Conference Transcript - GKOS 2026-09-09

Larry Beigelson, Analyst — Wells Fargo

I'm Larry Beigelson, the MedTech Analyst at Wells Fargo, and it is my pleasure to host this fireside chat with the management team of Glaucos. With us, we have Joe Gilliam, President and COO, Alex Thurman, CFO, and Chris Lewis, Vice President of Investor Relations. Gentlemen, thanks for being here.

Joseph E. Gilliam, COO

Thanks for having us, Larry.

Alex R. Thurman, CFO

Thanks for having us.

Larry Beigelson, Analyst — Wells Fargo

So let's start with corneal health, Joe. So Epioxa contributed about $11 million in Q2, which by our math is about 180 paid eyes. Help us understand the funnel behind that. How many patients are in the Epioxa Care Connect awaiting approval? How long is approval taking? That kind of stuff, please.

Joseph E. Gilliam, COO

Well, first, let me say it's nice to start one of these conferences and talk about corneal health first. I think it's a nice shift for us and for investors. No, obviously, you referenced the second quarter results. We were pleased, obviously, with the start there, but it really was just that. You're talking about the first full quarter of commercial availability and a lot of just miscellaneous J-code cases that managed to sneak through before the end of the quarter. But to be able to produce an incremental $11 million of revenue from Epioxa was a good outcome for the second quarter for sure. Today, now, as you make your way into the third quarter, as we've talked about coming into it, you have the J-code that went effective July 1st. And that's effectively a reset for all of those claims and the processes around those. And any time you're dealing with what is predominantly a major medical-based claim adjudication, you're going to look at processes that at best case are kind of 60-ish type days to get through once it gets to the pharmacy side of the equation and seeking the approvals on that J-code. So we're now in the early days of September, and you're kind of just getting past that. And we're seeing, obviously, the claim processing start to make its way through. And we're identifying where we've got now outlying situations, whether it's information that's being requested or payer logistical hitches or all the things that inevitably come up that slow you down. And we're knocking those and trying to tackle those one issue at a time. But we're making progress. And I feel good about the building blocks that are in place and the things that we've talked about on the second quarter call in terms of our site of care network, in terms of our payer access, if you will, and the coverage from that perspective. And it's about the less fun stuff, just the blocking and tackling on a day-to-day basis and getting these patients access to the therapy.

Larry Beigelson, Analyst — Wells Fargo

That's helpful. You are removing Fotrexa from the market. What's the status?

Joseph E. Gilliam, COO

Yeah, so we did announce our intention to sunset Fotrexa in the third quarter, and we've done just that. That doesn't mean there's not some inventory still either in the channel or a small portion that remains to be allocated. We do continue to have the drug available for a limited access program where a physician determines that the epi-off-base procedure is warranted for a handful of reasons. We want to make sure we still have a limited supply to support that, and we'll continue to do that. But otherwise, it is sunset commercially.

Larry Beigelson, Analyst — Wells Fargo

That's helpful. You know, what are you hearing from payers regarding, you know, the price? You know, you talked about $60,000, kind of a net on the Q2 call. What are you hearing?

Joseph E. Gilliam, COO

Yeah, I probably, I think I misspoke on that too. Sorry, I'll clean that up here for the public record. I think we've historically said 65 to 70 is kind of the place, and I don't see anything that would deviate from that for right now. It's a combination of our copay assistance programs as well as the mix between Medicare and, or sorry, Medicaid and 340B hospitals. So we're not really seeing anything in the context of, from that perspective, payer requests or other things where we have to have more significant gross-to-net deductions. And candidly, the focus right now, we've got general payer acceptance, as we talked about. Even on the second quarter call, we were north of 120 million lives commercially that had access pathways. That's only continued to grow. It wouldn't surprise you. a growing base of Medicaid covered lives. We'll talk more about that in the coming quarters as that metric becomes more relevant. And price is not really a substantial part of the conversation within that. It's much more about making sure that clinically they understand what epioxide does, how it relates to photrexa from an epi-on versus epi-off procedure, and then working through the minutiae of getting those patients on therapy. um that's helpful um so we we've heard that from some docs that if epioxide payment takes longer than call it 8 to 12 weeks you'll make the product available for free i guess the question is is there a time frame after which you will provide free product if it takes you know it takes a really long time yeah i don't think i think that probably is a bit of a of a misunderstanding or or you know connecting dots in different ways that from a from that physician there's no program like that available we obviously have a you know free product our patients assistance program to provide product for financially qualified individuals we've had that from the beginning that's very common across any pharmaceutical launch like this and so you know we definitely where that's the case where they're they don't have coverage or variety of reasons and they financially qualify we do every everything possible make sure they get access to therapy but there's no sort of if you are not approved for Epioxide in 8 to 12 weeks or something like that that automatically puts you into that camp.

