Good day, welcome to the bioMérieux Q3 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Frank Dunme. Please go ahead, sir.
Thank you, good afternoon, and thank you for joining us to review bioMérieux performance for this third quarter of 2021. As usual, I am online with Alexandre Mérieux, Chairman and CEO, as well as Guillaume Bouhours, CFO. Before I hand the call over to Alexandre for preliminary remarks, please note that this conference call will include forward-looking statements. I would like to remind you of the usual disclaimers saying that forward-looking statements are based entirely or partially on assessments or judgments that may change or be modified due to uncertainties and risks related to the company's environment, notably those described in the 2020 Universal Registration Document, including, but not limited to, economic conditions, financial exposure to currency exchange fluctuations, changes in government policies or regulations, third-party reimbursement policies, timing of the onset, length and severity of flu season, and competition.
Accordingly, we cannot give any assurance as to whether we will achieve those objectives. I also remind you that today's call is being recorded and that a replay will be available on our website as soon as possible. I now hand over the call to Alexandre Mérieux, and then we will open the call to discussion and questions.
Thank you, Frank, and good day to everyone. I will start by giving you an overview of the activity for the Q3 for bioMérieux. In Q3, we recorded strong sales of EUR 877 million as compared to EUR 789 last year, which represents a nice organic growth of 11.6%. This remarkable growth has been driven by the strong demand for respiratory panels in the U.S. and also by a solid momentum in all other applications, with immunoassay growing at 7% and a double-digit growth displayed in both microbiology and industrial applications. In Q3, looking at the molecular front, BioFire FilmArray reagents have enjoyed a solid organic growth at plus 19%, and this growth is mainly coming from a higher-than-expected respiratory panels demand in the U.S. and linked to the Delta variant and its associated spike of hospital admissions.
The growth in molecular has also been very solid in Asia Pacific and mainly coming from Japan. Worth to mention also as well that the non-respiratory panels achieved a very robust growth at +17%. The install base of FilmArray continued to expand significantly. We have now more than 1,300 units were deployed during the last quarter, bringing the total install base to around 21,400 units. Looking at immunoassay, you are seeing that it has displayed a growth of 7.3% at EUR 120 million compared to EUR 111 million in Q3 2020. The trends from a geographic point of view have been contrasted with a very solid performance in Asia Pacific, Africa, and some countries also in Middle East, while in the U.S., we still continue to see price and volume erosion on the PCT marker, creating a downward trend on the overall U.S. immunoassay performance.
Immunoassay again, the control launch of VIDAS TB-IGRA went smoothly, and we moved to a full commercial launch where we have the right regulatory requirements. We are starting to see also a good start of the VIDAS DENGUE test. Now let's switch to microbiology, which showed a very good performance with a double-digit growth at 14% in Q3 to stand at EUR 270 million. As has been in the past, growth was driven by our flagship ranges, VITEK and BACT/ALERT, with very consistent reagent growth contributions from all the regions, whilst maintaining performance in Asia Pacific, Latin America, and Africa. Under the nine months, the microbiology sales are growing versus pre-pandemic levels by 8% like-for-like. The recent control launch of VITEK MS PRIME went very well, and we moved as well to a full commercial launch according to regulatory requirements, at least to say mainly in Europe.
Looking at the industry application, we keep on growing at a robust pace, as has been the case since the beginning of this year. The Q3 sales grew by more than 10%, fueled by both businesses in pharma and food. From a regional point of view, we saw double-digit growth in America and in Asia Pacific, and the microbiology line remained the key drivers associated also with a nice pick-up of the molecular biology ranges in industry. I would like to conclude this short introduction on our annual perspectives. As you know, we're in a volatile market, but also based on our year-to-date performance, we are raising our outlook for the year. We now expect the yearly sales to grow between 4% and 7%. Also, we now expect the contributive operating result before non-recurring items to exceed EUR 700 million. Therefore, the 2021 performance will be remarkable.
Linked to the context, it cannot be projectable beyond at this stage. With this, I propose that we move on to the Q&A session.
Thank you. If you'd like to queue for a question over the phone, please signal by pressing star one on your telephone keypad. Again, that is star one to enter the queue for questions. We will take our first question from Hugo of Exane. Please go ahead.
