Greetings, ladies and gentlemen. Thank you for joining Genomma Lab's fourth quarter 2024 earnings conference call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. As a reminder, this meeting is being recorded and will be available for replay on the Investor Relations section of Genomma's website following the call. I'll now turn the call over to Christianne Ibáñez, Genomma's Head of Investor Relations. Please go ahead.
Thank you and welcome, everyone. On today's call are Marco Sparvieri, Chief Executive Officer, and Antonio Zamora, Chief Financial Officer. Before we get started, I'd like to remind you that the remarks today will include forward-looking statements such as the company's financial guidance and expectations, including long-term objectives and forecasts, as well as expectations regarding Genomma's business, assets, products, strategies, demand, and markets. These statements are subject to risks and uncertainties that could cause actual results to differ materially. They are also based on assumptions as of today, and the company undertakes no obligation to update them as a result of new information or future events. Let me now turn the call over to Mr. Marco Sparvieri.
Good morning, everyone, and thank you, Chris. I am thrilled to share our strong Q4 and full year 2024 results. 2024 was an outstanding year for the company, marked by exceptional profitability gains and steady growth across key markets. Each line of the P&L showed increasing momentum, with EBITDA growing faster than sales and net income outpacing both. We surpassed our internal targets across all key metrics. Net sales grew 32.4% in Q4 and 13% for the full year, driven by strong performance in key markets, including Mexico, Argentina, Brazil, and the U.S., alongside a favorable FX environment. Gross margin expanded 312 basis points in Q4 to 63.1% and 289 basis points for the full year to 64.1%.
EBITDA margin expanded 351 basis points in Q4 to 24% and 235 basis points for the full year to 23.3%, fueling 55% EBITDA growth in Q4 and 26% for the full year 2024. These remarkable profitability gains were driven by company-wide productivity initiatives and manufacturing efficiencies. Net income increased by 97% for the full year, driving EPS to double in 2024, a significant milestone in our financial performance. Our cash conversion cycle reached 110 days, temporarily impacted by Suerox's inventory build-up amid capacity constraints. Cash flow generation for the full year 2024 hit a record high of MXN 2.8 billion, representing a 36% increase. Our business remains healthy, with 68% of our sales maintaining or gaining market share and 85% of sales outpacing inflation. The following chart shows the performance of core categories during the period.
As you can see, in the last column, we showed healthy levels of growth across the board. In the case of skincare, we executed the Mexican market Asepsia relaunch in Q1 2025. In the case of blades and razors, we implemented a new communication strategy and revitalized in-store displays for 2025. This chart simply shows graphically what we already discussed in terms of category performance for the full year 2024. Isotonic beverages, infant nutrition, and all the OTC categories are driving the portfolio's growth. And the same chart, but now showing countries' performance. During full year 2024, Mexico, the U.S., and Brazil exceeded expectations, while other Latin markets such as Argentina, Colombia, and Central America performed well. We also faced headwinds in Peru and Chile.
Regarding our skincare turnaround project, we have taken a bold new approach with Asepsia, launching a new formula with a fresh execution to drive sales growth. In terms of product, we aim at increasing usage frequency by expanding from facial to full body use and shifting from acne treatment to daily care with a new formula that combines anti-acne and hydrating properties for healthier skin. In terms of execution, we are seeking increased traffic by moving from pharmacy shelves to the general soap aisle with a competitive price. This slide shows the excellent execution and strong promotion of our Asepsia relaunch in the Mexican market. I am confident that our relaunch plan will drive a swift turnaround in skincare sales.
Overall, annual sales have grown steadily at an 8% CAGR over the past five years, while EBITDA has outpaced this growth at a 12% CAGR over the same period, with EBITDA margin drawing strong hikes over the past couple of years. These long strides in profitability start at a gross margin level, which has grown an impressive plus 6.1 points. We improved our gross margin from 57% to 63% since the past couple of years, a testament to the impact that our productivity initiatives and manufacturing capabilities are having in the business. We firmly believe that this improvement in gross margin is sustainable. Let's now zoom into EBITDA margin improvements. In the chart, you can see how we grew 4.2 points of EBITDA margin over the same two years' period.