Larry Beigelson, Analyst — Wells Fargo

I mean, there's no, so you don't expect the review time to be so long that a physician's patients will wear out?

Joseph E. Gilliam, COO

No, well, ultimately where review times take long and for those payers that are, you know, more problematic in their processes and different things like that, that's where provider or even patient advocacy alongside of our payer relations teams have to go and do their job in that in that setting you can't ultimately give them a an out if you will by simply not adjudicating the claim or the situation you really have to drive that to a conclusion if ultimately for any number of reasons a payers not covering that and the patients financially qualified then in that case we would certainly seek to use our free product you know really what I'm trying to understand is when you get

Larry Beigelson, Analyst — Wells Fargo

back to that 18 to 20,000 eyes, right? And that, and even higher, you think you can go over time.

Joseph E. Gilliam, COO

Ultimately, yes.

Larry Beigelson, Analyst — Wells Fargo

And so you're taking for treks off the market, right? So at some point, you know, there's, you have to get back there, otherwise patients are not getting treated, right?

Joseph E. Gilliam, COO

Absolutely.

Larry Beigelson, Analyst — Wells Fargo

So how do we think about even the ramp to that? I mean, if I look at consensus next year, I think, you know, consensus has, you know, 28 million for corneal health in Q4, 173 million in 2027. It's like three or four thousand eyes next year. So it's a lot of untreated patients. How do you bridge that?

Joseph E. Gilliam, COO

You always try to get me to set guidance on this meeting. I'm not going to do it. You know, look, I think that the the facts associated with what you're describing, where you have 10,000 patients, 18 to 20,000, you know, eyes that are being diagnosed and seeking to access, you know, care, that is unchanged. And so for the way we sit here, and I'm not going to prognosticate or predict exactly how that will shift at any given point in time, but what I'll say is that's our job is to try to drive that as fast as humanly possible for that reason. We have a major role in that, but so do the providers and in some cases the patients in in terms of advocating for that. Again, I go back to the things that you can control. Our Cytocare network provides access to virtually all of the United States now. Our payer access pathways where they've given us there is now very large and growing to the vast majority of at least relevant American citizens. And so now it's about breaking the initial logjam that exists with that. How fast that happens in the coming months and quarters and even years at that point, I think we have to continue to evaluate and monitor before we put any stake in the ground around 2027 or otherwise. Right now, I'm 60 days post-J code, and we're fighting like hell to make sure that we're actually getting as many of these folks through and pulled through to therapy here and now to make sure that folks are not missing out on that.

Larry Beigelson, Analyst — Wells Fargo

But you're 60 days post-J code, but you're removed for Trexa from the market, or almost half. So my concern is you either have if you don't get close to the 18 to 20,000 relatively quickly You can either have a lot of unhappy doctors who are just waiting or you're gonna have a lot of leakage to off-label Yeah, and I and I think there'll be a little bit of all of that, right?

Joseph E. Gilliam, COO

So the question becomes over time, how much do you get on therapy? How much do you have unhappy doctors because they want to treat these folks how much leaks either to your own free product program and or or off-label, it's not really off-label because no approved duster therapy, you know, over time. But that's exactly the equation that we're playing with. And we knew that going in. I mean, if you talk to physicians right now, which I know you do, Larry, like there's varying degrees of understanding the way the process works. But they want to get patients treated. And we want that too. And so it's collectively working together, making sure where they create narratives in their head that are not actual and focusing it back to the patient, making sure that we're doing everything we can to drive that advocacy with the insurance company. Because at the end of the day, we know, on the other end, the insurance company has actually already said, for most of these patients, that clinically they're going to support Apioxa. It's literally about their adjudication processes and things that they put you through when you have a new drug code and a new J-code that they technically deny and then ultimately force you through that process. And so it's keeping our focus on the payer in that sense and driving that. And if we do a great job on that, I hope that we're back to those numbers that we're confident we will sooner rather than later.

Larry Beigelson, Analyst — Wells Fargo

Okay, that's helpful. Competition. You know, I think everybody knows there's a competitor out there who's going to present data in October. So talk about, you know, maybe talk about the clinical data. Their endpoint's different from yours. What should we focus on when we see the data? Yeah.

