maintenance. So post discontinuation, if you look at the randomized studies, someone should have regained about 11% of their weight back. The change that we saw was 0.8%. So a night and day difference. And so that helps counter what if you look at the real-world evidence might be a truth that someone's destiny is to retain the weight. And what we found is if you talk to someone upfront and you ask them, what are your goals for the medicine? The answer that we usually get is, oh, I can't wait to have an injectable for the rest of my life. The goal is usually I'd love to like see if I can get success and keep it off. And that puts us in a position to have an honest conversation and say, love that, it's going to be hard. Your body will try to fight the weight and get it back on, but it's not your destiny. So what we need to do while you're on the medicine is work extra closely together on food, what's a week in your life look like relative to eating behaviors on activity. Let us design you an exercise and strength plan that's an end of one plan that helps support your specific goals to accommodate your constraints to try to retain as much muscle as possible. And so that dynamic has enabled success for our members. And of course, that translates into us being able to communicate that value to clients and potential clients.

Great. And as with any large market, there's, I'm sure, competition. And so what are some of the things that differentiate Omada? I know we can maybe touch on some of the PBM partnerships.

Yes. So I think it's in 4 vectors. I mean, one, just the capabilities. Omada has taken a really a build-every-piece approach to the business, including our -- what we call as our care team platform. This is our version of an EHR that our care teams use to engage with the members, and that's enabled ops efficiency, our margin profile and progress, but equally a really personalized member experience that supports those longitudinal interactions that today's EHRs are not set up to do. And importantly, we blend those technologies with people. And so we call this approach compassionate intelligence. We're doubling down on, of course, all these incredible AI-enabled features. Sometimes I think of like the art and science of medicine that tomorrow's horizon is the people of the art and the models are the science, but you need both. And so that unique capability of kind of tying all the pieces together is quite operationally complex, and it's something that's hard to do even at 1,000, really hard to do at north of 1 million members. And so I think customers appreciate that, and we're differentiated on it. And then outcomes. From day 1 at Omada, we just started publishing. I was in medical school at Harvard when I founded Omada and thought, well, what would my classmates need to see to trust that the solution works and like we better start getting some literature out there. And we've done observational studies. We've done multimillion dollar like academic medical center led therapeutics grade like Level 1 RCTs. We now have 30 with our newest MSK trial that we've published 30 peer-reviewed publications, and that allows us to earn trust with the market, which is great. And I'd say like last, the multiproduct expansion has been a differentiator. I mean there have been deals where they're like that's just great. I would love to just start with you across multiple products. That solves the big thing on my mind, which is I have a team of 30 people to implement solution by solution by solution. And equally, I recognize that my employees probably have obesity and hypertension or diabetes and hypertension or diabetes and musculoskeletal.

Got it. So clearly, a very important theme for the broader market in health care in terms of GLP-1s. Any way to contextualize in terms of the tailwind to the business? I know you've seen an acceleration this year of a couple of points in growth. I don't know if it's that simple in terms of it's just GLP-1. But just what type of impact is it having on the business today? And then as you segue into 2026, you'll have CVS coming on. So how should investors think about the trajectory?

Well, so we did in the data that you mentioned, share that the primary goal of this press release is to look at the 12-month discontinuation data. Equally, we did share that we're north of 100,000 a lot of members that we're supporting that are on a GLP-1. What's happening is a dynamic that's creating 2 customer personas. There's the employers that cover and there's that's A and those that don't and B. In the A, they may have heard about our [indiscernible] and they're thinking, well, I've got this cost picture that looks pretty harrowing. Yet equally, I believe these meds are effective. What I don't want is waste. I don't want my employees to lose weight and regain it. I paid thousands and thousands of dollars. How do I think about different ways to perhaps cover this? And that's where our Care Track becomes relevant and opens the door. Equally, we've structured our contracts with our partners to enable the full Omada suite of solutions. So it's very quick that an employer says, "Oh, why would I just cover Omada for my employees on a GLP-1 it makes sense to offer it in absence of maybe they'll try that first. There's certainly employees who are overweight in my organization that aren't ready for a medicine or don't want a medicine. And I like peer 30 peer-reviewed publications, including your health economic studies. And so what it's really doing is it's a gateway to a broader sale, and we're seeing that. Equally in those who aren't covering because there is quite a financial consequence of doing so for these accounts. We're finding that their employees are still asking these benefit leaders. How come my friend who works for Acme Inc. has that down covered and we don't hear. And how come Wegovy not on our benefit design. And those are pretty persistent asks. It's an easier message to say, look, we can't afford GLP-1s for obesity right now. But I'd like to introduce Omada, then we can't afford GLP-1s for obesity right now, but I don't have anything for you. And so we found relevance in both. And so the way we started to think of it is just an enormous floodlight on metabolic disease is a big problem area that's kind of creating the deepened customer conversations.