Hi, Alain. Thank you for taking my questions. I have three. First one on the assumptions behind your new guidance, which implies a massive IVD sales drop in Q4. Can you maybe share with us some of the main moving parts that you have used to come up with this new guidance? Second, can you maybe help us understand a bit the dynamic for 2022, and would it be fair at this stage to assume that roughly 20% of your install base will not be utilized at all next year? Third, in China, can you maybe give us an update on the Value-Based Purchasing programs, and is that impacting the dynamic in the region? Are you seeing pricing pressure? Thank you.
Good. Guillaume, you want to start on the assumptions? Yeah. Assumptions for the new sales guidance. Indeed, you're right. The guidance implies a negative, and pretty significantly negative Q4 versus Q4 2020, of course. The first element of explanation is that the baseline, especially on the respiratory panel in Q4 2020, was extremely high, with, at that time, a very high level of hospitalizations, especially in the U.S., but not only. Of course, as hospitalizations are going down in the U.S. and also some other countries are getting better, you can mention India, Japan, relative to COVID. We don't expect the same results for the same level for Q4. Second element is, let's say, the lack of visibility for us on the, let's say, respiratory season, or we say winter season. Very difficult to predict what's going to be the pattern.
We used pre-pandemic to have patterns of higher levels of sales in November, December to prepare winter season, especially for respiratory. Difficult to predict this year, so we actually are quite, let's say, cautious on this. Final element, important to note, we anticipate a lower quarter for VIDAS in Q4. 2022? 2022, yes, it's a bit early to discuss about the dynamic for 2022. I think your question was on the FilmArray install base. No, it's a bit early to tell. Things will depend also on the when and the intensity of the flu season. It could be a key parameter. What we see today that there is more than 1 virus circulating, because we have seen also an uptake of a virus on the others, but still no flu A, flu B to our knowledge. We'll see.
Hopefully, what is important also to note, we keep on saying that FilmArray for us is also a menu play. It's not only respiratory, it's gastrointestinal, meningitis, BCID, pneumonia, and the rest. Too early to give you a dynamic for 2022. As we said previously, the increase of the install base for us, we believe it's a good base to grow also on other parameters. Your question on value based in China, I believe to my knowledge, we have an example in one region with one or two parameters. That's something that we scrutinize. We are not today so much concerned with this, with our ranges. Of course, we monitor this. The results, just to be clear, with Anhui Province, as you know, it's only one small province, actually. The results are not fully settled yet. I think the companies have responded.
The government, the local regional government, has not yet exactly set how it will work based on the responses, who can participate, not, at which price, et cetera. Again, not impact for us and not a lot of visibility how it will unfold exactly, even in this province.
Okay, thank you. Just maybe a quick follow-up on my question around the install base and its utilization for next year. In other words, is there a risk, or do you foresee any risk of a write-off of parts of the install base next year?
No, we'll have to monitor. For us, as mentioned, no. It will first depend on the situation. I think to see that install base keeps increasing for BioFire. For me, it's good news. It's a good recognition of value of the syndromic testing. No. We'll monitor, of course, but not at this stage, no. From a financial point of view, if it was your question, no, we don't foresee a big risk of write-off. Install base, as you know, was around 70% or even 80% in some quarters, installed. It means it's not ours. Placement, we have the right, of course, to get it back and to reuse for other customers. If the question was on the financial point of view in terms of write-off, that's not something we foresee.
Okay. Thank you very much.
We'll take our next question from Maja Pataki of Kepler. Please go ahead.
Yeah, hi. Good afternoon, and thanks for taking my question. I'm actually also going to try to get a question in on 2022. I understand it's far too early to give us any indication on where your top line is going to go next year, but can you help us understand how we should think about the cost base going into 2022 so we can actually come up with a reasonable assumption on the profits development, given your massive increase in guidance for 2021? Please, can you give us some lever blocks, assuming your top-line growth would be zero? Let's assume you come in at 5% this year, flat revenues next year, more or less same business mix. What do we need to take into account from an operating cost perspective that comes from top so we can start to do the math ourselves?
That would be my first question. Second question, you mentioned that you assume that the immunoassay revenues are going to be significantly weaker in Q4. Is that due to the fact that you see something happening on the PCT side of the market, or is it because you assume that COVID-related tests are going to fall off or in significantly come Q4 2021? Last question, on the BioFire franchise, can you tell us where you're seeing anything from a competitive standpoint that is cost pressure, GenMark being more visible in the market, or anything from that perspective? Thank you.