Joseph E. Gilliam, COO

Well, first, we haven't seen the data ourselves, nor obviously the release in that sense, so it's a little premature for me to comment with too much specificity on that. I think they took a different approach with the FDA. We believe, obviously, in the KMAX endpoint. It's the most objective endpoint out there. But ultimately, we wish them luck. I think we're so far away from an environment where it's really about competition with a capital C. I think multiple participants here can help grow the market. We fundamentally believe this is not a 10,000 patient market. I agree with the physicians when they say, I don't know if it's a rare disease, it may just be rarely diagnosed. We're going to make the investments to find that out. And ultimately, if they're along for that as a part of a responsible participant in helping to drive that awareness and detection and access to care, then I think both of us can win when they come to market and they've got everything going in 28, 29, you know, whenever that may be. and ultimately we're a long way away from where market share relative to market growth will matter all that much so we'll see where the the data comes out but even when it does there's still quite a ways away from actually being on the market commercially so you'll have about it you'll have to call it an 18 month first mover advantage at least with epi with the epion treatment yeah with epioxa they have some there's some differentiation you know they bilateral treatment they don't need the the oxygen a couple of differences what do you think the most important competitive moats are for Epioxa besides the first mover advantage yeah I don't think I'm going to get into litigating that here in this forum I think that there's multiple paths for winners to exist in the marketplace we feel very good about Epioxa clinically commercially we're seeing effectivity of the results that are the first and foremost the most important thing, patients are getting treated and they're getting treated and they respond to the therapy and halting the progression of that site-threatening disease. I think in the context of, and quite frankly, oxygen is a critical component of that. And so I think as we move forward here, you know, we'll be more, we'll be prepared to obviously do that when we're actually having those conversations with physicians more so than necessarily with investors.

Larry Beigelson, Analyst — Wells Fargo

That's helpful. So you've talked about launching a handheld KC or Keratoconus screening device later this year. How impactful could that be?

Joseph E. Gilliam, COO

Well, it's not impactful in the context of like a revenue line item. It's another area in which we're making a significant investment with our own, you know, both hardware and software development teams to try to help drive increasing detection. So alongside of what I hope you'll see is a significant expansion around driving awareness in the coming months and certainly over the next year, we want to make sure that we have the ability with as many of these placed throughout the country to screen for the disease. Today one of the great challenges if you know somebody who has keratoconus is that they'll often go through four, five, six different visits across optometrists maybe an ophthalmologist before they're actually finally diagnosed as having keratoconus. It's often just general visual acuity challenges that they're being diagnosed with and they're being prescribed glasses or some cases contact lens and then adjusting that prescription while the actual eye is getting worse and so our job is to try to democratize that get these patients found screened and treated far earlier in their life and and I think the the tech system will help do that got it all right let's transition to IDOS okay so I do I does grew about 20 million sequentially in q2 how much was driven by the expanded professional fees with NGS and Palmetto versus just ramping commercial and Medicare Advantage cases? I think it's a little bit all of the above. There's also, as you know, you've covered this for a long time. There's a seasonality impact in that. The first quarter tends to be a little bit slower, and the second quarter tends to pick up both in terms of procedure volumes overall, but then for those folks who are on Medicare Advantage or commercial insurance that you start to get through where those approvals start to come through. So you see that. But when you really dissect the growth factors. We grew across all, including all the MACs, but it was led by exactly what you said, NGS WellPoint, Palmetto region, and a pretty significant uptick in commercial Medicare Advantage utilization, which is aligned with exactly where our priorities were coming into the year.

Larry Beigelson, Analyst — Wells Fargo

And the guidance of 275 to 280 for IDOS implies essentially no sequential growth in the backup. Why is that?

Joseph E. Gilliam, COO

Well, we try to be thoughtful around, obviously, as I said on the call, I think I can remember who asked about it, but Q2 was definitely a surprise upside even for us in the context of the progress that our teams and our customers made in utilizing it. So number one, we want to make sure that we're thoughtful, accountable, that there's not anything that was a little bit of a, I'll call it a positive non-recurring tailwind in the second quarter. Second, you tend to have seasonality that works the other against you a little bit in the third quarter and then you exit the fourth with hopefully strength. And so we just try to factor all those things in and setting that overall view.

