CareDx, Inc. Q2 FY2021 Earnings Call

Greetings, and welcome to the CareDx, Inc. Second Quarter 2021 Earnings Conference Call. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ian Cooney, Vice President of Investor Relations. Please go ahead.

Good afternoon, and thank you for joining us today. Earlier today, CareDx released financial results for the quarter ended June 30, 2021. The release is currently available on the company's website at www.caredx.com. Reg Seeto, President and Chief Executive Officer; and Ankur Dhingra, Chief Financial Officer; will host this afternoon's call. Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including, without limitation, our examination of historical operating trends, expectations regarding coverage decisions, pricing and enrollment matters and our future financial expectations and results are based upon current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results to differ materially from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and descriptions of the risks and uncertainties associated with our business, please see our filings with the Securities and Exchange Commission. The information provided in this conference call speaks only to the live broadcast today, July 29, 2021. CareDx disclaims any intention or obligation, except as required by law, to update or revise any information, financial projections or other forward-looking statements, whether because of new information, future events or otherwise. This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Reconciliation to the most directly comparable GAAP financial measure may be found in today's earnings release filed with the SEC. I will now turn the call over to Reg.

Thanks, Ian, and welcome to CareDx. Good afternoon, everyone, and thank you for joining us for CareDx's second quarter 2021 earnings conference call. Today, I'll focus on five key highlights from the quarter: the first is our record revenue growth driven by testing services; the second is expanding our leadership across new organ areas; the third is continued leadership with innovation from both our internal pipeline and from external partnerships; the fourth is building on our 2021 theme of connecting the patient as part of the patient journey; the fifth is to highlight our excellent financial position and the increase of our full year guidance to be covered by Ankur. On the first topic, we had another stellar quarter of growth. Our record 77% growth in total revenue from last year ago quarter was driven by new volume hires of outpatient testing services. Our sustained success is because we focus on bringing leading innovation to mainly improve the outcomes of transplant patients. Our 100% focus on the transplant patient over two decades has led many to consider and to call us the transplant company. As part of this, I want to thank each and every one of the CareDx team in delivering on our vision of being the leading partner in transplantation. For the second quarter results, total revenue was $74.2 million, increasing 77% compared to the year-ago quarter. The main driver of growth in the quarter was from our testing services revenue, which increased 79% to $64.9 million. In addition, revenue from our products business increased 108% to $6.9 million and digital and other revenues contributed $2.4 million to the top line. I'd like to highlight the global products business was in launch mode at the start of the pandemic. The H1 2021 performance is a reflection of improved conditions ex-U.S. as well as the strong demand for NGS products that we deliver. The products team is excited to be in launch mode again. In the second quarter, CareDx provided 37,400 AlloSure and AlloMap test results to transplant patients, growing 109% from the second quarter of 2020. Approximately 6,600 of these tests were part of HeartCare, our comprehensive gene expression and donor-derived cell-free DNA assessment of graft rejection. As of the end of June, more than 295 kidney centers and community practices and greater than 120 heart centers were using our offerings. Notably, more than 65 kidney transplant centers in the United States have now adopted an AlloSure testing protocol. Our direct-to-center approach remains core to our strategy, where we are focused on building the moat through an expanded portfolio of offerings within the transplant centers and by increasing the number of AlloSure testing protocols. We've also started to replicate our unique service model in building our community nephrology presence. In this way, our team could be more effective in connecting transplant patients and the community nephrologists once their care has been transferred from the transplant setup. We're uniquely positioned to play the role of connecting the patient, especially as we take a long-term focus on a transplant patient journey. During Q2, we continue to expand on our leadership through multi-modal innovation to new areas. In liver, we announced enrollment of a first patient in the MAPLE study. MAPLE is a 1,500 patient multi-center prospective study using our multi-modality approach to assess the status of liver allografts. For lung, we are very excited by AlloSure Lung as new innovation for lung transplant patients, especially as 50% of allografts fail within 5 years. Our submission is under technical review by MolDx as part of the new LCD process. As previously mentioned, we had submitted our AlloSure lung in the middle of last year. In support of driving record growth and leadership, we are hyper-focused on leading with innovation and scientific data generation. At the two largest transplant conferences in 2021, ISHLT and ATC, our testing services offerings and innovative pipeline were the focus of more than 65 scientific abstracts. It takes an incredible commitment to build such a significant body of clinical data, especially in diagnostics. Again, this has only been possible because we're 100% focused on transplant and the transplant patient. The key highlight from the ATC conference was the announcement of KOAR-1000, the analysis of our 1-year data from the first 1,000 patients enrolled in the KOAR Study. This prospective study included more than 50 transplant centers and was designed to evaluate the safety and efficacy outcomes in kidney transplant recipients whose post-transplant care is managed using AlloSure. The noteworthy findings from the first 2,000 patients were that graft survival among patients monitored with AlloSure was higher than that reported in the national UNOS Registry data. AlloSure use in patient management significantly reduces the number of biopsies performed as compared to biopsies guided by serum creatinine, and AlloSure discriminates rejection from no rejection in both routine surveillance and for-cause groups. We're also delivering innovation in the stem cell and cell therapy space. These are substantial longer-term opportunities that we are executing against. With our proven track record to understand patient needs, clinician preferences and the center workflow, we're able to develop these testing solutions by leveraging our broad technological capabilities. We recently announced the launch of AlloHeme in the ACROBAT study, introducing our latest innovation in testing services to stem cell transplant patients. In driving test innovation, we also continue to support the broader ecosystem by investing in and acquiring or partnering with innovative companies. For example, in May, we announced an investment in Miromatrix, a life sciences company pioneering a novel technology for bioengineering fully transplantable human organs. With close to 120,000 people in the U.S. on the waitlist and only 40,000 available organs per year, we believe in investing in companies addressing organ availability through novel innovations. In June, we augmented our pipeline with OrganX through a strategic agreement, which will develop advanced analytics and AI to integrate AlloSure data with large transplant databases to provide clinical data solutions. We've also shared that for 2021, our key theme is connecting the patients as part of the transplant patient journey. We recognized early on the strategic value of patient care managers and have now added digital platforms to strengthen this patient interaction. We've also expanded the availability of our AlloCare app to Android platforms. Today, we have an easy-to-use mobile app designed to help organ transplant patients manage their medications, schedule lab appointments and view their test results. This app will be augmented by acquisition of Transplant Hero, a mobile application provider of novel cloud-based medication management solutions for patients. As we continue to connect the transplant patient, we now manage more than 29,000 referrals from dialysis practices to the transplant centers and more than 7,000 patients on the waitlist at centers. We have also more than 9,000 patients that have signed up for RemoTraC. Before turning the call over to Ankur to discuss our financials, I'd like to say how pleased I am to have Dr. Hannah Valantine join our Board. Dr. Valantine is Professor of Medicine at Stanford and former Chief Scientific Officer for Scientific Workforce Diversity at the National Institutes of Health (NIH). We're excited to have Dr. Valantine join our Board, and we all look forward to working with her and learning from her. Now handing over to Ankur.