Maybe I will take the first one and always take the last question, because I don't always remember the first one. Regarding BioFire, no nothing specific yet with GenMark being acquired by Roche in terms of market dynamics or price pressure. We start to see some pressure, but I would say nothing significant regarding the range on the ASP, maybe a slight decrease, but nothing very material at this stage. No, nothing to report there regarding competition or potential uptake of the competition. We are growing, and that's what we are looking at. On the other question?
Cost base. First, the revised outlook for this year. Of course, the uptake on the revised outlook for EBIT is first linked to the additional sales compared to our previous assumptions, but also to the fact that the cost upturn that we could have expected is not so strong yet at the end of this year than we would have thought. We restart some travel, some marketing activities, but it's still not a very strong restart. We believe that it will be much stronger, and that's what we expect for 2022. That's what we said earlier, that again, the cost base right now is at a low level and cannot be sustained at this low level. Again, in terms of congress, marketing, travel cost, we should expect, you should expect as well, an upturn and a significant upturn on the cost base for 2022.
Your additional question was.
I'm sorry, just.
Yes, please, Maja.
Yeah, I'm sorry. I'm not quite sure whether I have that correctly on my mind, but I think that you said last year that the cost savings were amounting to around EUR 70 million. Of course, that might be now a bit more in 2022, but is there something like a catch-up effect that we need to say, let's say, EUR 70 million plus 20% growth plus another EUR 50 million on top because you want to use the opportunity once you're back in the market to go and see as many people as possible? Is it more like a gradual growth of the cost base that needs to be aligned to your top-line growth?
Just to come back on the, I think what you refer to is that I said as part of the H1 results that we had several tens of millions of savings on the cost base linked to travel, marketing, congress, and even some small parts of R&D that could not, let's say, be executed as expected because clinical trials are delayed and things like that. That's what you refer to. We didn't give a precise figure on the 70 you are referring to, or maybe some at least what is several tens of millions to really highlight it's significant, and that was just H1. That's part of the upturn that needs to be expected for next year. Again, we expect this upturn to fuel also the growth, the medium-term growth for bioMérieux.
On top of that, you should all keep in mind, of course, that the raw material environment is of course pretty complex. You see that everywhere, that we have to cope with some inflation of some raw material, as well as, let's say, tensions on the labor markets in some regions, typically pretty strong in the U.S., with a lot of restart of moves in the labor market in the U.S. As a consequence, salary may be a pressure. We need to be competitive on that front as well. It's too early to say again. I try to give you some elements. We are right now looking at 2022, at assumptions at our budget, yet too early to precisely quantify. Maybe I come back on your additional questions, which I think was on immunoassay down in Q4.
Just to mention that we have an FSCA on VIDAS that needs to be, let's say, implemented and rolled out in Q4. It will have some revenue impact, but we have already included this in our guidance. That's why I was commenting on this as part of our guidance. Nothing that is too difficult, and we are confident that it will be, let's say, rolled out over Q4.
Okay, thank you very much.
We'll take our next question from Scott Bardo of Berenberg.
Thank you. Sorry, I was on mute. Can you hear me okay?
Yes, Scott.
Thanks very much, guys. Yeah, just a quick clarification as a first question, please. Did you say that the non-respiratory panels were growing 17% this quarter?
Yes.
Yeah. Just on that point, because I read in your release that, since the non-respiratory panels were accelerating in growth, but as I look to your H1 performance, you grew 30% in non-respiratory. That seems actually some marked deceleration. I just wonder if you could help explain actually the sort of inter-quarter dynamic, please, there. That would be helpful. The second question, again, a point of clarification, please. Is it possible to quantify how much of your immunoassay business you would deem as COVID-related? I know that's not easy, but perhaps serology or some abnormal demand in certain COVID-related markers, just to get a sense of the potential, say, vulnerability of that business if the world normalizes. The third question, please. Obviously, we see some tremendous sort of upgrade in profitability this year.
A little bit confused because you increased your top-line guidance to basically where your top-line guidance was at the beginning of the year, yet your profit guidance is materially above. I wanted to understand why that was. Is it just better gross margin or less ability to invest than you envisaged at the start of the year? I just want to understand why the top-line outlook is kind of similar, yet there is material difference in the profit outlook.
