Earnings Call: Q2 2021

Jul 15, 2021

Thank you very much, operator, and welcome everyone to BONESUPPORT quarter 2 2021 result call. I'm Emil Billbäck. Of course, sitting next to me is Håkan Johansson, our CFO, and together we will guide you through next 20 minutes of the presentation, where after we will open the line for question and answers. Operator, if you help me with the presentation, we'll go to slide number 2, where in regular order you will find the disclaimers covering any forward-looking statements that we might do today. We push forward to slide number 3, please. I would like to begin this presentation with some condensed highlights from the report that we released this morning. Overall, quarter 2 sales were SEK 52 million, which was a reported growth of 43% year-over-year. Currency movements were significant in the quarter and growth in constant exchange rate was 58%. EBIT was at a negative SEK 26 million, which is a slight deterioration compared to last year due to some extraordinary expenses in the quarter. Håkan will cover more detailed overview on this topic later. Among operational highlights, we've seen that reduced restrictions and also reduced infection incidents in COVID have led to a gradual return of orthopedic surgeries. We'd also like to highlight, of course, that the FORTIFY study had the last patient follow-up in the quarter, and we are now awaiting the top-line results of the study expected to be available in September. Last but not least, I would like to bring your attention to the strong improvement in market access that we have gained from the contract signed with Premier at the beginning of this quarter. This contract went effective July 1st. All in all, despite challenging times, we're seeing strong progress in several areas. We will cover the above topics and much more in this presentation. First, we will speak a bit about the pandemic impact on our market dynamics. Slide 4, please. We entered quarter 2 with a very high infection incidence rate, we have seen since then a steady and strong decline throughout the quarter. The U.K. has possibly been the exception as the Delta variant has brought infection rates in late June all the way back at the same level as was seen in the U.K. in February of this year. Fortunately, the Delta outbreak does not seem to translate into as many hospitalizations as previous dominant variants. CERAMENT sales is tightly correlated to the number of surgeries, which in turn are determined by the pandemic impact on the healthcare system. We confirm an almost complete correlation between the sales in a region and the infection rate in the population for that same region. With the opening of the societies and reductions of restrictions, we can see that patient flows are on a steeper trajectory than the capacity utilization, which is increasing the backlogs and queues even further. In short, increase of number of patients seeking medical attention is higher than increase in surgeries right now. The matrix in green that you see in the lower part of the slide shows public data from NHS, that's the National Health Service in the U.K. It displays the millions of patients that are in queue for elective care, and despite a step-up of care in April and May, the number of patients in backlog is still increasing. With patients becoming more active seeking care, staffing and resources for the surgical theater are, and will become even more, the limiting factor. The current accumulation of orthopedic procedures is now estimated to take more than three years to clear. We are certain that there will be an acceleration of orthopedic surgery as the pandemic gradually recedes and resources are made available. Slide 5, please. Let's go from here and into the development of our quarterly sales. Here we can see some very clear signs of recovery. The slide, we have gone through the details of this at many previous occasions. The topics I would like to mention here is that with the ramp-up of surgeries in quarter 2, it is visible as sales took a significant step up on the LTM basis after a long period of pandemic suppression. Quarter 2 2021 was indeed our best quarter ever in terms of boxes sold, but the currency movement made it only the second-best quarter in value. Instead of going through further details on this slide, let's go to the next slide and speak more about the 2-geographic segments, and we will start with North America. Slide 6, please. In the quarter, we delivered sales of 29 million SEK. This represents a reported growth of 35% year-over-year and a growth of 56% in constant exchange rates. Furthermore, sales in the quarter grew 16% quarter-over-quarter, meaning quarter 2 of this year versus quarter 1 of this year. This is mainly due to the fact that there has been a gradual return of surgeries. At the end of June, 46% of the population in the U.S. was fully vaccinated. This is helping the healthcare system to free up resources. Despite the disruption from the ongoing pandemic, our commercial team has made great progress in increasing CERAMENT market presence, geographic coverage, GPO coverage, and continued to build the customer base. At the beginning of the quarter, we signed our largest GPO contract to date with Premier. The contract became effective July 1st, it's going to provide access to 4,100 hospitals. As everyone knows, a contract with Premier GPO doesn't mean immediate sales, but rather a license to hunt. Our sales teams are ready to charge, as soon as the pandemic starts to ease its grip, we are ready to start converting hospitals. One of the key priorities, of course, that the team is working on is