Thank you, Reg. I'm very pleased with the business performance and our financial results for the second quarter of fiscal year 2021. Let me provide you more details. Turning first to the income statement. Our second quarter revenues grew 77% on a year-over-year basis to a record $74 million. We see continued very strong adoption for our testing services and products. Testing services revenues grew 79% year-over-year to $65 million for the quarter, driven by strong volume growth in both kidney and heart patient results. Product revenues increased 108% year-over-year to $6.9 million, driven by strong demand for our NGS products across all three regions. Digital business revenues were $2.4 million, growing 10% year-over-year. Moving to gross margins. For the second quarter of 2021, the gross margin was 68% compared to a gross margin of 64% in the same period of 2020. The non-GAAP gross margin for the quarter was 70% compared to 68% in the prior year's second quarter. We are driving productivity and efficiency in our lab operations. At the same time, we are also investing to scale our capacity for higher volumes, both for current services for heart and kidney patients and also for upcoming new services. Operating expenses for the quarter were $55 million. We continue to invest in the R&D pipeline, both in development of new services for transplant patients and also clinical trials to provide data on clinical outcomes. As Reg mentioned, we recently reported long-term data for our KOAR Study, demonstrating the long-term benefits for kidney patients. Similarly, we continue to build our commercial capabilities across multiple organs and also across the patient transplant journey. For the second quarter, net loss was $1.9 million compared to a net loss of $6.6 million in the same period last year. Our net loss per share was $0.04 for the quarter compared to a net loss per share of $0.15 in the second quarter of last year. Non-GAAP net income for the quarter was $5.9 million compared to a non-GAAP net income of $1.7 million in the same period last year. Our basic and diluted non-GAAP net income per share in the second quarter of 2021 was $0.11 compared to a basic and diluted non-GAAP net income of $0.04 in the same period last year. As a reminder, we define adjusted EBITDA as non-GAAP net income before interest, income tax, depreciation, amortization and other expenses. For the second quarter of 2021, we recorded positive adjusted EBITDA of $6.8 million or 9% of revenue compared to an adjusted EBITDA loss of $2.8 million in the second quarter last year. Cash and cash equivalents and marketable securities at June 30, 2021 was $370 million. On an operating basis, we generated record cash from operations of $9.8 million in the second quarter. On the capital deployment side, we actively deployed capital in continuing to strengthen and expand our portfolio in the transplant ecosystem. We invested in Transplant Hero to bring medication management capability to our direct-to-patient offerings. We invested in Miromatrix to support expansion of available organs for transplant. And we partnered with OrganX to develop advanced analytics aimed at the transplant patient journey. Turning to guidance. We are updating our 2021 revenue expectations to reflect our second quarter results and the continued strong demand for our testing services in the United States. As of today, we anticipate $280 million to $290 million in revenue for the year. Our guidance balances the ongoing uncertainty around COVID variance and includes continued market penetration of our products and services. We see great demand for our services and continuation of very positive response from patients. As the transplant partner of choice, we have a tremendous opportunity in front of us to provide innovative clinical and digital offerings across the patient transplant journey. We remain focused on realizing that opportunity. With that, I'll open the call for questions.

