Lifeward Ltd. Q4 FY2022 Earnings Call

Good morning, everyone, and welcome to the ReWalk Robotics Fourth Quarter Earnings Conference Call. All participants will be in a listen-only mode. After today’s presentation, there will be an opportunity to ask questions. At this time, I’d like to turn the conference call over to Mike Lawless, Chief Financial Officer. Sir, please go ahead.

Thanks, Jamie. Good morning and welcome to ReWalk Robotics Fourth Quarter and Full Year 2022 earnings call. I’m Mike Lawless, ReWalk Robotics’ Chief Financial Officer, and with me on the call are Larry Jasinski, ReWalk’s Chief Executive Officer; and Almog Adar, ReWalk’s Vice President of Finance. Earlier this morning, ReWalk issued a press release detailing financial results for the three months and full year ended December 31, 2022. This press release and a webcast of this call can be accessed through the Investor Relations section of the ReWalk website at rewalk.com. Before we get started, I’d like to remind everyone that any statements made on today’s conference call that express a belief, expectation, projection, forecast, anticipation, or intent regarding future events, and the company’s future performance may be considered forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to ReWalk management as of today and involve risks and uncertainties, including those noted in our press release and ReWalk’s filings with the SEC. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. ReWalk specifically disclaims any intent or obligation to update these forward-looking statements, except as required by law. A replay will be available shortly after completion of the call accessible from the dial-in information in today’s press release. The archived webcast will be available in the Investor Relations section of the company’s website. For the benefit of those who may be listening to the replay or archived webcast, this call was held and recorded on February 23rd, 2023. Since that date, ReWalk has made subsequent announcements related to the topics discussed. So please reference the company’s most recent press releases and SEC filings for the most up-to-date information. With that, I’ll turn the call over to ReWalk’s CEO, Larry Jasinski.

Thank you, Mike. Good morning. Thank you for joining us today. We closed 2022 with positive results in Q4, and more importantly, with progress on each of our major areas of focus to drive the business over the next three years. The goals of 2022 were to move forward with CMS, to expand acceptance of direct supply in Germany, to improve the ReWalk system by adding curb and stair climbing features in the US, and with an advanced model of the ReWalk that can improve the user experience, and to identify additional product offerings to build our critical and strategic mass that improves our financial performance. Sales in Q4 were $2.18 million, driven by new VA activity post-COVID, the provision of systems from direct supply acceptance in Germany, and growth with the distributed MyoCycle product. The MyoCycle is an excellent example of the efficiency and value of an adjacent offering and a model for adding more products. Mike will address our results further in the financial discussion. During 2022, we requested a benefit category in the public hearings with the Healthcare Common Procedure Coding Systems, known as HCPCS, under our established coverage code. CMS has not yet provided the category and pricing, but instructed us to begin the process of submitting cases. The first Medicare patient received their system during Q4 and has completed their training program. The category and pricing are still in processing with a Medicare Administrative Contractor, the MAC. We are now moving ahead with multiple patient submissions and building the required infrastructure to replicate this very large number of patients on an ongoing basis. In November, BARMER, the second largest statutory health insurer in Germany, elected to adopt direct supply and withdrew their Federal Social Court challenge. They immediately supplied the individual from the case with the ReWalk system and have moved others forward under the direct supply approach. Our initial submission to the US FDA to expand access for the disabled community by adding stair and curb function was reviewed, and we’ve received questions in the form of an additional information request for the submission. Among the questions was a request for usability data. As per new FDA guidelines, we promptly set up and conducted the required study, and this additional information was subsequently submitted to the FDA for consideration. In parallel, we also conducted a similar study with the Advanced Generation of the ReWalk system, and will include that information in that submission. The next generation of the ReWalk system includes additional user controls, provision of additional data on utilization for the user and care providers, an enhanced, longer cycle battery system, and other design features requested by users over the past few years. Over the course of 2022, we considered numerous paths to increase our critical mass and to develop a long-term strategic mass. Our goal is to add products that fit within the neuro rehabilitation segment and that are adjacent to our call points within the clinics and in the home community after clinic treatment or training is completed. With the emphasis on financial value, we are focused on product lines that will be accretive to our financial position in the 12 months or less cycle, offer leverage and synergy in operational cost, and will contribute to achieving a breakeven profitable position with our current capital. I’d now like to turn the call over to Mike for a review of financial details.