to get the CERAMENT G registration in the U.S. The FDA communicated in late February that they required additional data in a few different areas. Our clinical, medical, and regulatory teams are intensely working to collect, analyze, and compile the data to meet FDA's request. We are aiming at completing our supplementary submission in October of this year. With regards to the FORTIFY study, the last patient follow-up was completed in late June, and we shall expect the first readout of this important study in September. One of the highlights of the second quarter was the categorization breakthrough device that CERAMENT G was assigned by the FDA for the indication trauma. The categorization is important for the priority with which our application will be handled, but also for the upcoming reimbursement process. On the next slide, we will detail the timeline of bringing CERAMENT G to the U.S. market. Slide number 7, please. Nothing has changed from this timeline at all. Timelines and events remain confirmed. Now, if everything goes well with our supplementary submission in October for De Novo, we could have an approval for CERAMENT G for bone infection in the first quarter of 2022. As for the PMA pathway, which is on the bottom of the slide, we're building our application submission late 2021 on the foundation of the FORTIFY data. Approval for a wider span of indication, including trauma, could come in the late part of 2022. Let's go to region Europe on slide eight. Sorry, not Europe. Europe and rest of the world. Sales were SEK 23 million, which was up 55% year-over-year and +61% in constant exchange rates. Capacity utilization in orthopedic surgery departments is increasing. However, so is the backlog. According to data from NHS, orthopedic departments have the lowest goal fulfillment of all medical specialties, with only 51% of patients meeting a specialist within the target of 18 weeks. We have seen also that orthopedic surgeons have been down-prioritized, and we have seen also in the press and in the data that, for example, cancer surgeries have been prioritized during this period. The speed of recovery and the depletion of the acute surgical backlog will be dependent on mobilization of the healthcare system and additional resources. This is currently being decided and discussed in several European states. Some of the highlights I would like to mention. Despite a bit of delay due to the pandemic, the important SOLARIO study has reached its recruitment midpoint. This means that 250 of the total 500 patients have been recruited. The study is designed to investigate if locally applied antibiotic in combination with a bone graft substitute for patients with bone infections can reduce the need for systemic antibiotic and hence reduce the risk for antibiotic resistance, reduce side effects, and reduce cost. Our hybrid setup in Italy is up and running, and this means we have our own sales people work side by side with our distributor. We expect Spain also to follow suit in quarter 3. Some of the European sales team, the direct sales team, went back to full-time work only in May of this year. As even the countries with the strictest restrictions, like Germany, are starting to open up, all sales teams are now back to full-time work as of July 1st. With that brief update, I hand over to Håkan, who will cover the details of the financial overview. Over to you, Håkan. Thank you, Emil. Let us jump to slide 10, please. Net sales improved from SEK 36 million to SEK 51.8 million, equaling a growth of 43%. The organic growth in the segment North America measured in fixed currencies was SEK 11.9 million or 56%. The organic growth in Europe and rest of world was SEK 8.8 million or 61%. Changes in currencies had a negative impact in comparison with the second quarter last year of in total SEK 5.1 million, of which $4.4 million relate to a weaker U.S. dollar. Next slide, please. The contribution from the segment North America improved with SEK 3.9 million and was reported to a negative SEK 0.3 million. The improved contribution was due to increased sales. Sales and marketing expenses during the quarter amounted to SEK 22.8 million compared with SEK 18.6 million previous year, of which sales commissions to the distributors increased with SEK 2.4 million to SEK 9.3 million following the sales growth. The increase in sales and marketing expenses depends on the cost reduction as reported previous year because of COVID-19. The contribution was also driven by R&D costs that decreased from SEK 5.2 million last year to SEK 4.6 million this reported quarter. From the lower graph showing net sales as bars and gross margin as the orange marker, it can be noted that the gross margin in this quarter was 3.5 percentage points ahead of last year, explained by the low sales previous year in relation to fixed production costs, as the second quarter last year was heavily impacted by the COVID-19 pandemic. In Europe and rest of world, a contribution of SEK 3 million was reported, to be compared with SEK 2.3 million previous year. The increased contribution was explained by increased sales after effect from increased costs. Sales and market cost increased by SEK 6.8 million compared to the corresponding quarter previous year and amounted to SEK 16.2 million. The increase is mainly due to the large cost reductions reported last year because of the impact of COVID-19. In Europe and rest of world, an improved gross margin was reported and also in Europe explained by the low sales previous year in relation to fixed production costs as the second quarter last year was heavily impacted by the pandemic. Next