More than half of the gross margin gains have been translated into EBITDA growth, and the balance was reinvested in business to continue accelerating top-line growth in the core categories. Looking forward, we will continue to strengthen core brands by reinvesting savings from future productivity gains while maintaining a stable EBITDA margin. The following chart highlights our accelerating momentum down the P&L, with EPS significantly outpacing sales and EBITDA growth, achieving a 25% CAGR over the past five years. The company is delivering on CapEx efficiency. You can appreciate how margin is expanding with less CapEx needs. This is resulting in a higher free cash flow, where we have reached a historical high at a 77% CAGR over the past five years, while returning a healthy dividend to our shareholders.
All the efficiency has resulted in a much better ROIC, a variable that is becoming a central focus for our leadership team. In the chart, you can see the evolution of Lab's ROIC over the past four years. Our current business model is delivering 1.4 times more value for every invested peso than four years ago. We will continue to seek ROIC growth through further efficiency projects. Our cash conversion cycle has improved over the past few quarters, and we expect further gains by optimizing inventory days. In preparations for the high season, we have been building Suerox inventories and limited production capacity. The new Suerox production line, set for commissioning in mid-2025, will enhance manufacturing efficiency and help reduce inventory days. We continue to make progress against the MXN 1.8 billion in our accumulated productivity savings target.
In 2024, we completed 57% of the target, and looking forward, we will continue to strengthen core brands by reinvesting savings from future productivity gains while maintaining a stable EBITDA margin. Our latest productivity initiative has generated MXN 277 million in annual savings of optimizing media spending, enhancing point-of-sale marketing, and streamlining headcount through increased automation in daily operations. Before handing the call over to Tonio, I want to take a moment to express my deep appreciation for our team. Their dedication, resilience, and commitment have not only surpassed expectations but also driven us to achieve our goals. I have no doubt that we have a best-in-class team capable of taking Genomma to the next level. I also want to sincerely thank our investors for your continued trust and support. We remain committed to delivering lasting value for all our stakeholders, and we look forward to the opportunities ahead.
Please, Tonio, go ahead.
Thank you, Marco, and thank you, everyone, for joining us today. Genomma Lab closed a very strong 2024, having delivered sustained progress relative to our strategic targets across all of our key markets and brands. Genomma Lab delivered MXN 18.607 million in consolidated net sales for the year, a 13% increase with 85% of our sales outpacing inflation and 68% maintaining or increasing market share year-on-year. Net sales for the fourth quarter reached MXN 4.666 billion, an increase of 32% year-on-year. During the quarter, we saw continued sales growth in Mexico and the US, as well as in Brazil, Colombia, and Central America. We closed the full year 2024 with a 23.3% EBITDA margin. Genomma Lab's fourth quarter EBITDA increased a substantial 55% year-on-year in absolute terms to reach a margin of 24%, with a significant 350 basis points year-on-year increase.
Our company's continued success in this regard underscores meaningful productivity gains and overall optimization throughout our business. We delivered full year 2024 net income of MXN 2.137 billion, which is a 97% year-on-year increase, resulting from higher operating income, a favorable FX environment, and the reclassification of the associated affiliate as a non-core asset available for sale. Fourth quarter net income reached MXN 473.5 million, a significant increase when compared to the same quarter of the previous year, which was negatively impacted by the hyperinflationary accounting effect and the Argentine peso depreciation that year. Full year 2024 EPS doubled to MXN 2.14 due to the higher income and the 20 million share cancellation that we executed last April. As Marco mentioned earlier, our fourth quarter cash conversion cycle was 110 days, as day's inventory outstanding increased by 13 days year-on-year.
Given that we made a strategic decision to increase our Suerox inventory, as it's known in the beverage industry as a temporary inventory build-up, to anticipate the peak season where we have higher demand for this product, and we are also mitigating the production capacity constraint for a product that is growing significantly. As we all know, the inventories of Suerox will level off by the close of the high-demand period. Our cash conversion cycle was also impacted by a 10-day year-on-year increase in day's payable outstanding, as we opted to leverage the considerable strength of our balance sheet, and we decided to pre-purchase certain raw materials during the fourth quarter, heading off potential cost increases due to changes in forex. Finally, free cash flow increased by 35% year-on-year to a full record high of MXN 2.793 billion for 2024.