Thanks, Larry. For most of my discussions of the financial results, I’m going to focus on the Q4 performance as our press release and 10-K address the annual results. For the fourth quarter of 2022, ReWalk reported revenue of $2.2 million, up $0.9 million or 75% as compared to $1.2 million in the fourth quarter of 2021. The increase in quarterly revenue was a result of improved sales performance across product lines and geographies. For our core Exoskeleton product line, we experienced growth in volumes in both the US and EU, both from a year-over-year standpoint versus Q4 '21 and on a sequential basis from Q3 '22. We also had strong performance in Q4 from our distributed MyoCycle FES products. We market these as an exclusive distributor to US rehabilitation clinics, VA hospitals, and to veterans for home use. Since we started distributing this product line in 2020, we have steadily grown it and achieved revenue of over $0.5 million in Q4, marking by far our highest quarterly performance for this product line. I also want to briefly comment on the annual revenue performance. For the full year 2022, we achieved revenue of $5.5 million as opposed to $6.0 million for the full year 2021. The decline in revenue was due to two factors: first, in 2021, we had a large one-time multiple units shipment to an academic medical center that was a departure from our typical sales and did not reoccur in 2022. Second, during 2022, we experienced a significant foreign exchange headwind due to the erosion of the euro-dollar exchange rate. Excluding the impact of these two factors, revenue would have increased by 10% in 2022, reflecting growth in our underlying base business. Now, I will transition to our pipeline. With increased revenue performance in Q4, we succeeded in converting some of our near-term opportunities in our pipeline to revenue. During the first quarter of 2023, we will focus our efforts on adding to our commercial pipeline in order to lay the foundation for growth in 2023. These efforts include generating more leads in our traditional reimbursement market segments, such as in the US for individuals covered by the VA or selected worker’s compensation insurance, and in Germany, for individuals covered under the German healthcare system. Additionally, we are focusing a great deal of resources and planning on an anticipated future new market segment, individuals who are Medicare beneficiaries. Within our traditional market segments for the ReWalk product line, the current pipeline of active rentals consists of 16 cases, including 13 in Germany and three VA rentals in the US. Our overall number of cases in process currently sits at 65, with 49 in Germany and 16 in the US. Importantly, these pipeline figures do not include cases that would be eligible for Medicare reimbursement, since although CMS has established Medicare coverage for Exoskeletons, CMS is still in the process of establishing a benefit category designation under which we can be reimbursed. The initial claim that we filed back in November has set in motion a process, which we believe will create a mechanism for us to be reimbursed by Medicare in the near future. If we’ve successfully worked with CMS to establish an acceptable reimbursement mechanism, we expect to build a pipeline of Medicare-eligible patients, which could meaningfully supplement our future pipeline volumes. Okay, turning to margins from Q4. Our Q4 '22 gross profit was $0.7 million or 30.8% of revenue, up 4.3 percentage points as compared to $0.3 million or 26.5% of revenue in Q4 '21. This increase was mainly driven by the impact of higher revenue volumes, leveraging our fixed production costs. During Q4 '22, we applied an impairment reserve against certain electronic components in our ReStore inventory due to the potential obsolescence of these parts. If we exclude the impact of this non-cash reserve, gross profit would have been $1.2 million or 53.9% of revenue in Q4. Operating expenses in Q4 were $5.7 million, up $1.5 million or 36% as compared to $4.2 million in Q4 '21. Within R&D, spending increased $0.4 million or 59%, primarily due to higher spending on professional services related to the development of new products for introduction expected over the next 12 months. Selling and marketing spending increased $0.8 million or 44%, primarily due to higher consulting fees associated with the CMS reimbursement progress and greater commercial activity as COVID-related restrictions are lifted, including trade shows, travel, and personnel-related expenses. General and administrative expenses grew $0.3 million or 70% as compared to Q4 '21 but did decline sequentially from Q3 '22 as the last of the professional services expenses associated with the expanded 2022 proxy process did not carry over into Q4. Our net loss for Q4 '22 was $5.3 million or $0.09 per share, as compared to a net loss of $3.9 million or $0.06 per share in Q4 '21. Our non-GAAP net loss for Q4 '22 was $4.9 million or $0.08 per share, as compared to $3.6 million or $0.06 per share in Q4 '21. We ended the quarter with $67.9 million in cash and cash equivalents and no debt. We continue to have a strong balance sheet with resources to fund our organic growth, including our efforts to expand access for Medicare beneficiaries to our ReWalk Exoskeletons, as well as to pursue attractive business development opportunities to distribute or acquire additional complementary products with which we can build and scale and supplement our growth. Since the initiation of a share repurchase program in Q3 '22, we have repurchased $3.3 million of stock, representing about 6% of total shares issued. Our initial six-month authorization from the Israeli Court for the repurchase program expired in January of this year. So we filed a motion with the Court for permission to continue with repurchases for a second six-month period, and we received approval for this from the Court. Upon exit from our trading blackout two days following the date of this call and the earnings release, we will be eligible once again to repurchase shares, and we expect to monitor equity market conditions and evaluate potential buyback activities as needed.