Our first question comes from Andrew Cooper with Raymond James.

I guess, maybe first, can you give us an update on the attachment rate for HeartCare with AlloSure Heart with AlloMap? And any kind of updates on conversations with the commercial payers and what that trajectory could look like as we think about the 6,600 tests getting paid from here forward?

Yes. Thanks, Andrew. I'll take the first question and I'll let Ankur talk about the coverage. The attachment rate is about 85%. I think in the last quarter, we talked about between 80% and 85%. And what we've seen is this incredible unmet need with the clinical utility of this multi-modality approach. We're really excited and proud to be the first and only company to achieve this. With that, we truly see some real clinical benefits, obviously evidenced by the rapid attachment. Ankur, do you want to comment a bit on the commercial coverage?

Yes. A general ongoing update on the coverage. We continue with our discussions with the commercial payers. We did get some additional covered lives across some of our portfolio in AlloSure. Adoption and the coverage discussions are going quite well.

Okay. Great. And maybe just one on the guide. Appreciate the raise. But I guess, as I just think back to 2020, your volumes were really pretty resilient in the face of COVID with the bigger impact on the product side. So just help me think about kind of the puts and takes here when we think about the run rate we just saw in the second quarter relative to raising the guide maybe a little bit more modestly than some folks might have hoped.

Yes. Thanks for the question, Andrew. So yes, we're very pleased about the overall business performance and the momentum here, raising the guidance by $10 million at the midpoint. The increase at the midpoint reflects the strong performance for Q2 and also includes increases for Q3 and Q4 as well. So we're raising the back half relative to what we said last quarter. But I would also like to remind you that in the first half, we've raised the guidance by $25 million for the year. We're seeing good momentum in our business and good adoption. Some may ask whether there was any one-time performance in Q2. As we look forward to our guidance, our intent is to continue to drive the market penetration model. Given where the COVID variants are today and where discussions are, we felt it would be prudent not to ignore that, given the risks that are in the environment. COVID in the past, once we implemented RemoTraC, was structurally beneficial for us on the testing services side. But on the product side, we did see ramifications in the short term. We have not seen anything like that right now, but we felt it would be prudent to not ignore the risks in the environment.

Okay. Great. And maybe just one last one for me. Just in terms of the cash balance, it's nice to see some of it go to work when we think about Miromatrix and Transplant Hero. But are there things out there, maybe a little bit bigger in size that are attractive to you and you're considering? What does that pipeline look like? And just how do we think about use of cash given EBITDA positive again in the quarter and kind of trending towards generating more cash as opposed to necessarily needing more with a pretty clean balance sheet?

