Vitasora Health Limited (VHL) Earnings Call Transcript & Summary

Thank you for standing by, and welcome to the Respiri Investor Webinar and Q&A today. [Operator Instructions] There will be a short speech starting in a moment before we all focus on Q&A based on questions that have been submitted via e-mail as well as using the Q&A panel on the Zoom app. Appearing on behalf of Respiri today, we have the CEO, Marjan Mikel. Marjan's initial talk will last for approximately 5 to 10 minutes, and we'll allow for as many questions as possible thereafter. I will now hand it over to Marjan. Please go ahead.

Yes. Thanks, Matt. Welcome, everyone. Thank you for investing your time in us today. Pretty exciting day for me, and I'll get into a little more about that in a moment. But what I thought I'd do is take the time, I guess, revisit one of the reasons that Respiri exists. Asthma is the third largest disease state to afflict the human race. It's third only behind cardiovascular disease and diabetes. There are over 350 million people with asthma across the globe, almost 3 million in Australia and more than 26 million in the United States. Yet even today, 1 in 10 asthmatics will be hospitalized at least once in a 12-month period, at least once. In Australia, over 300 patients with asthma die because of exacerbations every year. Part of the reason for that, we believe, is because once the patient leaves the care of their doctor, their physician has absolutely no idea what's happening with that patient in the real world. They're flying blind. Further, the way that asthma is diagnosed and treated today is through symptomology and best practice today sees a doctor relying on a questionnaire, either the asthma control questionnaire or the asthma control test clinically validated to understand the symptoms of the patients. So they rely on a patient's self-recall and self-assessment, which we know from every single epidemiological study that's ever been done is not as good as it should be. So they're really relying on subjective information from a person who's not equipped to actually give them the right information to make a diagnosis. And once they leave that doctor's surgery, well, then it's fingers crossed until 3 months' time when they come back and have another consultation, assuming that happens. Now this is where wheezo really does provide its value proposition. wheezo is the only device that provides a physician and a patient and carers with transparency around what is happening with the patient from the real world, in real time. Because patients don't have asthma attacks when they're sitting in front of their physician. It happens in the real world. Part of what we do or doctors do when it comes to assessing symptomology, is they ask about wheeze. It is one of the key symptoms that doctors need to know about, particularly in children. And as I said today, it's a subjective assessment of how the parent or the patient thinks the wheeze is. Unfortunately, not all wheeze is audible. So you can't hear it. I mean that stands to reason. That's why a doctor uses a stethoscope to listen to a patient's lungs when they're in the surgery with them. wheezo provides the opportunity and the utility to be able to analyze for wheeze from the recorded breathing that it does over a 30-second period. All that's available to the physician to review, not just the wheeze rate, but the physician can listen to what's actually happening to the patient at a particular point in time, not just when they're in their surgery. So it's a huge opportunity, one that really is lacking in the marketplace today. You would have heard from the recent announcements that we are at an exciting phase in the organization's development. We launched in the United States in December last year. That's 9 months ahead of schedule. And I'm really pleased about that because the launch in Australia didn't go to plan. It certainly didn't hit our expectations, and for a variety of reasons. We did learn quite a bit from our sojourn here in Australia. And part of that learning was to accelerate the launch in the United States. Now we've done that by partnering with 2 world-class Remote Patient Monitoring providers who have in excess of 10 years' worth of experience in this space and have outstanding relationships with U.S. payers, hospitals, university health groups and doctor groups, mTeleHealth and Access Health (sic) [ Access TeleHealth ]. So we are working with them. And in fact, today, I will be heading over to the U.S. for a month because of the unprecedented response our 2 partners have got from customers wanting to know more about wheezo, wanting to pilot wheezo and wanting to understand how wheezo can help them better provide better information and better services to their patients. Now one of the things about the