Thank you, Mike. Our goals for 2023 are: one, to achieve sales growth via our CMS and VA activity along with adding more commercial insurance in Germany; two, to expand our product offering to distribution and acquisition; and to leverage these activities to move towards breakeven profitable operations with our current capital. The internal sales growth will build upon the 2022 progress on direct supply in Germany with the placement of systems with the US Medicare program with CMS, and with expansion to more VA centers. Other growth drivers will be technical and regulatory advancements of the ReWalk Exoskeleton and expansion of the company through the addition of product lines. To measure our progress in 2023, I have seven areas I’d like to highlight. Number one, expansion of CMS case submissions. We are building our infrastructure for qualifying and processing claims within the expected requirements of the regional MACs with CMS. These are extensive submissions to ensure patient selection is optimal to become successful ReWalkers. This approach will benefit the user, CMS, other insurers, and the company with successful use of the product. We will target between 35 to 50 CMS submissions in 2023 by building an infrastructure to expand that significantly in 2024 and 2025. Until late 2022, our US coverage was limited to the VA SOP, which comprised approximately 10% of the spinal cord injury market. Spinal cord injury occurs in a younger population, and five years post-injury approximately 30.9% of the spinal cord injury market is covered under Medicare, and another 25.2% are covered under Medicaid. We also anticipate the progress with CMS will be considered by private payers and we will begin contacts with private insurers as the market develops. These activities allow us to develop this market with the new access to a larger audience. As an example, many clinicians we speak with have been unwilling to write a prescription for a product that was unlikely to be accessible via coverage to the individual. With coverage expanding through CMS, access to this technology is becoming realistic, which will allow the development of referrals for their patients who want to ambulate with an Exoskeleton system. We currently have over 170 previously screened CMS leads that are being re-qualified for submissions. Our lead base was very limited during the pandemic as this population is a high-risk group. We will now seek to expand our lead gathering efforts through digital promotion, trade shows, and by building referral efforts with key opinion leaders. Number two, expansion of VA training centers. As the resources and VA medical centers are becoming increasingly active post-COVID, we are working closely with the VA to expand both the number of the VMACs that can actively qualify and conduct or manage Exoskeleton training and the use of qualified and contracted community-based provider groups that may be more conveniently geographic for veterans. There are currently three reliable centers in the United States, and our goal is to expand that by at least six over the remainder of the calendar year 2023. Number three, in Germany, we will seek to add additional groups to our direct supply contracts now that we’re post the acceptance of the drug supply from the Court proceedings. We also must re-establish our lead base post-COVID with a shift towards digital promotion, working with local societies, and the reemergence of trade shows in full in 2023. Number four, product acquisition. We have identified product lines and entities that have interest and that would financially benefit from operating within a consolidated enterprise and infrastructure focused on neuro rehabilitation. The profile for the strategy is to work with adjacent, accretive, advanced technologies that support the clinics and the patient community. These considerations have a high priority, and we have a banking partner assisting in the analysis, transaction considerations, and completing these efforts. We will report on these initiatives as they reach conclusions. Number five, organic product improvements. A significant user limitation exists when a ReWalker is walking and they then encounter a curb or stairs that prevent access. Examples include visiting a friend’s home with steps or stairs or locations where curb cutouts, ramps, or elevators are not available. Addition of the curb/stair function is under review at the FDA from our submission in 2022. We have responded in full to the FDA’s additional information request and are prospectively preparing training programs for a launch in 2023. This is subject to completing a successful FDA review. On the next advancements of the ReWalk system, we are in the final stages of development and final preparation for FDA submission. We expect to submit this for FDA review and CE review in the second half of 2023. Number six, data expansion. For our stroke technology designs, we are supporting the independent study of a comparison of the motor and cable-driven system of a plantarflexion-focused technology to the existing ankle-foot orthoses technologies, commonly known as AFOs. Our targeted based technology, ReHome community use design has been named the ReBoot. We have previously been granted a breakthrough designation that would have included some Medicare coverage at that time. That program has since been deferred by the US Government and replacement programs are being considered, but we no longer expect that path to be the likely coverage pathway for this innovative design. As we have conducted a parallel reimbursement review, we believe this design may be covered within existing codes if our data demonstrates the benefit of this technical innovation over an AFO. This initial study is a pilot to support consideration of a larger company-sponsored randomized clinical trial. For our ReWalk SCI product, we supported a grant to the VA considering the medical costs of a ReWalk Ambulator to the medical outcome of a matched profile wheelchair user. That data will be presented and published during 2023. And number seven, financially, 2023 includes further investment in reimbursement to complete the submission definitions to provide the processing infrastructure to allow patient access and to provide growth for the company. In addition, as our mission and position expand, we have increased our investment to support investor relations to broaden the communication and reach to the investment community. In conclusion, our overall direction is to succeed with the core SCI product line as insurance access is more widely accepted and to build both critical and strategic mass as a consolidator that will meet the broader needs in the clinic and in the community for neuro rehabilitation. We understand and are seeking to create this level of expansion and growth to breakeven profitability on our current capital. We’re going in the right direction, and I wish to thank the team for the results in 2022 and how they are building upon them in 2023. I also wish to thank our shareholder base for their continued commitment in supporting these life-changing technologies and their support as we expand this business in 2023 and 2024. I look forward to providing further updates during 2023. At this point, operator, we’re prepared to take and answer all questions if we can move to that process.