Yes. Our focus remains on continuing to add assets within the patient transplant journey. You've seen our approach over the last several quarters, where we continue to add assets within the portfolio and add offerings. That approach will continue. In general, the funnel has a plethora of opportunities of various sizes, but our approach towards adding offerings remains the same.

Our next question comes from Matt Sykes with Goldman Sachs.

Just maybe one bigger picture question. Reg, you've mentioned on past calls and today some of the key drivers for growth, one of which being community nephrology, which you're pushing into. Any update on your progress there? And then, on the second one, on the patient journey. I appreciate all the apps and the technology that you're developing to get to the patients. Any color on metrics we can use to see the success of engagement with patients, downloads, et cetera, things that show an impact?

Thanks, Matt. On community nephrology, it has been an area of focus since the start of the year, and we had the team ramped up. We're well ahead of expectations. In the prior quarter, we shared more than 100 community nephrology centers that are now using AlloSure and continue to see nice growth during Q2. The key for us is making sure we have a long-term plan, which will involve additions to protocols, which we've seen happen during Q1 and Q2 in the community nephrology setting, as well as potentially some additional offerings in that space. Community nephrology is an incredible point of continuation. We're in a unique position to play the role of transitioning a patient from the transplant center when they go back to community. On the patient journey, this is pivotal to what we do. Every piece we've been adding, whether internal pipeline or external BD partnerships, focuses on the pre, peri and post-transplant journey. Getting that digital connection and sharing the actual patient metrics—the 29,000 referrals from dialysis centers moving into transplant centers, the 7,000 on the active waitlist, and then those who receive transplants—are all progress indicators. We've had thousands of patients download the app; it's progressing well. We're seeing improved performance measures when patients are on the app and using our patient care manager. We're excited to have accelerated this platform during the last six months and continue to see excitement from patients and centers as they see incremental offerings and value.

Reg, very helpful color. Just one more for me. COVID is unpredictable, but you have RemoTraC well developed. I'd love to get an idea of its utilization. I know it was strong and probably came down a little. Do you feel better positioned now with RemoTraC? Has utilization stayed fairly high with patients using mobile phlebotomy or will you have to see a transition back to in-center phlebotomy if things worsen?

RemoTraC on mobile phlebotomy has been an exceptional offering. Last quarter we shared it was around 40%, and this quarter continues to be around 40%. So even with increased volume and growth, we see strong support for the mobile business we've built. As we talk about access to the patient, this is just the beginning of how we interface with patients, where we have direct consent. Again, it's consistent with prior quarters in terms of usage.

Our next question comes from Steven Mah with Piper Sandler.

Congrats on the quarter. Maybe a follow-up on the attachment rate for AlloSure Heart. What do you think the max attachment rate you can get is? You're approximately 85% right now.

We're above 85% at the moment. To get to this level has exceeded expectations. We certainly knew there was clinical utility, but a multi-modal test being at this level is impressive. The upper limit is 100%, and as we continue to demonstrate clinical utility, we'll see if we get there. We're very happy with the numbers we've shared.

Okay. Great. Then, another follow-up on the direct-to-patient strategy. You've made significant investments and continue to invest, for example, in Transplant Hero. Can you point to any one of those strategies driving volume growth and patient adherence? Second, should we expect continued investment into this direct-to-patient strategy?

It's not one single thing. COVID accelerated our direct-to-patient strategy, starting with RemoTraC. We realized early on the strategic value of patient care managers, and being one of the first to involve them in management has helped. Patient care managers plus the app and other offerings have driven high adherence and stickiness with our core products. It's all additive, and you'll see more of that. We'll continue to add outpatient care offerings. There is an entire ecosystem out there, and we'll continue to invest in the direct-to-patient journey because it's important to connect the pre, peri and post-transplant pieces. Being the transplant-focused company, people expect us to lead the way, and that's what we're doing.

Got it. Then a follow-up on Transplant Connect. You had really good growth over the last quarter, from 20,000 dialysis referrals to 29,000, from 500 dialysis centers to 830, and waitlist transplant centers grew to 50. What's driving that fantastic engagement? Is it what we've talked about?