U.S. It's not different to Australia only because it's 15x the size of this country's marketplace. As I said, many of the impediments to success in Australia are not available or not there in the U.S. To give you an example, the U.S. marketplace is reimbursed. It's not in Australia. The U.S. marketplace and our strategy is physician-driven. So physicians will make the decisions about who gets their -- who gets the wheezos. It's not here in Australia. Importantly, the United States health insurers understand the importance of preventative health care. They reimburse Remote Patient Monitoring. That's not the case in Australia. Our partners promote 2 physicians and 2 reimbursement agencies or private health insurers about the benefits of Remote Patient Monitoring. Importantly, from our partners' perspective, they are remunerated on the annuity streams generated by the Remote Patient Monitoring CPT reimbursement codes, not device sales, but they have to buy the device sales from us, which is something that we hadn't planned on being the case, but it is. So we're really pleased about that. The pricing of wheezo in the U.S. is a lot higher than it is in Australia. So we actually make about a 30% margin on the device itself. The monthly annuity streams, which come from the fee-for-service that our partners charge doctors for providing RPM solutions on their behalf, so the doctors outsource these services to our partners, is somewhere between USD 5 and USD 20 a month depending on the level and number of services that our partners provide their customers. The big one is patients aren't out of pocket if they're insured in the U.S. Here in Australia, they're out of pocket about $200 a year. Another really important difference is that private health insurers in the United States pay for everything that their insured members go through. And what I mean by that is, in the United States, if you have an asthma attack, you'll end up not in a public hospital like you do here, you'll end up in a private hospital. And just a emergency room admission in the United States for asthma costs the insurer USD 8,000. That's just the emergency room admission. If they get admitted into hospital on a ward, it's a whole heap more than that. If it's a COPD patient, that's a chronic obstructive pulmonary disease patient, that ER visit costs about USD 27,000. So they have a vested interest in keeping patients out of a high-cost treatment area. So being charged somewhere between $300 and $400 a year for wheezo is a very good and sound business decision for these people because most of them are [ running to ] make a profit. Conversely, in Australia, private health insurers don't have the same issues because in this country, if you get seriously ill, if you have an asthma attack, you don't get a private health insurer -- you don't get a private hospital, sorry, you end up in a public hospital, which is world-class. And the states pick up -- I mean that Australian state governments pick up that cost and/or you end up in a GP practice where Medicare picks up that cost. So private health insurers here basically don't pay for those things, don't have the same motivations as our U.S. counterparts. They basically pay for elective surgery in many regards. So I just want to make the point that I'm so excited about what we're doing over the next month and what's been achieved in a very, very short period of time. Remember, we only launched in the U.S. in the middle of December, and it's only now the middle of February. So in 2 months, we've made very, very good progress with our partners. And we've got over 60 qualified leads with major payers, major universities and major doctor groups in the U.S. who I'm really excited about. Jumping on a plane for the first time in ages and heading over there to, I guess, have the discussions that need to be just had to move further down the evaluation path so that we can get wheezos that are reimbursed in the hands of patients. So I'll answer a whole heap of questions as we move forward. But I just wanted to make sure that people understood that we still play in a very large marketplace, horribly underserviced. The future of this organization is in the large markets. The U.S. marketplace is a completely different beast. It's not just a bigger beast, it's a beast and a dynamic that allow us to circumvent a lot of the obstacles that we had here in Australia. And that's what really excites me, together with the response our partners have had to wheezo. So I'm hoping to be able to feed a whole heap of information back to yourselves in the marketplace over the next month and beyond to let you know how we're making progress in the United States and the successes that we're going to have moving forward. So Matt, with that, I will hand back to you, and let's take it from there.