slide, please. In summary, we reported, despite continued impact from the pandemic, a recovery from the first quarter this year and a 43% growth compared with the second quarter last year. Gross margin recovered from the drop in the first quarter this year following the sales improvement. The operating profit was reported to a negative SEK 25.9 million, an increase with SEK 2.4 million compared with the loss of SEK 23.5 million for the same period previous year. The higher loss was mainly related to the large cost reductions reported last year because of the pandemic, and I will share more details on the expenses as we move to the next slide. Selling expenses increased with SEK 11.1 million as the second quarter previous year included substantial cost reductions because of the pandemic. The large part of the cost reductions last year relates to work time reductions, most of all which have been reverted in Q2 this year. Selling expenses remain below pre-COVID levels despite the investments made in the direct sales team in the Netherlands, mainly relating to lower travel expenses and conversion from physical meetings and events to digital meetings and webinars. R&D reported increased expenses in the quarter, catching up with a low level the first quarter this year and involving a milestone payment for the SOLARIO study of SEK 1.8 million. Administrative expenses in the quarter included a provision of SEK 3 million relating to long-term incentive programs following revaluations based on the favorable share price development during the period. With this, I hand back over to Emil. Thank you, Håkan. Let's sum this up and go to slide 15, please. Slide 15? Yep. Very good. Let me sum up and give a few key findings from the presentation as well as an outlook on the journey ahead. In short, the period has focused very much on strategy execution and situational adaptation. The latest quarter has had regional differences in pandemic impact. We have continued to navigate through these challenging circumstances and seen the volume of surgical procedures slightly increase. The sales growth of 58% in constant exchange rate shows the impact of the gradual recovery. We expect the recovery to continue, and we feel that we are in a good position to capitalize on this from our extended commercial footprint. We are committed, and we are relentless in our effort to bring CERAMENT G to the U.S. market. We have made good progress during the quarter. With a potential approval in quarter one 2022 of CERAMENT G, this would be the first-ever solution in its kind on the U.S. market, and we hope to create and establish a new market standard with this as foundation. With the data from FORTIFY, SOLARIO, and CONVICTION studies, we believe that we have a continuous stream of pivotal evidence to help us transform the outdated standard of care for treating bone injuries and bone infections. The first readout from these important trials will be the FORTIFY top-line results expected in September. All in all, we are well positioned for strong growth. We're navigating with a clear strategy and clear objectives through the challenging market conditions that the pandemic has brought. Our confidence in our corporate target of an annual growth of 40% once the pandemic resides is very high. With that, I conclude my presentation. Thank you very much, and let's open the line for questions. Ladies and gentlemen, if you have a question for the speakers, please press 01 on your telephone keypads. Our first question comes from the line of Richard Anderkrantz of ABG Sundal Collier. Please go ahead. Your line is now open. Right. Good morning, and thank you for taking my questions. A few from my side here. Can we expect a sequential improvement in Q3 sales from Q2, or will the negative seasonality on electives be stronger than usual this year? We have the push and pull factors here to consider. Yeah. Your question is, let's say, what to expect for quarter three. We never give those kind of estimates, of course. Let's dwell a little bit on the market dynamics. Quarter three is usually one where there is vacations in most parts of those countries where we are well penetrated. I think now there is two forces playing against each other. One is an increase of patients seeking medical attention having after being in quarantine and isolated for a long time. We see on the other side, Richard, a healthcare system which is very worn out, where people are demanding to get their vacations, or they will leave their workplace in total. I'm not in a good position to say how these two forces will play out. The third component here, which is the joker of course, is the Delta variant, which has an incredible steep infection curve in the U.K., Spain, and a few other territories. I think not even the experts in the area can predict how this is going to influence the ability for the healthcare system to recover. Sorry, I didn't give an answer because I cannot, I'm afraid. Yeah. I fully understand. It would just be interesting to hear your thoughts. Looking on shifting gear to the FORTIFY trial and the upcoming PMA, could you confirm that the De Novo pathway would be open in the trauma indication as well if FORTIFY does not lead to a pre-market approval? Yes, I can confirm that. If for whatever reason, we would go through the study and conclude that we would not select a PMA pathway, there is nothing hindering us from making a renewed evaluation of instead choosing a De Novo pathway. Right. Fantastic. Can you comment on the data compilation for the De Novo submission in more detail? Can you comment on how many patients you need data from, or