And our first question today comes from Swayampakula Ramakanth from H.C. Wainwright. Please go ahead with your question.

Thank you, and this is RK from H.C. Wainwright. Good morning, gentlemen. It looks like we had a fantastic fourth quarter and it started in a really interesting ‘23 as well. Larry, you stated seven different things that you’re hoping to execute with the rest of the year. Given the true positives from last year, especially from the CMS and also from the German Court, can you just highlight some of the progress that you’re making beyond the initial success in the sense, you said you submitted one application to the MAC. How well are they progressing? Is the progress encouraging enough that you can go forward with additional submissions? And on the German Court side, you said the insurance company over there has started working through the applications for their insured lives. How is that going forward? What is the expectation in terms of revenue run from that particular worker’s comp insurance?

Okay, I’ll – that's a long question. But I took notes so I think I’ll remember everything or at least most of it. Firstly, yes, it was a good quarter and the seven targets we believe are very achievable for us this year, the things that I highlighted at the back end, and I’ll update those every quarter. Regarding first, the MAC process and the progress. Submitting the first case is the hardest, because you’re interpreting and putting everything together and trying to establish the standards for that case. We use that as a base for how do we construct the rest of them. That’s really been a lot of infrastructure building and also ensuring that we comply in every way as a Medicare supplier; we’re an accredited supplier and that requires everything must be handled perfectly relative to HIPAA compliance in how we’re handling data and in the systems that we have. There was a lot of internal auditing preparation for the Go Live mindset. The great value of case one is that we put more effort into that than we probably put into anything for a long time relative to a single case, to make sure we have that structure because we’re not trying to set this up for just one case; we’re trying to set it up to do, as I said, 35 to 50 this year. So it’s been a process development. From an internal side, we’ve come a long way. On the MAC side, the case is moving forward, but I don’t have anything specific to report at this time. The most important thing is the user has their system, they’ve completed their training, and the completion of the process is now being worked with them. That’s as much as I can give you on the first part. Now the second part, the German Court. The reaction by BARMER was what we’d hoped it would be in that the individual who was at the Court case got his unit, he’s walking. That is a big success, especially for the view of the individual. The other cases they had that were open have also been quickly moved forward. That tells us that yes, they completely accepted what they said they would do. The contract process in Germany is critical to us. It remains an ongoing periodic matter. As we are now redoing our contracts with many groups relative to things such as pricing and other details that change year-over-year, we hope to bring some of the other groups that are not under contract to become under contract. That is our goal and those conversations are underway. Between now and sometime in Q2, those should reach a conclusion with whether they’re joining or not joining the contracts. Fundamentally, there’s a benefit to them and us for them to be under contract. It just makes it easier to process. So the German one is also moving forward in a way that we believe will help us to grow with our 2023 revenue.