There have been changes in the kidney initiative and multiple parts of the ecosystem are involved—OPOs, dialysis centers, community nephrologists. We've anticipated dialysis centers having intent to progress and refer patients to transplant centers. We developed a solution that leverages our EMR platforms, Ottr and TransChart, to provide seamless referrals and electronic communication to transplant centers. Bringing a trusted, best-in-class solution to address this unmet need has helped us bring Transplant Connect to market and gain traction.

Okay. Great. Last one: AlloHeme. Can you confirm that it will not be covered under the solid organ universal LCD? How do you think about reimbursement for AlloHeme? Do you envision a similar multi-test surveillance protocol as AlloSure?

AlloHeme, and the recent release about the ACROBAT study first patient enrollment for stem cell transplant, is not part of the solid organ universal LCDs. AlloHeme is being used as a next-generation chimerism test. The study is looking at stem cell engraftment and measuring relapse, which hasn't been done before. There are multiple approaches to future reimbursement, but our focus is on driving innovation and providing a test that can measure relapse. There are multiple avenues for coverage, and we will pursue them.

To clarify, the current universal LCD covers solid organ transplant. As AlloHeme is outside that scope, it would not be covered under the universal solid organ LCD.

Yes. My second part: would AlloHeme be a longitudinal, multi-test protocol for relapse monitoring? Can you give a sense of testing frequency?

Yes, this will be a longitudinal patient management test, similar to what we've done in other transplant fields. It's important to monitor patients longitudinally. We haven't yet shared the specific frequency, but it would be longitudinal.

Our next question comes from Brandon Couillard with Jefferies.

Reg, your sales and marketing spend in the second quarter jumped up considerably sequentially. Can you talk about the areas where you're investing most heavily? And Ankur, could you share an update on the OpEx outlook for the full year?

Our investments are primarily sequential investments going into R&D and sales and marketing. We have been preparing our heart team for potential upcoming approval and for our lung launch; that has been one area of investment. We're also continuing to work on the nephrology side, another area of investment. Thematic investments are developing commercial capabilities toward a multi-organ solid organ transplant commercial channel. On the R&D side, under the new LCD, we have the opportunity to accelerate our pipeline, so we've been increasing investments in development and clinical trials to enrich our pipeline sooner than originally planned.

Got you. Reg, regarding the number of transplant centers adopting AlloSure protocols: could you talk about the impact to test volumes when a new center adopts? And are you able to, to some extent, block out competition when a new center establishes AlloSure protocols?

For us, the gold standard is to have a center get onto protocol. It takes effort and is earned, coming from clinical engagement, data and experience. We don't count a center unless the protocol explicitly names AlloSure. If it's just cell-free DNA without 'AlloSure' or not on a protocol, we don't count it. That protocol-level relationship is implicit to our strategy and once adopted, we see a consistent increase in volume. It's a real honor and privilege when centers put us on protocol.

Got you. Last one: any update on timing for KidneyCare launch? Would it be unreasonable to look at the capture rate you experienced for HeartCare as a proxy for future KidneyCare rollout?

KidneyCare and multi-modality is an area we're excited about. It was validated through HeartCare and now we're doing it across organs: KidneyCare, LungCare and LiverCare. For AlloMap kidney specifically, we are putting the process in place; we mentioned we'd have clear validation for the lab setup by the end of the year. We're learning from the lung process and remain on track relative to the new LCD. We have no additional timing guide to share beyond that validation goal, but we're on track.

Our next question comes from Alex Nowak with Craig-Hallum Capital Group.

Reg, you've had about two months now to get the word out about the KOAR results. What's the initial feedback from transplant doctors? How do you think this changes AlloSure's utilization now that doctors can see if they follow a protocol they're going to have less graft failure?

As we've rolled out KOAR since the ATC announcement, the feedback has been strong excitement and validation. Many centers saw similar results in their own real-time utility, for example from the ADMIRAL study. KOAR provides long-term study data that only we have established, and it reinforces insights like earlier detection of de novo DSA and reductions in biopsies. Where this could impact utilization further is with commercial payers; this information is being used and requested by our payer team. The long-term data is compelling and reinforces the benefits centers have been seeing in practice.