at least comment how far along you are in that process? Perhaps percentage of the totality or something like that. The only thing I can comment on is that I'm extremely proud of my team who has done a great job. First of all, to understand the difference in perception between FDA and our internal and external advisors and experts on how the data should look like. Then working diligently in rain and heat waves to make sure that we secure that data. I can also say that I feel we are making very good progress. We're following the plan that we communicated earlier in the year, and we should have no problem meeting the deadlines or the milestones that we have articulated. Right. Great. A final one. On the 40% annual growth target, post pandemic, how far out in time should we think about that target, and does it include contribution from pipeline products such as zoledronic acid, DBM, et cetera, or is it purely based on the portfolio as it stands today? We set this target in 2018 and said it's for the next coming 5 years. We said we had a 5-year strategic plan, and in the strategic plan, the ambition was to grow 40%. In 2019, we by far exceeded that objective. One can say, "Yeah, but you had this disruption in the U.S." Yeah, sure. If you only look at the European sales, like for like, we grew more than 40%. 2020 then has been an unprecedented year, I think for everyone. Yet in constant currencies, we grew with 19%. This year, it's incredibly difficult to predict, but we have said that we stick with our projection of 40%. In that case, it should be valid at the minimum until 2023. Right. Fantastic. Yeah. 2018, 5 years ahead, 2023. Of course, there will be situations where we will review this again with a new 5-year plan, but we haven't dared to do one because there's such a rapid shift in environment constantly. Right. Makes sense. Well, thank you very much. Thank you again for taking my questions. You're always welcome, Richard. Our next question comes from the line of Christofer Lindell of Carnegie. Please go ahead. Yeah. Hi, good morning. Three questions, please. Claesson, is it possible to comment a little bit more what you saw impact on surgical volumes from the pandemic in the second quarter? Of course, good to see the sequential improvement in sales, but it's not actually a larger sequential improvement than in second quarter of 2019, for example. I guess there's still a lot of impact there from the pandemic. My second question relates to cost and how we should think about that now when things open up and your activity will increase in the next few quarters, how much extra cost that will drive, or is this what you have in the quarter if we adjust for the one-offs? Maybe if you could, in a little bit more detail, when you think about your work approaching new customers here, and how difficult it is, would this backlog be a positive thing, or do you think it could be negative and make it more difficult to approach new customers as they have to focus on just doing surgery and maybe sticking to what they have instead of seeking alternatives? Thank you. Bye. Thank you, Christofer. When it comes to the surgical volumes, we have to refer to open sources. We could conclude, for example, in England, that the number of surgeries went up with roughly 15% from quarter one to quarter two. England is one of our biggest markets. Our second biggest market, let's say, outside of the U.S., is Germany, where the number of surgeries was almost flat between quarter one and quarter two. By that, I'd say that it's very much dependent on region by region. If you take the U.S., I would say that the increase of surgeries were somewhere in between what you saw in England and Germany. The reason it was bigger in England than the U.S. is that they had also bigger impact over the winter and stronger restrictions. Germany, with available data, has still the strictest restrictions in Europe, and the increase of surgeries was max 1 or 2% from quarter one to quarter two, so basically flat or impossible to at least make any conclusions. Our interpretation, yet with a lot of uncertainty, a lot of difficulties to interpret the data, is that with our growth in quarter two, we have constantly continued to gain market shares. Yeah, then follow up on that and related to the previous question about the third quarter. Even if things normalize here, you are not sure that that will make up for the normal seasonality? That's true. Okay. Simply because I'm absolutely going to admit that I believe that the impact of COVID was going to be less in quarter two than what we have seen. It shows that I'm not very good at giving prognosis on the healthcare system. It's easy when you look at how the restrictions are being lifted and you see more people out in society, you see cinemas opening and everything. It's easy to interpret that, okay, there's more people in motion, there should also be more activities at the hospital. The hospital has continued to be very strict because it would still be quite disastrous if COVID-19 made it into the hospitals and infected otherwise healthy people or fragile people. The surgeries that have been prioritized have been life-threatening, such as cancer or very acute conditions. This is also what we try to display here then when we show that the queues of elective surgeries are actually increasing. Yes, quarter fees, it's very difficult to predict with seasonality, hopefully rising surgical volumes, but also the Delta variant impact, which we haven't been able to assess. Yeah. Okay. Håkan, do you want to comment? Well, did I answer your question? Did you have anything further on