We converted 15% of full year 2024 net sales into cash. Moving to a brief overview of our results by region, full year net sales for Mexico's operations increased double-digit, 10.3% year-on-year, and 8% for the fourth quarter 2024, driven by key category market share gains and further expansion within the traditional channel, as Mexico described earlier. Mexico's EBITDA margin increased to 23.9% for the full year and 25.8% for the full fourth quarter 2024, representing 54 and 215 basis points, respectively, through productivity gains and without the Mexican peso exchange-related headwinds that we experienced in 2023 and early 2024. During the quarter, FX is no longer a headwind, as we have experienced the negative effects of what was called the Mexican super peso in the previous quarters.
Moving to the U.S., U.S. net sales for the full year 2024 increased by 8.9%, benefiting from favorable FX and a 5.4% increase in U.S. dollar terms. Fourth quarter net sales increased by 18.8%, again a favorable FX effect, and a 1.8% net sales increase in U.S. dollar terms. Fourth quarter strength was led by expanded beverage category distribution and strategic marketing campaigns, which drove e-commerce traffic that resulted in sales growth. Like-for-like growth was partially offset by a weaker 2024 flu season that the U.S. experienced at the end of 2024. Moving to Latin America, our operations net sales in that region for the full year 2024 increased by 17.2% and by a considerable 87.1% for the fourth quarter. This was the result of particularly strong sales in Brazil, Colombia, and Central America during the fourth quarter, and also favorable FX and sales recovery in Argentina.
In that country, analgesic unit sales increased by 48% in units, and Suerox unit sales increased by 68% for 2024. Genomma ended the fourth quarter 2024 with a leverage ratio of less than one times net debt to EBITDA, another historical financial leverage low for Genomma Lab. A strong balance sheet and leverage ratio below one times enables increased capital allocation flexibility for the company. Also, worth mentioning is that during the quarter, HR Ratings reaffirmed our AA+ rating with a stable outlook for our long-term issuances and HR+1 for our short-term issuances. In their report, HR Ratings noted that Genomma's strong balance sheet and decreased leverage, revenue growth, robust performance in the key regions where we operate, diversified market share with continued new brand penetration throughout Latin America, and increased market share in the U.S. were part of the highlights or the positives of the report.
Likewise, Fitch Ratings reaffirmed its F1+ rating for short-term issuances with a stable outlook and AA+ for long-term issuances as well. This rating also reflects Genomma's strong business profile, supported by a diversified portfolio of OTC and PC products, personal care products, and Fitch expects Genomma's profitability to continue improving due to efficiency strategies and increased productivity at our manufacturing plant. We want to thank both rating agencies and, most importantly, to our fixed-income investors who have supported us throughout the years. We also made our 10th consecutive dividend payment at the end of Q4 of MXN 0.20 per share, totaling MXN 200 million. During the year, we distributed a total cash dividend of MXN 0.80 per share, totaling MXN 800 million.
As we all know, we have demonstrated our commitment to deliver value to our shareholders, also noting Marco's comment earlier on the substantial appreciation of Genomma's share price over the past 12 months. We intend to continue quarterly dividends, demonstrating our confidence in our company's strong future ahead. In closing, Genomma Lab closed a very successful year with extremely good progress across business in all regions. This was driven by our consistent execution of our strategy. We delivered high-quality financial results in 2024, which were reflected in net sales, EBITDA margin strength, and the continued success of productivity programs that we have implemented during the year. All of these resulted in a full year EPS, which almost doubled to MXN 2.14, and where we achieved a record MXN 2.8 billion in free cash flow, which is a 36% increase compared to 2023.
Our geographical footprint, leadership positions, and portfolio of core brands help us to capture future growth in the coming years. While the operating environment has been dynamic over the last few years, we are encouraged by the consistent performance of our business, and we believe today we are on a particularly strong footing with an optimized business to drive further improvement in the years ahead. With that, I will hand it back to the operator for Q&A.
Thank you, Antonio. We will now begin the question-and-answer session. To ask a question, you may raise your hand using the icon for raising your hand located at the bottom of your screen. To withdraw your question, press the same icon at any time. This will be required in order to allow you to turn on your microphone and ask your questions. One moment, please, while we hold for questions. Thank you.
Our first question will come from Antonio Hernández with Actinver. Please, Antonio, turn on your microphone and proceed with your question.