Great. All right. We'll segue to the second G in terms of technology and AI. How are you utilizing at this stage kind of AI to help improve member experience? Are there anything that you're kind of measuring in terms of, okay, this is taking hold. This is a starting point.

Yes. it's a very fun moment. I think the -- not just our engineers, but if you're an engineer out there in the world, you're able to do some of those things you only dreamed about. I mean prior to going to med school, I worked at Google and you talk about this future vision where the technology could do things like we're all witnessing in our pockets every day, and it felt impossible. And so we've launched this umbrella capability called Omada Spark with some specialization relative to some agents that support our members, ranging from being able to take a picture of your food and have it pull apart the different ingredients, look at the macro nutrients, help orient toward our food philosophy, which is not one of restriction, and it's one of nutrient density to give our members deeper insights in what they're eating more efficiently. We launched a nutritional agent, similar in the art and science question. Our care team's primary job is compassionate, accountability, feelings of empathy. The future vision is not them helping shape that specific salmon recipe that accommodates that specific dietary preference or perhaps restriction for that member. Like that the models need to do that. And this agent is just incredible at contextually offering nutrition advice based on data patterns, the demographics, the preferences of the person. And then we trained the model to do a motivational interview, which is a technique in the '80s that helps a patient unpack some of the, perhaps, barriers to their goals and find solutions themselves, which is really neat and our health coaches can say, hey, Craig, that's -- like I love the way you're thinking. You're giving me a favor. Just spend 10 minutes tomorrow with a modest Spark on that same line of thinking. As you'll see when it tells you, it's going to summarize that conversation with me. And then I want to know how it goes, and I'm going to check in with you the next day. And so it's interesting. So the care teams are almost starting to delegate either some of the esoteric like items like that recipe or like the motivational interview in this beautiful combination of people and tech, which I think stands to differentiate. And one thing we did share on the earnings call is a feature set within our care team platform that summarizes the context to our care team member of what's happening with their member. kitchen employee. Whereas before, they'd have to scroll through, try to identify patterns themselves, really poke to gain insights and come up with a point of view on what they might want to address. Now we send that out to the models, of course, all on our secure infrastructure. The model suggests based on the context, some of the areas that they might think about using to have their next dialogue with the member. And we've seen like in some of the pilot data last year, roughly 20% efficiency gains within the first weeks, but increased quality. And that's where like the sweet spot is where you can get efficiency and higher quality, which is some of the magic of these technologies. So I mean, we're trying to encourage every single product manager in Omada to have an AI-first mindset, whether they're responsible for content or the community layer or the tracking layer or the onboarding or the care teams, because there may not be relevance in every feature to leverage AI, but there may be. And this is one of those -- it's not going to be a silver bullet. It's -- our view is there's a bunch of lead bullets that are going to add up to just that experience we want to create where the member feels like, wow, for the first time in my life, I have like someone in my corner that the tool I want to use. It's an enjoyable care experience. It feels like it's built for me, it's proactive. And there's a huge innovation road map ahead to work to enable that goal.

Great. And because it's early days, I think the way the company has framed the potential from a financial perspective is your long-term gross margin target is 70% plus, perhaps it can drive upside there. How should investors think about that in terms of how this technology scales and financially like longer term?