that topic, Kristoffer? No, that's very clear. Thank you. Okay. Håkan, do you want to comment on the cost side, the trajectory, what we might expect going forward? Kristoffer, as we mentioned in the report, the selling expenses for the period is still now involving some savings, cost reductions made during the period, work hour reductions that we have lifted first of July, so after the period. We also still have a lower activity level than we saw pre-COVID. In terms of physical meetings, local events, larger events, et cetera, most of that is still on hold and of course then impacting cost levels. We do expect, and we hope to see increase in selling expenses as we go forward, because that will be a sign of increased activity in the market. When it comes to R&D, well, as noted, we have a large expense this period with the milestone payment to the SOLARIO study. Adjusting for that, you see that the level all remained very stable all the time. Going forward, what we've communicated is that we're reaching the end of the FORTIFY study, and it's been an expensive study over the last four years, and when it reaches its end, it will have a favorable impact on the general cost level in R&D. Yeah. I think what maybe we have had not communicated historically or previously is that the SOLARIO is not, let's say, a monthly or quarterly cost. It is completely related to the milestones. That is why costs and expenses were inflated in the quarter and on what periodicity could these milestones be expected? Well, somewhere between 6 and 9 months is the time between the milestones if everything goes as planned. Kristoffer had a final question on the new customer recruitment. This is of course a very important question because a big part of our journey is to bring CERAMENT to more patients. So far, let's say historically our market penetration has been somewhere between 2% and 3.5%. Customer recruitment has been very difficult during the pandemic, and my assessment is that it's going to continue to be very difficult for the remaining part of this year. Even when the pandemic starts to recede and be under control, there is a frenzy and a stress level and a worn-out feeling with the healthcare system, which makes it unfortunately a bit difficult to introduce new methodologies that requires a slightly different procedure and handling of the patients, even though the data, the science shows that this is a much more effective and efficient way of treating. It's difficult to reach out fully with that message unless the healthcare system is coming back to some kind of normal state. Okay. Makes sense. Thank you. Our next question comes from the line of Hans Boström of Trinity Delta. Please go ahead. Good morning. Hans Boström, Trinity Delta. I had a question actually backing on to Kristoffer's last question regarding the improvement in sales and approach to new clients. Is it possible to give us a sense of how much of your very strong sales increase effectively is deriving from additional distribution capacity as opposed to existing sales force distributors selling to an existing customer base, and how that has changed in the course of the last year? Thank you for your question. We analyze in detail of course where sales is coming from, which customers, and what is the recruitment rate of new customers, and how do they ramp up? When do they buy the first product? When did they buy their second, the third? When did they reach 10 products and so on? This data we cannot share. We feel like if we could start to share that we would have to change our presentation and start bringing that information at every session. What I can say to support, let's say, the dialogue here is that during the pandemic existing customers have reduced their volumes of surgery, and this has influenced CERAMENT. There's one more effect which is negative to bone supporting CERAMENT, and that's in the pandemic with the difficult access. It has been a bit of a struggle for us to implement our business model, which is to take the heavy users of CERAMENT and bring them to other hospitals where they can testify and preach and educate and train about their very positive experiences. Needless to say, the dynamics of pandemic have made such a process impossible, which is why we have reverted to more digital ways of communicating, which admittedly not has been as effective. We have seen during the pandemic, difficulties to recruit new customers simply because we cannot meet them. The lead generation has been exceptionally good. What does that mean? It means that the list of names we have of people interested, people that have participated in our webinars, people that have contacted us and said, "Once we get rid of this pandemic, we would like to try this new thing that is going to save us both time and money." Every salesperson has a clear list of people to visit, but we have to push that a little bit ahead of us, because it's still not possible to visit as many surgeons as we would like to, especially in Germany, where the restrictions are still very strong. That's as much as I can comment on this. I cannot share numeric details on what that means. Unfortunately, not at this stage. Maybe at a future meeting, but not where we are now. Okay. Thank you very much. Our next question comes from the line of Oscar Bergman of Redeye. Please go ahead. Hello, Emil and Håkan. I only have two questions for you. The first one is related to Premier and the GPOs in general. I wonder to what degree you expect the Premier contract to impact Q3 sales, and if it would be too optimistic of me to expect an additional signing with another GPO during