No worries. Thank you very much for that update. Marjan, we'll now move on to the Q&A session, as you've suggested. As mentioned earlier, these are based on questions submitted both via e-mail in the [ line up ] and using the Q&A panel on the Zoom app. So if you do have any others, please feel free to send them through using that facility. But Marjan, the first question I've got is, is it correct that the product only detects wheezing, which doesn't mean you are having an asthma attack or even asthma?

That's not completely correct. Now remembering, wheezo is not indicated for diagnosing asthma. So anyone who gets wheezo needs to have been diagnosed with asthma or COPD. So that's the first thing. If they haven't been, they shouldn't be using wheezo. Now it does detect wheeze, but what it does, it does that by recording 30 seconds of breathing from the patient. So the doctor has access to that. And although the device only captures the breathing and the wheeze rate, these are 2 critical components that the doctors use today to try and work out how bad the asthma is. The other thing that the app does, the Respiri app also allows patients and physicians to input other factors. We input medication usage and other factors that could contribute to exacerbation such as weather, pollen count, pollution, medication usage, which all come together to build up a longitudinal picture of the patient, which is fundamentally what doctors use to better understand if there's a high-risk situation that patient is finding themselves in. So we don't detect -- we don't -- wheezing, sorry, doesn't mean that you're having an asthma attack. But if your wheezing is at a higher level, that is more than 5% for a period of time, then the doctor needs to intervene. And that's not what we say. That's what those clinically validated questionnaires say. So either the ACQ, which is the asthma control questionnaire, or the ACT. All we're doing is providing doctors with a more objective way of understanding what's happening with their patient at any point in time from the real world, which today, they rely on a patient remembering. Now if there wasn't an issue, we wouldn't be seeing 1 in 10 patients being admitted into a hospital at least once every 12 months. So I hope that answers your question.

Thanks, Marjan. The next question is related, which is basically if you, say, so if someone is wheezing, what significance does this have?

Yes. It is of critical importance in the chronic management of the disease state. As I said today, best practice today is a doctor relying on symptomology obtained through a questionnaire about how well the patient thinks they're being controlled. So an excessive wheeze rate over a period of time is the way that they do that now. So today's approach is the patient turns up for consultation. The doctor will ask, either use the ACQ or the ACT to ascertain how that -- how well that patient thinks their asthma symptoms have been controlled over the last month, and one of those key symptoms is wheezing, and then they make a decision based on that. Now that's not -- that is current practice. Now what as I said, again, what we do is we're not telling the doctor anything new. We're just giving the doctor a better, more objective set of data around the wheezing so they need to rely less on what the patient thinks may or may not have happened, and also link that back to other data sources to see what may have triggered that wheezing exercise. Remembering that wheeze -- and this is, again, not what I think, this is clinically published, that for wheeze to manifest in a patient, their lung function has to be compromised by somewhere between 25% and 30% as measured by spirometer, let's say. So if you're wheezing, your lungs aren't working as well as they should do, and wheezo picks up wheeze. So it -- we don't then use the wheeze rate as a way of determining the medical or pharmaceutical intervention with the patient. That comes from the asthma management plan that is also digitized on the wheezo app. And that's developed by the physician. And the data then follows what needs to be done at various levels of exacerbation for that patient. We have no call on that whatsoever. What we do provide is a set of triggers and thresholds that say something needs to happen with that patient because they're entering a uncontrolled level of asthma.

Great. Thanks for that explanation, Marjan. The next question is around, can you give a progress report on the iso launch in the Australian market? And specifically, there's some follow-on question just around Cipla and what's happened there?

Yes. As I said previously, I mean, the -- and I'm not going to go through the COVID story, but there are a number of headwinds that we face in this country with the launch of wheezo. And no one was more disappointed in what we didn't achieve in this country as I was. Now the upside of all that, if there is one, is that we came away with a whole heap of learning that accelerated our pivot to get the U.S. launched a lot quicker than we had earlier anticipated. Now I think that's really important for our shareholders to understand. We're 9 months ahead of schedule, in a marketplace, as I described previously, is one that is not just the behemoth compared to Australia, but also the dynamics of that marketplace really remove many of the obstacles that we face in Australia when it comes to the success of wheezo. Now Cipla's opening order was for 3,000 units, and that was in 2020 in October. And they then subsequent placed another order in February 2021. Those orders have all been paid for. And so that's stock on hand and about 3,000 of those units are in the pharmacy channel as I speak. We still have our agreement with Cipla, and like anything, we continue to assess where we're at with all that sort of stuff and make sure that we get better at what it is we do. But I just want to make the point that although Australia -- and from day 1, I said it was our sandbox. We're going to play around in it, make some mistakes, which we have, learn from those mistakes, which we certainly have and then take those learnings and take on where this game will be won. This game will be won as Respiri in the United States and in Europe. That's all it matters moving forward because they account for more than half of the global market when it comes to medical intervention. So I hope that answers that question.