Hi, good morning. Thanks for taking my question. Congrats on your results. Just wanted to ask regarding, I mean, cash generation is strong, not much CapEx is being planned, so that's going to be relatively stable. Dividends are as well as stable and so forth. And I mean, M&A, of course, remains opportunistic. So are you targeting maybe further reducing your leverage ratio, even though it's already at a healthy, at a record level, just as we mentioned, or what uses of cash are you planning going forward? Thanks.
Thank you, Antonio, for your question. This is Antonio Zamora. It's a good question. Obviously, the business has been generating significant cash flow, free cash flow, and obviously, we expect that to continue.
There's not significant CapEx that we're going to be needing. I mean, we're not going to build a new plant. We have enough capacity. But there are very interesting projects coming. There's a couple of CapEx for innovation, for productivity, our warehouse. We need to look into the future, and the business is growing. So there's going to be some CapEx that we will announce later, not significant. Okay. And as we all know, part of the cash flow that is generated is at this moment in Argentina, so we cannot touch it. So we want to be prudent in terms of the dividend payments for the future right now. We don't intend to lower the financial leverage much further.
But the truth of the matter is the business is very successful and is very profitable, and we generated a significant amount of cash, and that resulted in the financial leverage that we mentioned. But it's not our intention to go much lower because we want to be efficient. And as we all know from the capital asset pricing model, there's a level where you need to be efficient, especially for taking into consideration the tax shield. But it's a good question. It's a good question about what to do with the cash flow. And I think that the most important use of the cash flow that we can mention at this moment is reinvesting in the business. We see a lot of opportunities for growth. Marco has implemented a number of strategic initiatives to accelerate growth in different categories and organic growth.
That's going to require some investment from the business. So again, the main use would be reinvesting in the business to accelerate growth. I don't know if I answered your question, Tocayo.
Yes. Thanks. Appreciate all the callers. Have a great day.
Thank you. Our next question will come from Álvaro García with BTG Pactual. Álvaro, please turn on your microphone and proceed with your question.
Hi. Thanks for the space for questions. Two questions. One on dividends from Argentina. I was wondering what sort of the medium-term plan was. I'm guessing you'll probably wait for the cepo to be up and proceed with potentially taking some money out of the country that way. That's my first question. And my second question is on margins. In the past, you've spoke about this 25% margin target. I was wondering if that's still in place.
When you talk about sort of reinvesting in the business more, maybe a bit more color on what you mean exactly in the context of that margin. Thank you.
Thank you, Álvaro. This is Marco here. On Argentina, yes, of course. As soon as we can, we will pull money out from the country. So that's basically the straight answer. The cash in Argentina, comparing to the amount of cash that the company holds right now, is not really significant, but yes, we will pull it out of the country as soon as we can. On margins, what we have repeatedly said is that we expect our company to sustain an average of 24% in terms of EBITDA for the future. We still believe that we can get in the range of 24%-25% by the end of the year.
But I think that for the models and to set the expectations clear, I think that having a 24% average, that's kind of like the right thing right now. And the cash that we will be reinvesting in the business will not affect the targets that we have set for margins because we are pulling that money out from our productivity initiatives that will generate excess cash on top of the margins that we are targeting. I don't know if that answers the three questions.
Yeah, that's helpful. Maybe just one last one on the capacity or the runway for growth at Suerox specifically. How are you sort of envisioning or preparing for high season or the summer season in 2025? Thank you.
Yeah.
One thing that we did differently this year versus last year is that we started building the inventories, and that's why we closed the year with a little bit higher inventories. We started building inventories for the season in November of 2024. So we think that we'll have enough product to have a very successful high season in 2025. Last year, we started building the inventories in February of 2024. So we are prepared for a very large volume for this year.
And adding to Marco's comment, Álvaro, I mean, it's a good question. It's a good question. You remember I've spent many years of my professional life before Genomma in the beverage industry.
This temporary inventory build-up is a best practice because the production capacity is fixed throughout the year, and the demand for beverages, they follow like a normal bell curve where basically the summer is where you have the peak, and in the winter, you have very low demand. So you need to anticipate and build up the inventory ahead of the upcoming demand. Otherwise, there's lost opportunity. So this is normal practice in the beverage industry. Genomma was not able to do that in the past because we used to rely on third-party contractors. Now that we have our own production line and stronger and more professional third-party suppliers, we were able to implement this practice, which, again, as I'm saying, it's very normal, and it's the best practice in the beverage industry, especially for isotonics.