Okay. Understood. Can you clarify where AlloSure Lung stands with the technical assessment and when you expect that to be finalized? And when would you expect the OKRA study to read out? Any update there?

On the lung side, no change. We are under technical assessment with MolDx. The dossier and all requested details under the new LCD have been filed. Based on the process communicated, we would expect results sometime in the second half of this year.

On OKRA, we've shared we're on track to complete enrollment before the end of the year. Centers crave innovation and the multi-modal KidneyCare approach, which includes AlloSure, AlloMap plus iBox, is gaining traction. Completion of enrollment will happen by year-end and we'll continue to produce more data going forward.

Our next question comes from Mark Massaro with BTIG.

Congrats on a strong quarter. You beat by 9% on the top line, $6.4 million, and you raised the guide by $10 million for the year. Should we think about the delta being roughly $3.5 million for each of Q3 and Q4 or could it be more weighted to Q4?

I would keep it equal between Q3 and Q4. We're pleased with the momentum on adoption. The guidance reflects continued market penetration, and from a planning perspective, treat the increase as spread across the second half.

This looks like your fifth consecutive quarter of double-digit revenue and volume growth sequentially. Given your drivers—attachment rate on HeartCare, RemoTraC utilization, outreach to community nephrologists—are there reasons to think you can't continue this double-digit sequential growth? What should we look out for that could render the growth rate unsustainable?

We have a large and attractive market in the early stages of penetration. The model of driving direct-to-center adoption and protocol uptake continues, and we've had tremendous success over the last 4 to 5 quarters. We still have long ways to go and that remains our primary focus. As of now, we haven't seen anything that points to a change in adoption momentum. That said, it's prudent to remain aware of COVID variants and potential impacts on the product side of our business. Our core services momentum remains strong.

Great. I'd like to learn more about your allogeneic cell therapy business. Any update on the work with Atara Biotherapeutics and feedback on the AlloCell product, and have you seen any new customer activity?

We're excited about moving into stem cell and cell therapy spaces with AlloCell. The only public partner we've disclosed is Atara; other partnerships are not publicly disclosed. We've shown AlloCell at the TCD conference and feedback has been positive. Partners appreciate having a standardized, sensitive test versus ad hoc homebrew solutions. We've had advisory boards and strong interest to partner. Some partnerships depend on other parties' development priorities, but overall interest is strong and we continue to invest.

As you're nearing a final Medicare determination for lung, how synergistic is the lung opportunity with kidney and heart? How many transplant centers work with all three versus being specialty centers?

There is a lot of overlap. If you cover the kidney centers, you cover many centers above and below the diaphragm. The pan-organ approach is special and aligns with the pan-organ nature of conferences and center operations. We have synergies and efficiencies across above- and below-diaphragm organs, which makes it efficient to deploy our team and offerings like Ottr, TransChart, AlloCare and Waitlist Management across centers.

One final: can you talk about HistoMap and UroMap development progress and when we might expect those products?

UroMap and HistoMap are in development and making nice progress. UroMap is further along on the lab side; HistoMap is still in development. Both are on track to our internal timelines. HistoMap is being used in a couple of multimodal studies as part of our overall approach.

Our next question comes from Yi Chen with H.C. Wainwright.

Looking at revenue, 2020 first half represented about 42% of total 2020 revenue and the first half of 2021 already represents about 50% of the midpoint of your guidance. Are you being conservative about guidance or are there elements in the second half that we should consider that could slow growth?

Good observation. Last year's seasonality was unique due to COVID, with an impact in the first half and a pickup in the second half when we rolled out RemoTraC. This year will have its own seasonality and will play out independently.

Got it. Also, could you comment on what percentage of lung transplant patients are covered by Medicare?

About 25% to 30%.

Ladies and gentlemen, we have reached the end of our question-and-answer session. I would now like to turn the call back to Reg for closing remarks.

Thanks very much. I want to thank everyone on the call today for taking interest in what we do as a company. At the essence, what we do is help transplant patients, and having analysts and investors who take interest in covering us and listening to what we do is a privilege and honor. I want to thank each and every one of you for taking the time. We have an important goal as a company, and the more we can help support patients, the more we think we're contributing to our overall mission. Thank you again, and I hope you all have a great rest of the day. Bye now.

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.