Thank you, Marjan. The next question is, can you explain more about the wearable i.e., how long could it take before Respiri is selling that? What's the commercial development pipeline, et cetera?

Look, this is a really sexy product. We -- I threw a hand grenade over the fence to our team in July last year, that our team, meaning our development team, which we in-housed, as you all know, when I first came on board. We've reached out to quite a number of key opinion leaders in North America, Europe, Australia and basically scoped out what a wearable device in respiratory disorder could look like. And we've come up with a design that will be the size of a $0.50 piece, a little thicker. And basically, we've done preliminary testing already, and we know that it works. We're doing some more research and both primary care -- primary market research, but also ongoing discussions with some major universities in the U.K. and the U.S. at this stage to understand what's most important for doctors to be able to measure with the wearable. The wearable's primary indication will not be to replace wheezo, but it will be to supplement wheezo as a tool that will allow physicians to monitor nocturnal asthma, which is a major problem across the board. And today, there's nothing very simple, available for physicians to be able to see what's happening with their patients. Importantly, as we go down the regulatory pathway, we hope to be able to provide alerts and things like that to patients and their carer teams to act if there is a deterioration in that disease state. Now I said previously that we would have a fully tested prototype available by the end of this quarter, early April, and we're still on track to do that. Once we've got that clinical development, we'll commence for the wearable in quarter 2 this year, which is something we announced last year. So we're on track to do that. Once we get clinical development underway, we can then commence a 510(k) FDA submission in tandem. So we don't have to wait for the clinical work to finalize before we do that. So everything going to plan. We should have a product registered in the U.S. by quarter 1 2023. So we're pretty excited about that. I can tell you with hand on half that the response to the wearable has been nothing short of remarkable. We have a long list of people who want to get involved in the clinical development of this product. And we also know that they are from Ivy League institutions. Its name is Sorfe, which is Persian for cough, but we -- there's a story behind that, but I'll leave that for another time. So we're really excited about that. And as I said, it goes to the strategy that we don't want to be a one-trick pony, and we want to make sure that we build a portfolio of products that will help us address the horrible paucity in services in respiratory medicine from an RPM perspective, Remote Patient Monitoring perspective.

Thanks, Marjan. The next question is, what are the differences for using the wheezo device for COPD rather than asthma?

In terms of its utility, nothing at all. Again, COPD is a strange disease state. So anything that doctors don't think is asthma, they lump into this larger group called COPD or chronic obstructive pulmonary disease. The utility of wheezo is exactly the same. It's used to measure 30 seconds of breathing, and it will detect wheeze if there's wheeze there. Now COPD, like asthma, the way it's managed today is they also use a questionnaire that's focused around symptomology to determine how bad that COPD is. So wheeze is one of those, and we measure exactly the same thing for them. So we've got a couple of exciting things happening in the COPD area. We're preclinical in clinical research that I hope to be able to make public over the coming months.

Thank you. The next question is what impact has the pandemic had on the ability for digital health solutions such as wheezo to be commercialized?

Look, in Australia, it was a major issue for us. I mean, pharmacy was our channel, go-to-market channel. We know that we were in and out of lockdowns for most of 2 years. And even once we came out of lockdowns, the pharmacies, as we know, got involved in a very important job, and that important job was vaccinating Australians. Our in-store programs in pharmacy were built around the use of their clinical rooms, which are not available now because of vaccination. So it did cause us grief in Australia. The upside of all that, though, the -- in a market like the U.S., it's actually accelerated and moved towards digital solutions in Remote Patient Monitoring scenarios. As I said, the U.S. is one of the few marketplaces in the world where those sorts of activities and services are reimbursed and not reimbursed to us but reimbursed to the doctor providing the service. Now -- and as I said previously, that doctor is at complete liberty to outsource all of that to a third-party provider, and we partner with 2 of those. So it's a wonderful opportunity in that U.S. marketplace because it's a completely different dynamic. And the response we've got in a very short period of time around wheezo and our portal and platform has been nothing short of a [ standout ]. I mean I couldn't be happier, and I'm very excited about the next month, even though I'm going to be away from home. So it's worked to our favor in those markets where the dynamics are those that reward Remote Patient Monitoring through reimbursement. It hasn't helped us in a market where the -- those rewards aren't reimbursed. And Medicare does not -- its charter is not to reimburse monitoring of patients.