Agreed. Thank you very much.
Thanks to you. Thank you.
Our next question will be from James McDermottroe at Invesco. James, please turn on your microphone and proceed with your question.
Great. Thank you. Yeah. Follow-up questions, what you've already spoken about. So reinvesting some of the excess margin from the productivity gains, can you give us an idea of how much you could accelerate the top-line growth in constant currency terms as a result of those? And the second question, if you could possibly give us a bit more color on the extent of the CapEx you are looking to spend because I guess unless it's significant, it looks like you have room to be increasing dividends. Thanks.
Thank you, James. On the CapEx question yeah, go ahead.
Yeah. Thank you, James. On the CapEx question, we need to look ahead. This is a long-term planning process.
As we all know, we have significant and enough capacity, manufacturing capacity for most of our product lines for the upcoming years. Suerox being the exception, we all know that we ran out of capacity because of the success of that product. And we are, as we have mentioned earlier, we have acquired a second line, which is almost twice as large as the one that we have today, and that's going to be deployed later on this year. Maybe we won't be able to capture the full peak season, but we will have that capacity for the upcoming year. So in terms of manufacturing, I think we're fine. In terms of big major CapEx for manufacturing, we're fine. There's always going to be some CapEx for maintenance. There's always going to be CapEx for innovation, certain tools, etc.
But there's other aspects of the business that we need to take a look. One example would be our central warehouse. Our central warehouse is very optimal in the way it operates, much more efficient than the infrastructure that we had in the past. But given the future that is coming, eventually, we may have to expand capacity there. Okay? So that's something that at this moment we are evaluating. So it's part of the business. It's part of we want to grow. And in order to grow, you need to have the production capacity and then the logistics and distribution capacity. At this moment, it's something that we are analyzing in terms of when are we going to do that.
But I would say that's good news because what we're looking for in the future is that growth is coming, and we need to build the capacity for that logistics capabilities in the future. Again, it's not going to be as significant as the plant was, but it's more than the normal course of business. So once we have a better sense of how big that is and when we will do that, we will let you know. But the signaling is, as we mentioned earlier, we're going to be investing the excess margin from the productivity initiatives. And then the productivity initiatives are going to be there, and the excess margin is going to be there. We're just not going to flow that additional margin through the P&L. We're going to reinvest it back in the business to accelerate growth in certain categories.
And we are going to need certain infrastructure for the central warehouse. Again, not significant, but I think it's good news because we are looking at a bright future for our business. So I mean, if we didn't have those projects, yeah, we could say, "Why don't you expand the dividends?" But at this moment, we find that it's much more attractive for our shareholders. And remember, we are shareholders as well. To invest in the business, to invest in our brands, to invest in our categories. And that's it. Now, going to your other question of how much growth we could accelerate, I think that's something that at this moment, unfortunately, our competitors are listening to this call as well. So we don't want to highlight any specific initiative with any specific brand. But it's coming. I don't know if you want to.
No, I think that we don't want to reveal too much information on this. But yes, we are investing in some of our core brands to accelerate growth, and our expectation is to grow faster than what we have been growing in the past.
Okay. Great. Thank you.
Thank you, James.
Thank you. Our next question will be from Fátima Benítez with Compass Group. So Fátima, please turn on your microphone and proceed with your question.
Hey, Tonio, Marco, I have a deeper voice than Fátima. It's Luis here. She signed up for me. But anyways, we've talked a lot about the margin. It has been the margin, the margin, the margin, the margin. But now I think we're rotating to the next phase of the company, which is growth. And the whole call has been about your initiatives to grow.
So you were very helpful in mapping out how we model or should model that margin increase going forward. So how do I think about this growth in my model? What revenue number do you see for 2025, 2026, to give me an idea of what the potential payback for these growth initiatives are? I know you can't get into detail, competition, all of that, but can I get a figure kind of would help us understand how you guys are thinking of this? And again, congrats on the good quarter. You guys have delivered on what you said. You always said 24, and that's where we are. Now, help me think about the revenue part of the equation. Yeah. Hi, Luis. How are you?