Yeah. To your last question, Scott Bardo, it's again, the OPEX operational cost savings that are significantly above even what we would have expected at the beginning of the year. Again, the business did not restart in terms of travel, sales, marketing, congress, did not restart as we would have expected. From a pure financial point of view, it's a good news for this year. From a business point of view, it's not so good not to be able to visit customers and have customer activities at the right level, which we intend to have next year. On your first point about non-respiratory acceleration. Maybe it's the interpretation of acceleration. Sorry for that. You are very right on the figure. It was more of 30% early in the year and definitely 17% in Q3. What we mean by acceleration is more the very strong dynamic.
We did not mean any sequential quarter on quarter comparison. We believe it's a very strong dynamic, significantly above 10%-15% for these panels, which we think is a very good signal and a very good dynamic also for our range beyond the COVID times. Immunoassay, COVID-related. As usual, try to give some data points, but it's very difficult for us to say what is COVID-related. You remember that we sell some parameters that are historic. D-dimer for thrombosis is a good example that were used this year massively for COVID patients. We cannot say from our end which exact figure has been used for COVID. On the serology, what is really COVID, purely the serology parameters, I can give you the figure that we sold about EUR 15 million in the first 9 months.
We have on top of that had tailwind, sorry, so positive on other parameters that are pretty significant.
That's very helpful. Thank you. I guess just a couple of quick follow-up, if I may. Guillaume, you mentioned clearly that the EUR several tens of millions in H1 operating costs that you would have otherwise looked to do. Just so we're all roughly on the same page, are we right in saying that that would be some EUR triple digit million number on a full year basis? If you could confirm that would be helpful.
Yeah, we should be in that range. Yes.
Yeah. Understood. Lastly, obviously it's an exciting prospect given your expanded installed base of BioFire instrument to really drive lots of uptake of your other panel. I know this is a big effort internally. My question is, why do you think it's not growing above this sort of 17% level this quarter? Is it just a fluctuation? It feels to me that in the early stages of these products, they should be doing much better than that already.
We believe it's a very good dynamic, actually. It's pretty well spread over the different parameters. Last year was already a good base in Q3. We see a very good growth. We also see, I think it's an important element, you remember that our strategy is actually cross-selling and a menu player, as Alexandre already highlighted earlier today. We see a good traction, a good dynamic on, let's say, cross-selling from one panel only customers to several panels. For example, it's more anecdotal, in Q3, we've been able to add more than 100 customers in the U.S., to one additional panel than they used to have or to buy. We believe the dynamic is pretty good actually on the non-respiratory panels. That's very helpful, guys. Thanks for the comments.
As a reminder, if you'd like to queue for a question, please signal by pressing star one on your telephone keypad. We'll take our next question from Delphine Lellouch of Societe Generale. Please go ahead.
Yes. Hi, good afternoon, everybody. A quick question on my side. I don't know if you do remember correctly, last year, gross margin, we had a massive lift from H1 to H2, linked to the productivity gain, linked to expansion of the line, linked, of course, with the COVID volumes. We are approaching the end of the year. We, at the end of the day, had two waves of COVID in the U.S. We had one in 2020. Can we expect the same level of margin lift, just talking about the gross margin, in H2 versus H1, and any reason why not? First question. Second question dealing with the CapEx cycle. Just wondering where you are. I don't know, Alexandre, if you do remember back in 2019, you say, we target roughly 10% of revenue into CapEx.
I was wondering if you stick with the figures and what's going to be the next wave of investments, whereabouts. Finally, thirdly, regarding the BioFire and any change and especially to be back into the 17 gross ex-respi panel. Just wondering if you have a breakdown which is a bit different per region than the regular pattern you've seen since the beginning of the year. Meaning, do you sell more in Asia, in Europe, or is it still very much driven by the U.S.? Thank you.
Okay. We'll start maybe with the CapEx question. Yes, around 10%, I believe is a good standard for us. Most our investment are linked to capacity to cope with demand and future demand. There was a big wave, as you mentioned, linked to capacity expansion and linked to FilmArray. We also have other ranges which are growing quite well. As you know also, we're also investing in China on some manufacturing activities. Yes, I believe to be around 10% is a good standard for ratio for us linked to the volume production and the capacity increase we have to bring. The first one was on the gross margin. It's a bit precise, but I think that the trends on H2 should be quite similar to what we have seen for H1.