Yes. No, happy to take that. For those of you who haven't met. Steve Cook, CFO here at Omada Health. We have direct line of sight to getting to 70% gross margin on just what we're already doing. That's more multi-condition traction. That's more traction with GLP-1s, that's increasing our marketing effectiveness. We're early days with Omada Spark. We're early days with contact summarization and underwriting those into our future margin targets. I think one -- to punctuate what Sean said, one unique and differentiating feature of our business is we only bill for those folks who are actively engaged in our program. If they stop using it, we stop billing. If they stay actively engaged, we continue to bill. So AI has this really neat dual benefit where there is a cost layer where we can make our care teams more efficient, they can end up serving more members, but increasing personalization and having folks stay in program longer is also going to drive more revenue with very little incremental cost.

Great. Maybe we'll stick with you, Steve, in terms of -- I do want to touch on just the operating leverage in the business. You're kind of right on the verge of profitability growing -- expected to grow 40% this year. So what are some things the organization is doing just to control costs, maybe some of these things that you've done private before you came public. But just what gives you the confidence in the operating leverage in the business?

Yes. I mean it's been a tremendous focus for us, especially over the last couple of years to demonstrate operating leverage within the business. We grew the past 2 calendar years at 38%, as you mentioned, this year, guiding currently 40% revenue growth. And we're realizing operational leverage across a couple of main areas. Our sales team, we often -- we contract with a lot of the major PBM partners as well as dozens of health plans. And so we were able to leverage the sales force through our distribution channels to go and distribute Omada. As a result of that, our sales team is very moderately to small in size relative to the amount of revenue we're doing. On the marketing side of the equation, the main medium for getting folks in the door is e-mail marketing. We did 100 million e-mails last year, 5,000 distinct campaigns across our 2,000 customers. So as we think about future scale, when we have to do 200 million e-mails, we're not going to need to double the size of that team. It's a very cost-effective medium for us to get folks in the door. And then Sean alluded to this a little bit earlier, but it's really the crown jewel of Omada, which is our care delivery platform. This is our homegrown EHR. It's the platform that our care teams use every day to engage with our members. Over the course of the past decade, we've invested tens of millions of dollars into our care delivery platform, and we can continue to intake hundreds of thousands of more members without needing to disproportionately invest into our care delivery platform. I think we talked a little bit about our GLP-1 care track. We spun that up in 3 months on our existing tech stack. So we really approach development there with modularity with flexibility in mind. So across those dimensions of sales, marketing and then the R&D side of the equation, we feel we have a lot of operational scale.

Got it. And if you think through the EBITDA long-term target of 20% plus, again, maybe some of the things we just discussed, but what are some of the things you're most confident in terms of being able to drive towards those type of margins?

Yes. I think it's -- I don't think we need to absolutely sprint there. I think we want to take a measured approach. We like the growth. We like that we've grown 38% 2 years in a row. And this year, we're at 40%. So I think continuing to have an eye towards investment and being assertive on the GLP-1 landscape, continuing to invest in AI, as we talked about. And then we really feel like those existing levers are going to continue to benefit us in the future as those are the main vectors of OpEx burn.

Great. I would like to touch on we're kind of right in the heart of the selling season kind of underway. And just frankly, from a year-to-year basis, and I know whether it's the recent study you just put out yesterday, like what are you most excited about as you get in front of prospective customers this year? How does that compare to just a year ago?