Thanks, Marjan. And the next question is, can you explain the difference in U.S. health care costs, i.e., a cost for an ER visit for asthma or COPD? And is this a driver behind large preventative health care and/or remote monitoring insurance reimbursement?

Yes. No problem. I hope that I'm not sounding like a broken record, but the U.S. gets preventative health care. They understand keeping a patient out of a high-cost treatment institution such as a hospital makes absolute financial and health care sense. So the big difference, as I said in my introduction, is health insurers in the U.S. pay for everything. And unlike Australia, when a patient has a serious problem, they don't get admitted into a public hospital, they get admitted into a private hospital. And that private hospital cost is borne by their private health insurer or HMO. Now I said previously, just an admission into ER, that's not into the wards, that's just into an emergency room, costs the insurer USD 8,000. If you're a COPD software with all the other tests that are done, it's closer to USD 27,000. So it's a huge burden on an organization which is typically there to make money. So they're looking at what they can do to minimize costs and one of the ways of minimizing costs is to keep patients out of high-cost treatment areas. Now Australia, on the other hand, is a little different. As I said previously, in this country, we have a wonderful health care situation and provision, arguably the best in the world. So when we get sick, really sick, you don't get a private hospitals, you get a private hospital to have a hip replacement. You get to a public hospital because that's where best practice is. And as I said, a public hospital isn't funded by a private health insurer here, Medibanks don't pay for that, the state government does. Or the patient ends up in a GP practice and, again, a Medibank or HCF don't pay for that, Medicare pays for that. So there isn't the same financial incentives and burning planks, if you will, for the local health insurers, private health insurers to worry that much about this, completely, completely different dynamic in the U.S. So -- and that's one of the reasons we're getting such a strong level of interest in what it is we do because today, there is nothing available in the Remote Patient Monitoring space for respiratory medicine that is of note. And that's what's really cool about the inquiries we're getting about wheezo and our solution through our partners.

Great. Thanks, Marjan. Just a couple of live questions that have come through. Are we still going to use the subscription model for passive income in the U.S. as well as the initial sale?

The initial sale will be there. And I guess the passive income model, it won't be a subscription per se because the patient isn't out of pocket, but there is an annuity stream based around the charges that our partners give to their doctors for providing wheezo through Remote Patient Monitoring. So we will be getting a click of that ticket every single month as a proxy to a SaaS fee here in Australia. So yes, we get the money, a lot more money for the sale of the device in the U.S. and we get potentially a lot more money per month per patient for the services that we're providing.

Great. And another question is, are we still experiencing any form of manufacturing delays?

That's some really good news, and I should have let people know about this. We have adequate -- more than adequate inventory in place now. And the team that we've got at Respiri has overcome the chip problems that we had. So we've got an additional 12,500 ships available to us to -- for use right now. And those supply issues have been shored up by Peter, our COO, and we're not experiencing any more of those moving forward. So we're ready to rock and roll when the USA explodes. So I'm really pleased about that.

And another last question was what part of the Australian telehealth is covered by Medicare -- benefit Respiri? Sorry about the wording there but can you talk to that one a bit, Marjan?