Larry Beigelson, Analyst — Wells Fargo

And the LCD, do you have any visibility at this point on whether we're going to see a final LCD?

Joseph E. Gilliam, COO

We really don't. I mean, it's a somewhat opaque process, as you know. And so at this point, really nothing that we can report, no real visibility from our standpoint. We know what you all know as investors in the context of the timelines that are typical with these things and so I think if we were gonna hear something we'd expect to hear it in the next couple of months okay is there any back and forth with the company or medical advisors anything like communication that would kind of give you a sense that something's coming or what might be coming sometimes you get that type of thing where there's different questions different things are going on there I'm not sure I would comment on that in the context of this but as I said we have really nothing at at this point that would inform us that something's coming or not coming, that adjustments are coming or not coming, we're really not at that stage of the process.

Larry Beigelson, Analyst — Wells Fargo

And based on your comments on the Q2 call, it sounds like if there's a final LCD, you would expect there'd be some changes from the proposed LCD.

Joseph E. Gilliam, COO

You know, I'm never confident on anything when it comes to reimbursement or whatever it might be. All I'm confident is that we're going to continue to put one foot in front of the other. And I'm confident no matter what transpires that the long-term view of Eidos is unchanged in our mind. But when I look at it from an objective standpoint, you know, what was proposed clinically really doesn't work for patients. And so, you know, where if we have any confidence in change, it's more because almost no matter what the philosophical view is of the max, they still need to have a policy that actually works for patients. And there's too many patients who it's just not appropriate, whether topical drop-based therapies are not appropriate, SLT is not appropriate. You combine those two, there's a lot of patients that's just not appropriate. And so it leaves a huge hole for a large swath of patients that need access to a therapy like IDOS. And so I think at a minimum they have to do that kind of cleanup activity in and around it to make it a viable coverage determination.

Larry Beigelson, Analyst — Wells Fargo

And you said it wouldn't change, even if the proposal stayed as is, it wouldn't change the long-term opportunity, I think you said a minute ago. Would it change kind of some short-term dynamics?

Joseph E. Gilliam, COO

Absolutely. I mean, as it was proposed, I think we talked about at the time where when it first came out and we said, look, we were still confident in the overall kind of 2027 number as it stood there. and that was born in much, and you'll remember saying this, it was because as much about the fact that investors didn't necessarily know what our views are where we would land for 2026. So I think as I said at the time, you don't know how long of a putt that'll be in that context. But forget about that for a second. No matter what, there'll be a disruption in the context of the near-term dynamics around that. Ultimately, we would expect to overcome that. Even in an SLT world, there's a lot of patients out there, both prevalence and annual incidents that we'd be targeting, but adjusting our targeting efforts, our marketing, our TTC, our Salesforce efforts around that doesn't happen overnight. So clearly there could be some disruption versus what would have otherwise been the revenue for 2027 for IDOS.

Larry Beigelson, Analyst — Wells Fargo

Got it. But 2027, you still think, you said it was a relatively short putt to get to the consensus, which is about 336.

Joseph E. Gilliam, COO

Yeah, well, you're seeing that now, right? So you just got done talking about what the sort of revised guidance implies so I forget at the time but it was it was more like a hundred plus million dollars worth of annual growth that was the putt and now with the revised guidance and the trajectory we're on etc you see that that's becoming much shorter and and potentially much more navigable in the context of any of the headwinds that may emerge from from an LCD should they should they emerge any update on the two phase four studies when we're gonna see the data we said 2027 so at some point next year we'll have both of those come out.

Larry Beigelson, Analyst — Wells Fargo

And the core MIGS business, anything new there? I mean, it seems to be back to growth.

Joseph E. Gilliam, COO

Yeah. Yeah. You know, for a little while there, I think I would say pretty consistently let us show a trend. But I think we've now had enough of a momentum in the core MIGS business to say that we've got that trend where it's back to growing. And obviously, we'll continue to watch that in the context of any LCD that may or may not emerge. But But it's nice to see that alongside of that broader Eidos growth.

Larry Beigelson, Analyst — Wells Fargo

And international was still strong.

Joseph E. Gilliam, COO

I know. I know. Every quarter you're saying it's going to slow. I'm going to go spend this weekend with our international team in ESRS, and I'm going to give them that feedback from you that you're better at forecasting it than they are. But, no, you know, I think it's been – and it's been durable in the context that it's across virtually all of our geographies. We continue to sort of absorb competitive dynamics where, you know, whether it's hydrous going into France or Japan or other competitive dynamics that are around there. I've been incredibly pleased with the durability of that growth. But you do continue to see some slowing. Clearly, we've had some FX-related tailwinds that should start to abate a little bit here in the second half. So you continue to expect that to come in.