Thanks for that, Larry. And then this Court case, where BARMER fortunately for you walked away from the case. Does that set a strong precedent within Germany’s workers’ comp insurance that now you have a potential for success with other workers’ comp? Or is it still going to be that each worker’s comp insurance can make a decision independent of what happened in BARMER’s Court case?

One quick clarity: BARMER is a statutory health insurer. It's more general public insurance, and private insurance goes through the German health system. The workers' comp in Germany is the DGUV and we have a contract with them. Our workman’s comp in Germany is well established relative to the statutory health insurers. BARMER, which was your question, has the right to make a decision whether they want to end the contract and other insurance groups have that decision as well. We do not believe there’s a strong basis for any of them to challenge whether or not if they supply these, whether they’re under direct supply or not. As BARMER withdrew and accepted, there is no formal Court case decision that sets a legal precedent. However, the top insurers in Germany have all accepted this would make it difficult for others to claim a different standard in the industry. I can’t say there’s a specific precedent if that answers your question.

Okay, thank you. I have a one more two-part question and then I’ll step back. In terms of the VA expansion you talked about, is there more detail you can provide on the 16 cases in rentals out there? Should we expect that number to increase as you continue to expand these training centers? And the second part of the question, a little bit different on the MyoCycle product distribution, which was strong in Q4, now exceeding $0.5 million. Is this something that can be sustainable over '23 and beyond, or is this one of those one-off things that we have to watch as the quarters progress?

Okay, thank you. I’ll start with the VA. We still have a good number of veterans waiting in line for training or waiting to move through processing at the VA, and much of the limitation has been around available personnel to train or geographic location. So this expansion with the VA; presently, we have three really reliable centers that can take care of patients. But that only covers three parts of the United States and they’re mostly in the Central, South, and Southeast, which we need to expand more geographically. The veterans in places without access still remain in line. One of our recent successes was with the program where the community care networks were able to get a VA to cover it, but the training was done locally at a community care network. This expansion of six additional centers that are utilizing it will allow us to reach more patients since there are currently many veterans located in areas that cannot get their training done. As for the MyoCycle, first, it’s a solid product that works well for the same patients we already call on. So a ReWalk user would typically benefit by also having access to a MyoCycle, and the VA does cover them. Therefore, we do believe it’s sustainable. While I can’t predict the exact quarter-to-quarter number, we expect good year-over-year growth for that product line. So, sustainable yes, on an annual basis.

Our next question comes from Martin Pollack from KMTR. Please go ahead with your question.

Yes, just several questions. I'll break it down into a couple about the actual German Court decision, and then talk about a few financial ramifications of what we’re seeing as numbers. On the German Court, is there a way for you to describe the number of leads that you would be expecting since the insurance coverage is so broad now? Would you think that that German business would be significantly higher than what it is today? It would be great to quantify that via leads, and what could end up being a ’24, ’25 sales revenue type number. It seems the decision is not well received by the marketplace; the stock price declined somewhat after that period. So please explain the German Court decision and its long-term impact.

Okay, I’ll start with that. Firstly, the German Court case was withdrawn. There wasn’t a formal decision, but it was a clear acceptance by the number two insurer. So it was a good outcome, especially for the patient. The impact of that is, we saw the Court cases that were in line for direct supply direct processor. That's a good sign. Now, I think you’ve hit the most important point—how does that translate to leads and growth for '23, '24, and '25? We have not done well in leads with Germany during the COVID period; we were in a desert for most of the last two years relative to leads, with no trade shows and a high-risk population during the COVID period. So we’ve got to rebuild that lead element. That is a lot of our early focus in 2023 and 2024, particularly as we expect to have trade shows in full again. We aim to rebuild the lead levels we saw pre-pandemic, which would translate into much easier processing through the insurers. The impact is coming, but it’ll be more evident later this year, as our cycle time for patients remains approximately 6 to 12 months from consideration to training completion. Building leads this year will be a crucial measurement. It will affect sales somewhat this year, but it’ll impact sales more effectively in the following years.