Yes, we can. Basically, there is no telehealth for devices in Australia. There's still conjecture around how long the GP telehealth consultations will continue. There is no incentive for a physician in this country to introduce any form of -- no financial incentives, sorry, to introduce any form of device to help make that experience for the patient and themselves any better. So in primary care, it's difficult. They are a time pull. They don't get paid a lot of money. And anything that will increase the interaction for them means more time with patients for not much more money. So there's an issue there. There are still telehealth reimbursement codes available for specialists but for remote Australians. And again, there are no incentives in Australia through Medicare. And again, I'll stress, Medicare's charter is great, very generous in diagnosis and treatment. It does not reimburse monitoring. So there is no financial incentive for a doctor to use devices, not just wheezo but any device. So -- and the -- there is no reimbursement for wheezo or devices like wheezo in other disease states to be used as a telehealth solution. I'll reinforce it, which is the absolute opposite of what's the case in the United States.

Great. And a good segue there. Actually, Marjan, speaking of geographies is, do you have any updates with regards to European launches such as the U.K. and other countries?

Yes, we are -- and again, I'll reinforce the pivot has been to the United States because of the things I've just described. We are still very much moving the U.K. ahead. We have quite a number of significant clinical studies with major institutions and universities that I should be able to announce over the coming months. Some of those with governments. So we're pretty excited about that. Some of those involve -- I'll call them IV League institutions or universities who are looking to develop and launch remote patient telehealth clicks in respiratory medicine. And we've had quite a number of discussions with these guys, and they're very interested in incorporating how wheezo might be able to be used in that place -- in that area, sorry. The important thing about the U.K. as well, there are reimbursement opportunities for devices like wheezo. They take a bit of extra time, whereas in the U.S., we qualify it right now. Right now, a doctor prescribes it, they'll get paid for it. But we're working on that now with partners. We're also working with a couple of major pharmaceutical companies with vested interests in respiratory medicine. I won't go into too many more details there, but you've all heard me talk to when I first started. The use of biologics in patients who are not being controlled with asthma -- biologics are injectables typically, and they cost somewhere in the vicinity of $15,000 per annum. And payers want to make sure that they're getting good value for money. And the manufacturers or pharmaceutical companies want to make sure that they're finding as many patients as they can who require them. So we're doing some very sexy work with that. Early stages of -- well, not really that early. It's still in development phases now, and we're very confident that we'll be able to announce things moving forward over the next few months as well.

Great. Now just shifting focus back to the U.S. So when entering the U.S. market, what are the steps involved for wheezo to be in the hands of patients?

Okay. I might start from day dot. First step is to get FDA approval, which we have. Then we need our product in FDA-approved packaging, which we have. We need to register Respiri and Entech, our partners as manufacturers and importers of wheezo in the U.S., which has happened. We need to have partners who understand the marketplace, understand Remote Patient Monitoring, have the relationships with the payers, doctor groups and hospitals and universities to be able to engage with them in a Remote Patient Monitoring service model, which we have. We then move into the next phase, which is talking and business developing with their customers, which we have. We have 60 qualified leads, and they're increasing every single day through the activities of our partners. And those qualified leads are at various levels of development, but we're already in the process now of developing short pilot programs that have been requested, not by us, but by payers. They want to see how their patients and basically their institutions can benefit from Remote Patient Monitoring in asthma and COPD. We already have quite a number of those underway. And when I leave for the U.S. today, some of our discussions next week in particular, revolve around how we can make those things happen, framing the study -- sorry, framing the pilot so that it would -- they get the results they want. And once we get through that phase, then I'm hoping to have our first reimbursed wheezos in the hands of patients by quarter 2 this calendar year. So it's a very exciting time for me, especially, and I know our team, and I hope that you get that feeling from this discussion today, I'm pretty excited about what's happening.

Great. And the next one, Ryan, there's been some positive feedback from the RPMs. What exactly is it it's been so well received thus far?