I think that for now, because we are still in the process of designing the initiatives and in some cases in the early phases of implementation, I would rather kind of remain cautious on providing any guidance for now. Doesn't necessarily mean that we will not provide that guidance, but for now, it would be a little bit irresponsible from my side to say a number. Okay. Let's not do a number. We'll do a range. Yeah. I mean, if you think about it in general terms, we are expecting to accelerate our growth faster than what we have been growing in the past. It's difficult right now at this phase to mention a range or a number, but the expectation should be that we should be growing faster. Okay. So I'm going to do it for you.
If I modeled this year, you had about MXN 19 billion top line. If I model between MXN 20 billion and MXN 21 billion, am I crazy or am I okay?
I think everybody has to do their own numbers and their own models. And as Marco said, it would not be responsible from our part to provide a number. There's a number of initiatives that we're going to be investing the excess cash and the excess margin. But something that is important for everybody to know or to let us remind everybody that in certain categories, our share of market is still small. So there's plenty of opportunity to grow in those categories regardless of whatever happens with GDP. Because sometimes people ask us, "GDP is this and that and the tariffs and this and that." I mean, if we have 90% market share in a certain category, yeah, I understand that.
But when you have a lot of opportunities to grow and capture opportunities from competitors, there's a lot of growth that can be captured. Now, in order to capture that growth, we need to do very strategic and careful investments. And where those would have a better payback, we'll accelerate those investments. But at this moment, let us stay with the answer that Marco provided. I think that the company will invest the excess funds generated from the additional productivity that will be there. We are just not going to flow it through the P&L. We are going to reinvest in the business to accelerate growth. And if we accelerate growth, eventually, in absolute terms, there's going to be more net income and more EPS, and everybody's going to be happier.
But I know how difficult it is when you have to build your own model and put a number there. But I think at this moment, I mean, we cannot go any farther than this. Sorry for that.
No, I understand, Tonio. I just wanted to because I think it's the right path to continue to grow and accelerate growth. I just wanted to get a sense of trying to land this next phase of the company in my model. But I understand the conservativeness, if you want to call it that way, for now.
But once you have it and you feel comfortable with the target, it would be good for you guys to go to the market like you did with your margin improvement and you delivered to kind of give us targets to generate that commitment that we've had for a long time and we continue to have with you guys.
Absolutely. Absolutely. As soon as we have a better sense and we have the initial results of some of the investments that we're doing, we'll be in a better position to share with the market. And obviously, our products and our initiatives will be on the different channels, on TV, on digital. So people will be able to see what we're doing. And then we will be in a better position to share with the market. And obviously, we want to share this with the market.
But at this moment, please be a little bit patient for now.
Yes. Yes. I think you've gained enough confidence with the success of the margin story for us to wait and see. Plus, you pay me a good dividend, so we're good. Thank you, Tonio, Marco.
Thank you. Please forward. We will have some more questions and say hi to Fátima as well.
Bye. Thank you.
One moment, please, while we hold for further questions. Okay. Our next question will be from Miguel Ulloa from BBVA. Miguel, please open your microphone to ask your question.
Hi there. Just a quick one regarding tariffs. Do you foresee any impact from tariffs in the States, or do you plan to do anything about it? Thank you very much.
Hi, Miguel. 80% of the products that we sell in the U.S. are produced in the U.S. So the impact should be very little.
Great. That's helpful, and just a quick one regarding growth in the U.S. Is there something different that you're trying to do for that region, for that country in particular?
We will continue. We see a lot of upside in a few brands, and we will continue to pursue Suerox, for example. We think that it still has a massive potential to continue growing in the U.S., and we will continue to expand distribution and make sure that we reach a further amount of consumers in the U.S.
Okay, and finally, if I may, it could be regarding the relaunch of Asepsia and Cicatricure. Could you provide us additional color of what you are doing or planning to do in the coming months?
Yeah. The Asepsia relaunch is already in place. We showed a few pictures of some of the shelf executions in the presentation.
And so we expect that to be a very successful initiative. And on Cicatricure, we just launched Neurosen, which is a new variant, which is performing really well across the board. And I mean, on Asepsia, I don't have any data to share because it's very recent. It's hit the shelves in the last two weeks. So we still don't have data to share.
Okay. Thank you very much.
Sure. By the way, Miguel, now that you mentioned it, for those of you who are in Mexico, because Asepsia was launched in Mexico, we invite you to try the product, to buy the product, to use the product. It's a superior product versus what is on the market today. It's got functional benefits. It's a premium product. It's a premium packaging. We invite you to try it. Sure. Thank you for your.