Yeah, with the mix, that is what we are looking for. What we see for H2, we should be on pretty similar levels. The sub-question was the growth on the non-respiratory panels. Again, we are quite satisfied with the current growth. Again, it's only.
No, it's not a question of being, yeah, it's more a question of saying, do you have more traction somewhere else than in the U.S., and do you manage to sell more in Europe, in Asia than you used to at the beginning of the year? Just willing to know if there is a bit more globalization of your business outside the U.S.
The Q3 was very special because of course there was this COVID wave in the U.S.
Yeah.
From the U.S. wave was strong, if we just look at the mass. Beyond that, if we look at the business dynamics, now we saw, for example, a good dynamic on non-respiratory in Europe this year and including recently. That's why we are again, quite pleased of the dynamic of non-respiratory. Yeah, I think Europe, ASPAC did very well also in RP and non-respiratory, and then there was always the base effect of COVID. To be frank, the signals go in the right direction. More sales, more instrument and more mix of panels.
Okay. Thank you very much.
Thank you.
We will now take a follow-up question from Scott Bardo of Berenberg. Please go ahead.
Thanks very much, guys. Just a couple of quick ones. I'm picking up a little bit that in a sense in Q2, in North America, it was almost the feeling that COVID was going away, so there was quite some destocking of consumables, if you like, in the channel. I wonder whether you have any sense that this third quarter there has been a restocking. In a sense, hospitalizations in the U.S. were not quite at their sort of historic peak level yet. You report a BioFire number, which I think is a record in a quarter. Is there any stocking element that could unwind, in your opinion? That would be very helpful to get some perspectives there. Second question for me, please. Alexandre, the balance sheet, again, looking very strong, and I know you added some comments here in the last quarter.
Now that you raised your expectation on profit, cash starts to accrue nicely. Has there been any movement at all in terms of potential targets or any progress in strategic thought for capital deployment? Thank you.
Okay. Your first question, is there stocking with our customers? Not obvious for me. I believe in Q3, at least in the U.S., it was very linked to the Delta variant. Again, when we see more hospitalization, FilmArray is very used and syndromic testing is very useful in hospital settings. There might be preparation of a potential flu season, to my knowledge, or maybe they're also discussing with the team, nothing overly significant on that front. Balance sheet, yes, good result, good performance. We remain active in terms of scouting opportunities linked to technologies. These are things we are used to do to monitor internally, nothing, of course, as you understand, nothing specific to announce that. We remain active in scouting technologies or companies which would have a benefit for the patient, for the industrial applications, and we remain active in that space.
Nothing special to report there.
Very clear. Perhaps last one, if I may. I know the provincial tender in China is just one province and a few parameters and so forth. Has this, in any way, triggered a reassessment or you accelerating plans to be a little bit more in China for China? Perhaps you could talk a little bit about your infrastructure, your domestic manufacturing capability in that region, and whether you have any broader plans as a corporate to extend those.
Yes, we have a strong. China is important for us, and this is the second subsidiary for bioMérieux in terms of sales. We are quite active already. We are present there commercially, but also now through our Indian manufacturing. As you remember, we have a majority stake in Hybiome, which is a Chinese IVD immunoassay company. There, again, we are under manufacturing and capacity planning and are currently building a site on this aspect. We are also delivering a new plant to produce locally our culture bottles. This is in line with our long-term view that we have for China. We remain active there. I would say that it is and it will remain an area of focus for us.
Very good. Thanks very much. That's all from me, guys.
Thank you.
We will now take a follow-up question from Hugo solvet of Exane. Please go ahead.
Hi. Thank you. Just a quick follow-up on the gross margins. I recall that you had some automation works of FilmArray lines ongoing at Salt Lake. Can you update us on that and what's left to be done? Also when a positive impact from more automated lines could be felt on the gross margin, if any. Thank you.
It's a progressive automation. We started from a full manual process several years ago. We have a kind of phase one or stepone that is completed, but completed means validated and needs to be deployed. Once we have an automated machine, we need to have a second one, a third one, et cetera. That's what we are deploying on phase one, and then we have a kind of phase two part of the process that we are in the process of fine-tuning and validating. That, again, will also need to be then deployed, let's say line by line. My point is that it's progressive, actually. There are already impacts because some parts are already automated and are ramping up. It will be over time. It's not going to be a cliff effect of automation. They are already impacting our margin this year.