Okay. The big thing is they love the simplicity of the value proposition of wheezo. A lot of medical devices are difficult to use. I mean, I can use wheezo, that's how dummy-proof it is. So they really like that. The other thing is, as I said, the HMOs, these private health insurers understand preventative medicine. They're prepared to pay for it. They've got nothing in respiratory medicine today, absolutely nothing. So they're excited about having a device like wheezo, a solution like wheezo together with the RPM solutions, patient engagement that I've spoken to in the past, because it provides a solution very similar to what they use in other disease states, such as cardiovascular disease and diabetes, which they know from monitoring and analysis they've done, reduce their costs and improve patient outcomes. So it's really been an area that's never been serviced before, an area that is a huge burden to the U.S. economy and to payers. And with a device that's really easy to use and does what it says it's supposed to do in a market where it's reimbursed. It's just the perfect storm for me. And I have 3 shifts that I do during the day, and this is not to say I work any harder than anybody else. But I love my morning shift because that's with North America. And I certainly love my evening shift because that's with Europe and the U.K. and everything in between is making sure that we're doing everything we can to deliver to our customers what they need to be successful in those 2 marketplaces during the day.

Great. You've probably touched on it a bit there, but I guess what excites you the most about the opportunity there?

Look, that -- I'm starting to sound like a broken record, which I do have a tendency to do. But we have a behemoth that not just dwarfs Australia, that really has many of the obstacles that we had faced here in Australia removed as obstacles in the United States. And the response that we've had, and I'd just remind people, we only launched in December this year, and we've already got 60 qualified leads. And some of these leads cover the lives of more than 5 million people. We're talking 10, 5 million people across the entire United States. Some of the Ivy League universities up north that want to work with us. Also, I call on the who's who in the zoo, if you wanted to put it together a portfolio of people you're working with. I'm just very excited about where we're going with this. I am excited because I'm yet to speak to a physician in any one of those countries I've mentioned who does not get wheezo and does not get Remote Patient Monitoring. That, to me, is wonderful. So it's certainly something that we will use as motivations internally, but more importantly, a strategic focus for us moving forward because nothing else matters but what we've just spoken about today.

Thanks, Marjan. And just one final one. What's the revenue opportunity? Obviously, that's something that everyone would like to [ know about ].

Well, absolutely. No one more than me. But to give -- I mean, to give you an example, -- if we only secure 1 in 100 patients with asthma in the United States at USD 200 per patient, that's a round figure and that's reasonable. Given the RPM monthly reimbursement payments and also the sale of the device, that equates to roughly $60 million to $70 million in revenues per annum. So I just raised that, not because I'm going to just hang my hat on that at any time soon, but we will get there. I have absolutely no doubt. But we are not basing our business model on penetrating 30% of the asthma market. That's not what we're doing. 1% gives us those numbers. So I -- as I said, we're ready to go. We've got the team in place. We know -- and we've got the partners in place, and we have the interest in a market that's ready for wheezo because it understands Remote Patient Monitoring, it understands preventative medicine. So I don't know what else to say to you, Matt. But I -- as I said, I'll be out here in a few hours' time and I'll keep everyone posted as we navigate the next month.

Great. Thanks, Marjan. That's a good note to finish on. I'll just hand it back to you if you have any final comments.

Look, I know -- I do. I just want people to understand a few things. The U.S. marketplace isn't just a bigger version of Australia. Nothing could be further from the truth. The U.S. marketplace provides us with a dynamic that has basically removed many of the headwinds that we faced in this country when we launched through pharmacy. So please think of it that way. Don't think of it just as a bigger version of Australia. That's not what this is at all. We would not have pivoted to a similar model somewhere else that's going to cost us potentially more money to market in. We're making very good progress very, very quickly, and we've got the team that will get this done. And despite the disappointments of Australia, the silver lining to that dark cloud were the learnings that we got. And those learnings led us to pivot very quickly to where we know we'll be successful, and that's the United States. And we know that because of all the things I've said today, and I just wanted to thank everyone for giving me 45 minutes of your time today. And if you've got any other questions that you'd like, please shoot them through to me. I may not be able to answer them straight away, but I'd certainly get back to you at some point in time. So thank you very much for your attention, ladies and gentlemen, and enjoy the rest of your days.

Thanks, Marjan, and thanks to everyone again for joining. That concludes the session for today, and we'll now disconnect.