Well, we gave some qualitative remarks on the earnings call, and I'll just kind of reemphasize those that we like what we see. The pipeline is progressing in a way that we expect. And then this cost crisis of GLPs is really opening doors. I mean that's not a new thing this year. It's cost pressure for accounts we've observed in past increases knocking on Omada's door to say, well, clearly, the existing system is not working for me. I might need to do something. I think the thing that is just exciting for us is what I already shared, which is the fact that GLPs are really spot level metabolic, and that's needed. I mean if you add up all the member success we've had, all the member success the entire competitive set has had, like are we even near the 156 million Americans that are being poorly served by the existing health care system like now. Like Omada's explicit mission is to bend the curve. And it's exciting that like the cost pressure of GLP is shining light on this broader need to support new ways of thinking in metabolic disease. And of course, as we've seen in the administration, there's just an increasing focus on chronic disease. And I feel like we've been having this megaphone for a decade, and now the megaphone is being amplified in so many different ways. At a moment where Omada is a skilled partner, we've enrolled over 1 million members. We're on strong foundations for their channel partnerships. Buyers can -- especially in a somewhat turbulent last 2 or 3 years from digital health can be confident that we're going to be here to stay when they look at our progress. They can go to look at our -- listen to earnings calls, look at our balance sheet, which is neat. And I still to this day, I always do new hire CEO welcome. So I have a chance by Zoom in a group setting, at least to meet every single Omadan that comes in the doors. And over the last couple of weeks, what I've been sharing is the talent that joins is like if you're joining Omada, in an era where we can actually aspire to achieve our mission of bending the curve. In the early days, we're just setting us up for that. Like you got to get to the many, many tens of millions, obviously, to do that. But like great, it's day 1. Like my ask is to run as hard as we can together to do that. And that's a really inspiring thing for an entrepreneur where you feel like you've just got the foundations laid to be able to finally dream big and accomplish what you set out to do from day 1.

Got it. How about just the macro backdrop today? Does it come up through customer discussions? And then we can build on that in terms of kind of platform versus point solution and topical.

Yes. I mean the -- it's not a fun year from a renewal standpoint. It's like -- even myself in my seat, I was bracing. We came in a little bit better. I like thank your benefits broker. But as shared, the -- what we're observing in our customer conversations is the cost pressure, which is for many self-insured, it might be kind of an upper single-digit benefits renewal year or more. That's what leads them to be like, well, clearly, something needs to be done differently. And so that allows us to stay high. And then on balance, my general sentiment relative to how others feel about their businesses is pretty positive. I mean it's -- so there are a lot of conversations happening in the pipeline.

Got it. We touched a little bit before on just multi-condition sales, and that's very powerful from an operating lever. You mentioned 31% of customers today. I think last selling season was over 50%. So directionally moving the right way. How important is that when you think about kind of the business model? And then also just to dig into just the platform and multiple ways you can kind of approach it versus just kind of a point solution.

Yes. So I mean we like our strategy. You hear point solution versus platform all the time. Obviously, you can build big businesses in both. At the end of the day, my belief is the buying preference, especially at the level of [indiscernible] platform. And we see that. I mean we didn't expand just because we wanted to. We expanded because our customers specifically told me, Sean, could you please do type Bs? Sean, any chance you thought about hypertension? Sean, have you ever thought about MSK. And that's because they know us, they're thinking, do I really want to have another contract, another account manager. Equally, they recognize that their employees have multiple comorbidities. That being said, in absence of a company that can deliver excellence in each of those, they'll buy point solution. Of course, because they need the problem solved. So we're very cautious in expansion. If anything, our bias is to not. We're to do it when we feel like we've earned the right to do it. So there is a pretty high bar of we think that there's a clinical need, you can deliver virtual care. It fits between the care model, and most importantly, there's buyer demand. And if you look at the average like Willis Towers Watson, Mercer, Aon report, they pull these benefits leaders and ask what are the things you're concerned about, what do you care about? They'll get a pretty consistent look back. And it tends to be obesity, prediabetes, diabetes, hypertension, musculoskeletal care, behavioral health, maturing fertility and cancer. That's kind of the big ones. And so relative to ones that have relevance for between visit care, we feel like we're in the right areas for now. And then to your point, you get operating leverage from it. It's great because you're solving a customer problem. Your members love it because it's like you don't have a different app for hypertension or diabetes. And then you don't need 4 sales reps to sell for condition areas. And we also happen -- there's a nuance here. Relative to the price points in the market, one is able to garner somewhat higher ARPU for diabetes and hypertension and MSK than prevention obesity. Probably we just like the prevention obesity price. We're very, very happy with at a unit level, everything we feel good about. But we're selling -- we're upselling into higher ARPU areas. And so that's one of the factors that led to the acceleration in growth in the back-to-back 38%. And I shared our August 7 guide midpoint is at 40%.