Christopher William Lewis, Head of Investor Relations

But I've been very pleased with execution on a global basis. clinical readouts in 2027 yeah a lot of great work going on from a pipeline perspective just to remind everybody 13 disclosed you know programs there and a number more under the hood as you think about kind of the next 12 to 18 months obviously we've talked about the ilution demodex blepharitis phase 2 program expect to have data in hand by the end of this year on that you mentioned the Casey screening tool planning to launch that by the end of this year so in line with our expectations there and then you think about next year I just you know trio expect to get that submitted and approved by the end of 2027 we'll have ice and infinite mild to moderate that PMA pivotal trial data at some point next year and then you think about the you know the the commencement of certain trials whether it's the the third gen i-link the ilution blepharitis assuming that phase two data looks good and they continued you know you know retina programs that we're working on. We're pretty excited about all the progress being made there.

Joseph E. Gilliam, COO

Yeah, one of the things I love is that while understandably we spend a lot of time focusing on the near-term dynamics or whether it's I-Dose launch or or now Epiox as a part of it is that that pipeline just continues to mature. One quarter at a time, phase two moves into phase three, preclinical moves into these phase one studies in phase two and and we're seeing a lot of really incredible data around that and so I think as you think about the time horizon that's more, you know, 28, 29, 30, and beyond. We've got a lot of interesting things that are coming down.

Larry Beigelson, Analyst — Wells Fargo

Maybe it's time for another investor day.

Joseph E. Gilliam, COO

We hear that occasionally.

Larry Beigelson, Analyst — Wells Fargo

So, you know, how is the, on the Demodex blepharitis program, how is that differentiated from the, you know, competitor out there today?

Christopher William Lewis, Head of Investor Relations

Well, yeah, I think overall we're really encouraged with what Tarsus has been able to do there from a, you know, pioneering that market and building that in terms of finding patients and the DTC work they've done. So I think for us, we're excited about our program and hopefully the ability to come in and help grow that market alongside them. I think for ours, we're encouraged with what we've seen thus far in terms of the approach being a transdermal cream. And we think that could be a nice patient-friendly option, again, to help kind of grow that market and capture more of those patients over time.

Joseph E. Gilliam, COO

We have a ton of respect for them and their management team and what they've done in building that market. It's an impressive team.

Larry Beigelson, Analyst — Wells Fargo

So, Joe, this is the time when you get to give some guidance for 2027.

Joseph E. Gilliam, COO

Fair enough. This should be a short session.

Larry Beigelson, Analyst — Wells Fargo

The street's at 847, up 23%. Maybe talk about some of the puts and takes next year.

Joseph E. Gilliam, COO

Well, in some respects, we've already been talking about it. but I think at this point, and it doesn't surprise probably anybody in the investment community, I think the most significant bid ask in terms of what 2027 can look like is exactly where you started some of your conversation on Epioxa and exactly how quickly can we get an increasing number of those patients onto the therapy and back to something that resembles the run rate that we were at before. that is the most material driver bar none. Beyond that clearly we're continue to focus on unlocking both access as well as growing the overall opportunity for IDOS, interventional glaucoma being the tailwind to that and and driving that as fast as we can and taking into consideration any of the LCD related considerations that might be there but but I think the biggest put take is gonna be exactly what transpires with Epioxin.

Larry Beigelson, Analyst — Wells Fargo

Okay, any reaction to where consensus is? Not at this point. Maybe we can get Alex involved. He's chomping at the bit here. Consensus is modeling EPS, I think positive EPS in Q4 through 2027 and beyond.

Alex R. Thurman, CFO

What's the right way to think about operating leverage versus reinvestment next year yeah let me answer it this way and thank you for the question as always larry um i think we're in a super fortunate position right now we've got two really exciting commercial launches that are going on both of those products have super high you know gross margins and we can continue to see our gross margin accrete as those products become a bigger mix of the pie we've seen leverage in the model right revenue is growing faster than than our operating expenses while we continue to reinvest in the business. And we've seen now for a couple quarters some cash generation, right? And so as we look forward in the near term, for sure, profitability is out there. You know, we can't deny it. It's coming. We can see it coming. But at the same time, you know, our focus as a company, as a management team, is to continue to drive these commercial launches and reinvest in the business to make sure that patients can get treated and these interventional glaucoma things that we've talked about continue to expand, as well as the pipeline that Chris and you were talking about, as well as the other programs that we haven't publicly announced yet continue to get fed and we continue to really drive within the business those things that will ultimately result in high growth on the top line. So in the near term, that's how we look and we're excited about what's coming.