There will be some next year and over time.
Okay. Thank you.
We now have a follow-up question from Delphine Lellouch of Societe Generale. Please go ahead.
Yeah. Thank you. Just a follow-up regarding energy cost rise. You're fairly stable in terms of energy consumption and same as energy renewable usage, roughly in the range of 13%-14%. How far are you concerned, and especially regarding China opening up, but mostly U.S. and Europe, where most of the infrastructure is being based. Do you have that in mind so far? Can we get your thoughts on that, please? Thanks.
We don't see that as a big issue or significant concern in our cost base.
It's definitely a subject we are looking into in our CSR roadmap and our view to improve our environmental impact. We have significant plans to improve, let's say, renewable sources and energy consumption in the coming years. In terms of cost, which I think was more your question, there are, let's say, other subjects of material increases or raw material prices that are a bit more significant for us, yeah.
Okay. If we stick with these raw materials or any materials that are needed for the production, do you see some scarcity? Do you see inventory being very, very low so far and having some concern even for the rest of the year?
Yeah, I think like every industrial company on the planet, we see difficulties. Maybe not at the level of the automotive right now.
It's tense, but managed.
It's managed, exactly, but still tense. Also, yeah, tough for us. I think I mentioned last time, and I can confirm, for example, the PCs, the computers that are used for our equipments. I'm not talking about the computers for employees, but for our systems, are pretty tense in terms of supply. We get some, but not as much as we need to, et cetera. That's an example. There are others. As Alexandre just said, managed but pretty tense.
Okay. Thank you very much.
As a reminder, if you'd like to queue for a question, please signal by pressing star one on your telephone keypad. There are no further phone questions at this time.
I have one question from the website. Can you give a split of respiratory versus non-respiratory panel in Q3 as you did in Q1? Do you believe that utilization of non-respiratory panels, test per system should be similar in 2022 to 2021? Please give update on newer panels, pneumonia, and joint infection.
Thank you for the question. First, on the respiratory, non-respiratory split. In Q3, of course, with the U.S. wave, the percentage of respiratory was very high at actually 75%. Year-to-date, it's over the three quarters. It's 70% for respiratory and 30% for non-respiratory. In terms of updates, Joint Infection, I remind everyone, has been filed with the FDA, so we are looking for the, let's say, the final feedback and green light. Not done yet. Pneumonia, I remind you, was launched probably two years ago now, and has a very good track. We are pleased with the way it goes with pneumonia, and I think the customer feedback are very good as well. It's a progressive adoption, as we said, because it's a complex panel and we probably involves changes in medical habits to use this information.
We are very pleased with the feedbacks and the adoption.
On the consumption per system in 2022.
Yeah. Consumption per system in 2022 is again, that's the difficult one, uncertainty on 2022. We'll come back to that early next year. Thank you.
Okay. No further question, I guess.
We have one follow-on question over the phone from Scott Bardo of Berenberg. Please go ahead.
Thanks, guys. I'm sorry, I'm making a nuisance of myself here. I just wonder if you can give us some sense here, because of your bioMérieux install base, which has clearly been very impressive expansion over the last 18 months. I think you're calling these numbers you report on in terms of modules, the number of slots. Can you help us understand, of this significant expansion that you have seen, essentially doubling really over the last 18 months, your number of slots? Can you give us some sense of how much of that comes from the TORCH system, which has multiple slots, and how much comes from single bioMérieux unit? I'm just trying to understand here in terms of, if you like, the amount of new machines out of that numbers you report. That would be helpful.
TORCH is a big success and actually the vast majority of the increase since the last 18 months is really TORCH. It's really a well-adopted system.
Yeah, makes sense. Remind us.
TORCH starts with two and can go up to 12. It can also start with three.
Thank you very much. That's great. Yeah. Thank you very much. That's great. Thank you.
Thank you. Okay. No more question?
There are no further questions over the phone.
Okay. Well, thank you to all for your participation and for your questions. Our next formal release will be on March 2nd, 2022. We will webcast to present the annual full year result. By then, we remain at your disposal if you have any more questions. We are looking forward to meeting you to the next time conferences or workshops. Thank you very much. Have a good afternoon. Good morning. Bye-bye.
Thank you. That now concludes the call. Thank you for your participation. You may now disconnect.