I think Costco is a great example of this. We signed them up in 2013 on our prevention and weight health products. Once we released diabetes and hypertension and MSK kind of around that 2019 period, they ended up adding all of those products in kind of subsequent years to one another. So our CSMs or kind of post sales reps are always really excited to go back to our existing installed base and then cross-sell and upsell across our product suite. And to Sean's point, added a ton of leverage as well as revenue tailwind to the business.

Great. And I feel like MSK doesn't get as much attention. It's small today, but it kind of fits really well in terms of multi conditions and comorbidities. Just can you just maybe touch on that kind of offering, kind of where it's at and how you see that in the marketplace?

Yes. I mean we're really proud of the solution. It's, of course, our newest capability. That was an acquisition, found a small company that had just an extraordinary product, not too many customers. But we looked at it, this is literally written on the same tech stack, like we felt we could derisk the product integration, which is where oftentimes these things fall short and very proud of the experience. You get a licensed doctor of physical therapy, do a video visit. They -- we have an animated library of like 400 exercises, precurated care plans that will be loaded up. There's all these cool computer vision technologies that help look at like functional testing over time, messenger PT, it's really neat. And increasingly, what we're helping the buyer market to realize is the connection between obesity and especially chronic MSK, knee, back and hip, which are some of the biggest cost drivers, those tend to be the most obesity driven. So it's an asset we really like to have. It's also like when we made the expansion, similar to our existing model, there were enough clients they were asking us to do it, but it was kind of like the investment in doing it felt pretty derisked because you have a -- we always try to ask our customers, you're on your strategy desk. Like what -- guide us as our Chief Strategy Officer, what would you want us to do? Where would you want us to go? How could we better serve you? And that answer came back on us. I think this would make sense.

Great. In the last couple of minutes here, I'd love to kind of wrap up and just talk about kind of investor feedback. I know you were here the last 1.5 days with meetings, maybe some things that are really resonating with investors to the story and then also some things where investors are trying to dig in and learn a little bit more about Omada.

Yes, for sure. I mean it's a lot of the themes that we covered. The conversations tend to usually start with like the GLPs, how do I think about it? Is that all of your membership? Is it a tiny amount? Is it like what -- and then once I explain the selling dynamics we found folks can wrap their heads around it. And then of course, putting out some data helps with that as well, which is exciting. Sometimes we get asked, can AI replace your entire care team? It's like, no, you need the accountability, and it's hard to find a member that says, I feel accountable to my large language model. Equally, in art and science, they should be doing the -- model should be doing the science. So that's been a key theme. One of the ahas that sometimes happen specific to your questions is once they realize that like we contract as a provider and bill into real medical spend, which is, I think, a material difference in this next generation of digital health companies that have matured. I mean these are companies like Omada that are actually delivering the care. It's not incremental technology solutions on top of the existing system. It's like actually the care. Through -- with peer-reviewed studies. The -- I remember early conversations with benefits leaders recognizing that, wow, success will not be trying to like get them to put us in their admin budget, which is miniscule relative to their medical pharmaceutical spend. And that's where -- I mean, that's where our market cap is. It's in the medical and pharmaceutical spend. And so Omada contracts with a covered entity. We filed claims ages ago, I took our trials to the American Medical Association actually got them to create the first ever digital-specific CPT code, like a CAT III code, serves as billing infrastructure. So even in our direct contracts with employers, we file claims through their TPA on our monthly recurring revenue model when someone signs up, such that it's in the medical spend. Which is a super exciting difference. It's like we're a provider that's not anchored to having to use fee-for-service billing models. That's not anchored to having to put the CapEx needed to build out clinics and can equally deploy in Alaska as your U.S. Virgin Islands, which is a very material difference in my view, in this next view -- this next chapter of digital health companies.

Great. Well, with that, I think we're right on time. So Sean and Steve, thank you so much for spending the time with us today.

Yes, thank you for joining, and enjoy the rest of your evening and safe travel home for those of you who are visiting.