Larry Beigelson, Analyst — Wells Fargo

I'm trying to figure out what you're trying to communicate yeah I'm being very coy because yeah I mean maybe it just comes down to Joe what you were talking about it depends just on how big Epioxa turns out to be next year and or maybe you're gonna continue to spend and you know maybe profitability doesn't come next year I think there's an element that and it's it is a difficult because in some ways the answer to his question hinges on the prior question you asked, right?

Joseph E. Gilliam, COO

And so whenever you're growing 30, 40, 50% with high margin products, even with all the ambition that we have in terms of our development paths and things that are there, that has leverage with it. And so exactly where you view the revenue trajectory for next year can drive somewhat different answers for him in terms of the magnitude of the profitability. But I'll just reiterate the thing that I think just philosophically, so we're all on the same page is that, you heard Alex say it, our number one priority is to drive growth, to drive it as fast as humanly possible in the quarters ahead, and to drive our R&D pipeline as quickly as we can through that. Profitability will inevitably come alongside of that because of that overall growth and the margin profile, but our reason for being is to try to really bring new products to market and drive as much top line growth as we can.

Larry Beigelson, Analyst — Wells Fargo

And I've heard second-hand that you've talked about peak operating margin of 40%.

Alex R. Thurman, CFO

Yeah, with the gross margin profile that we have, there's no reason at scale that this business shouldn't be 30% to 40%, I think is what we've said, operating margin. And that still allows us a best-in-class reimbursement rate on the R&D line.

Larry Beigelson, Analyst — Wells Fargo

And what is a scale, a revenue scale that would get you to 30% to 40%?

Alex R. Thurman, CFO

I don't know that we're going to break news or talk about that.

Joseph E. Gilliam, COO

No, I think we've always been comfortable saying it's hard not to see a path of 30%. And then, you know, as you scale up from there, obviously some of those other numbers start to come into play. But I would say it this way, Larry. I mean, it goes back to what we've been talking about a little bit. There's clearly two franchises here, before you talk about any of the pipeline contribution, that have the potential to drive multiple billions of dollars of revenue each in the context of over the overall opportunity. And so the faster we can get there, I think the faster we can realize some of those profitability targets that you're talking about.

Larry Beigelson, Analyst — Wells Fargo

And Joe, now that you have the experience with Epioxa as kind of an orphan drug, that's like the skill set that's unique to you. How are you thinking about bringing other drugs like that into the portfolio?

Joseph E. Gilliam, COO

Absolutely. I mean, I think, you know, rare disease is its own unique category. And, you know, I think about medical device and medical technology. I think about pharmaceuticals, even biotech within that. Rare disease, in the context of the way your market access operations, the way your support for patients, all the things around it are just a little bit different. it. And so having built this infrastructure and invested as much as we have in that, it certainly is no surprise that we'd be thinking about what else can we bring within that. And we have multiple programs already within Glaucos designed to hopefully target additional rare diseases within ophthalmology. And we continue to think about that both organically and elsewhere around opportunities to take advantage of obviously what we've built here to support Epioxa.

Larry Beigelson, Analyst — Wells Fargo

So we've got four minutes left. Any questions in the audience? Anyone else want to take a stab at the Epiox, you know, ramp or 2027? No? Joe, thanks for being here. I want to give you the last word. So anything you want to add to the conversation or any closing remarks?

Joseph E. Gilliam, COO

First of all, we appreciate it. We appreciate the forum, the great investor dialogue throughout the day today. And I'll just say, I think that we're at a fortunate place in our trajectory right now. It's the result of two decades worth of innovation and hard work. I have no doubt that within that, like we've proven in the past, whenever you're pioneering new categories, you're going to have things that create volatility and different things in and around it. If it was easy, it would be a different game. But within that, I think we feel increasingly confident about the diversification of our revenues, the diversification of our growth both in terms of franchises but within those franchises and then what that's funding in the context of our next generation of these products in the pipeline around it and there's a lot of confidence within our organization around what the next five and ten years look like and so it's an exciting time for us and and we appreciate all your support and investor support along that way all right thank you thanks for being here