the year? Yeah. Thank you, Oscar. I think the impact from Premier in quarter three is going to be marginal. The contract kicked in on the 1st of July. I'm happy to say that we already have some first customers under the Premier network that we didn't have before. I think those are rather exceptions of surgeons that have been waiting for this contract to clear. There's an administrative backlog, caused on one hand by the pandemic and one by the nature of the business to get registered in systems and so on. We tried to do as much as possible before 1st of July. Until you're actually on the contract, the willingness to work with a new supplier is rather limited. I think the Premier sales we're going to start seeing in quarter four, maybe in the transition between three and four. That's my experience also based on previous GPO contracts. As you rightfully pointed out, there is one big dragon still out there, one big GPO, it's actually only one left where we don't have a contract yet for CERAMENT. We are working intensively. We're in good dialogue with Vizient. I'm afraid to give any kind of timing and projections to when that could be turning into a successful listing. All right. Thanks. The last question I have is related to the new hybrid model that you have in Italy. How long could it take before you would see some considerable impact on EU sales, do you think? I think sales in Italy should have close to an immediate impact. That is my experience from having run this model both in orthopedics and in wounds in previous geographies with similar dynamics. You basically place a well-competent person to support distributors. You increase your key opinion leader interactions. We should remember that our sales in Italy has been in its very infancy before. I hope to be able to report maybe some more details also going forward so that we can display that this is a successful model of implementation. As soon as the famous Italian vacation is over, we should start to see some results. Okay. Well, thanks. Congratulations to a good quarter. Thank you. Our next question comes from the line of Sten Westerby of Analysguiden. Please go ahead. Yes, good morning. Thank you for taking my questions. 2 questions on the FORTIFY study, if I may. First, I understand that you expect to file a PMA on a broader indication than the one which is studied in the FORTIFY study, the trauma or with the tibial plateau fractures. Now, if you could explain what this conviction is founded on receiving a broader indication than the one that you're actually studying in the FORTIFY study. That's my first question. Secondly, can you go into such details how the study is powered to show, for example, a specific number of reductions in surgical procedures? Thank you. I'll just start with the first question, Stig. Thank you. The study was defined in 2016 and initiated in 2017 with the purpose of giving the answer on how bone void surgical procedures with risk of bacterial contamination would react with treatment of CERAMENT G. I agree, this is a pretty delicate topic to say, do you have a patient with a fracture which is then suitable immediately for an injection with CERAMENT G, or do you have a patient with a fracture where you have a bone void that first needs surgical debridement, which then creates potentially an even bigger void after debridement, cleaning, and removal of dead tissue is completed. The study, if successful, would show that where there is a bone void and a gap as a result of the fracture, CERAMENT is hypothetically leading to fewer deep tissue infections. This is how we would have to interpret and closely analyze the results when they come to see how broad we can aim at the indications. This is also a conversation that we will have a dialogue with FDA. Currently, we're opening up the possibility of a broader label, but the data will eventually have to dictate what path we will take. Okay. Okay. The second question, if you could please repeat it, I didn't fully understand it. Yeah. I wonder if you could go into such details of how the study may be powered to result in, or to show a certain reduction in the number of surgical procedures that have been following the trauma. Yeah. I cannot comment in detail on that, unfortunately. I can when the study is also completed, of course. One parameter is, of course, the patients are followed up on a regular interval. If the patient, you can say very simplistically, if the patient is healing well, no infection, bone regrowth, and so on, there's no need for further surgical procedure. Versus if the patient is experiencing problems that are of the nature that the doctor makes the conclusion that here we need further intervention, then all those interventions, of course, are registered if they deal with poor bone healing or if they deal with infection or drainage or whatever it could be. I think we will have to wait until we have the final study results because some of those topics could be voided, and others could be more interesting to discuss. Okay, great. Looking forward to that. Thank you. Yeah. You're not the only one, I tell you. There are no further questions at this time. Please go ahead, speakers. Well, thank you so much. Emil, I would like to thank everyone for joining the Quarter 2 presentation of our results, and especially I appreciate that you took the time to join us today. I know we're competing with a beautiful summer day, so thank you, everyone, for taking the time. I wish you have a great summer. I wish you have a great time until we meet again, and I hope you also look forward to the journey ahead with BONESUPPORT. Thank you. Bye-bye.