And let’s deal with some of the financial ramifications. 2022 ended with about $21 million of operating expenses, broken down between R&D, marketing and sales, and SG&A. You compare that with 2021, actually in '19, where you ran about $13 million, which explains why you generated operating losses of $12 million to $13 million per year. We’re looking at considerably higher losses now, which is concerning about cash usage. So can you talk about the absolute type numbers? What is SG&A on a normalized basis looking forward with your plans? Are you likely to outrun revenues during that time, so should we expect further losses this year, possibly worse than what we saw in 2022? I’m trying to see how you think about SG&A because you also talk about a model that can go to breakeven. Without an acquisition, is that model feasible? When do you expect that to happen?

Right. There are parts for me and parts for Mike. Looking backward on some of the operating expenses, I’ll let Mike start there.

I would say that we did see an increase in spending in 2022 versus 2021. Much of that was related to several factors, one of which was gearing up and entering into the process of submitting claims to Medicare. That’s quite a costly and time-consuming process to do correctly and we had to invest resources to be able to do that. Another factor was we were completing several product improvements for new product introductions expected over the next 12 months. Those were some R&D expenses that increased as a result. So I would say that those were the primary reasons for the increased investment in 2022. We feel we are very close to the finish line with these efforts. Once we normalize the process and increase volumes of patient submissions to Medicare, revenue growth will follow and these investments will begin to pay off.

Are you suggesting that the new normal for SG&A may actually be even lower going forward due to these kind of one-time situations we had last year? It would be great to see that because if you continued at this level even higher, you would need substantial revenue growth to maintain or not burn more cash.

Yes.

So the cash usage for this quarter was considerably lower. There were about $3.3 million in spent on the share repurchase. Was that dollar amount what you indicated earlier? That was cumulative?

Yes, that’s the cumulative amount.

So it seemed to me, the cash usage would have been much lower than the previous quarters, more like $3 million for the quarter?

Well, we had significant expenses in Q2 and Q3 related to the expanded proxy challenge that unfortunately required a diversion of resources that otherwise could have been spent on growing the business or preserving that capital. So, it’s also another factor that drove some of the increase from '21 to '22. We hope that will not repeat itself.

So as we’re looking at cash burn, it’s crucial. Our hope is that we’re not running into the kind of numbers seen in ‘22 overall. So do you think that sustainable cash usage, excluding share repurchases, could be about $12 million, $13 million, as that would be the kind of number that you’re thinking about annually?

Until we have a better sense of the ramp for Medicare coverage and benefits establishment and the ramp associated with that benefit, I think it’s a bit premature for us to comment on full-year numbers. However, I’d expect to be in a much better position at the exit of the year, having a much larger revenue potential.

Last question, could your outlook, your outlook in previous quarters, indicate that revenue growth would continue? However, in the last quarter, that did not seem to materialize. What’s the full year outlook for you? Is there any reason why you wouldn’t be able to make a clearer statement about growth for 2023? Furthermore, regarding acquisition opportunities, it seems that an acquisition could be essential, even if it’s in an adjacency. The ability to integrate a company and provide stable revenues and income would make a lot of sense while building out this growth engine. Could you comment on this and share if you're working on any specific negotiations?

I’ll try to be more specific. We believe our numbers will be bigger this year than last year and we have a particular goal in our plan. But we don’t give public guidance on it. The variable for us is the timing of when CMS will process and pay. A lot of our focus this year is to fill the funnel. That’s why we want to execute the 35 to 50 submissions. Remember, we placed one last year, which embodies our whole history related to CMS; that was our first. This year, we plan for another 49 more. How many make it or not through the process remains uncertain. There’s reason to be optimistic, but I can’t provide specific timelines for that yet. On the acquisition side, we’re looking to add products in SCI, and the discoveries from adding the MyoCycle have positioned us to expand well. We’re engaging with various interested partners, but we’ll report on any genuine progress when we get to it.

Thank you. I appreciate it.

Thank you. And please reach out if you have any further questions. I’d like to thank the team for their efforts and results for 2022. The progress we are making towards growth and the operational aspects will be reported on quarterly, and appreciate everyone’s support as we look toward 2023.

And ladies and gentlemen, with that, I’m showing no further questions. I’d like to turn the floor back over to the management team for any closing remarks.

Jamie, thank you very much for the call and for everybody that joined us today. I appreciate it. For anyone who listens to this, please feel free to come forward with questions. I’ve laid out seven goals for this year, and we’re going to report on those quarterly to measure our progress. Thank you for your time, and please reach out if you have further questions as we expand our outreach to our investors going forward. Thank you.

And ladies and gentlemen, with that, we’ll end today’s presentation. We thank you for joining. You may now disconnect your lines.