Strategy Update

Mar 2, 2021

Hello. My name is Oscar Bergman. I'm a Life Science Analyst here at Redeye. And at Radai, we are covering some 150 companies in the life science and tech field. And in addition to being one of the market leaders in that field. We also provide other services such as certified advisory and corporate finance services. But Today, we will only be focusing on Oste Sign, an exciting company in the Welcome, Morten, and proceed. Thank you very much. Thank you. Good afternoon, everyone, and welcome to Astesign's strategy update. As always, when we do these presentations, the disclaimer. What I really want to share with you today is to show you how we're going to leverage the foundation we've built to generate future value creation. I also want to take a step back and do a little recap of why the acquisition of CerroCraft was a transformative first step. I want to show you today how attractive the markets will be and are, and I'll also talk to some of the unmet clinical needs that we are addressing as a company. And then last but certainly not least, which is the point of today, I want to talk about the future of us design and how our new strategy, which we call ASCENT 25, will take us into the future. But just in case there are any newcomers to OsteCite out there, OsteCite is a Swedish company. We operate in the orthopedic industry. We're headquartered in Uppsala, and really what our focus is, is regenerative bone solutions. We have about 50 people, give or take, And we operate in 10 markets globally. And historically, we've seen about an annual growth rate of 50%. We've sold more than 1,000 of our product called Granial PSI and we have a full patent estate and everything that we all the markets that we operate in, We operate in fully reimbursed markets. But the history of our design It's really about surgeons and scientists together addressing unmet clinical needs. The company was founded in 2011, started clinical exploration around 2014 and then from 2016 and onwards, it's really been around commercialization. And it's peaked in the last couple of years with an IPO in 'nineteen and in 'twenty with the acquisition of CerroCarz, and we also hit a very important milestone of 1,000 cranial PSI implants. Throughout these years, we've managed to build a very solid commercial infrastructure. That means that we are participating and present in all the key markets you want to be in as a MedTech player, not least in the U. S, Well, we've spent actually a lot of time during the pandemic on keep building the infrastructure so that we now have not only a direct A subsidiary which we operate, but we also work in a hybrid model with, at the moment, around 60 sub distributors and agents. In addition to that, we also have main distributors in Asia and in Europe. We are direct in Germany and the U. K. And agents and distributors in the southern part of Europe. But let's talk a little bit about the market we operate in. The orthopedic industry and the spaces we are in is And a very attractive place to be in when you look at the macro trends out there. So the macro trends are really around An aging population and an increased life expectancy. And what does that mean for us, Desai? It means that as we look into Not only the 1st or the 2nd or the 3rd year, but actually way beyond that, we are expecting to see a continuous growth of volume. As we grow older, we get degenerative diseases and we need treatment. When you look at the orthopedic industry overall, it's very, very clear that the U. S. Represents by far the largest part of the market, Followed by EMEA, Europe with almost a 4th. So, US importance to succeed for us design cannot be Underemphasized. If we talk a little bit about Siracost, what is Siracost? For us, it's Zion. Siracost another growth platform, and therefore, we believe it was a transformative first step. Not only did it provide access to a large and fast growing and profitable orthobiologics market. It also broadens our portfolio with products that are very scalable And it also allows us to use the broad commercial synergies which we think we have not only In terms of our direct sales force, but also certainly in terms of our sales network that we have in particular in the U. S. And also from an organizational point of view, this is a space that a number of us have operated in before. We know it well. As we also said, our focus with the CerroSarcos acquisition will be on the spinal fusion market. If you look at the size of it, it's very clear that the biggest opportunity is in Spain and actually, the vast majority of that opportunity is in the US. And what it means for us, Desai, is that relative to where we were before, With a pure focus on cranial maxillofacial, so CMF, it now means that we are operating with a 5 times bigger addressable market. And it means as you think about us design right now, We will be covering approximately 15% of the orthopedic industry, will be present in CMF and will be present in Ortho Biologics with the acquired Synthetic Bone Graft. It gives us an addressable market in excess of USD 3,000,000,000. Both segments are actually fast growing. It's the fastest growing segment within the orthopedic industry, around 7%, And they are both very profitable, but clearly also Ortho Biologics and the Bone Graft business is at the very high end of Profitability, in particular when we look at gross profits. So, enough about the market. Let's talk about some of the clinical needs that we are addressing. If we start with the CMF Business. There are many, many people every single day who get head injuries In some shape or form, it could be a trauma to the head, could be a tumor, it could be other things. They need a surgery And unfortunately, what we see in the literature is that a lot of implants actually have to be removed. Literature ranges from anywhere from 7% to 15%, but broadly speaking, More than 10% needs to be removed. That is a very clear unmet clinical need that we are addressing. If you look at the orthobiologics business, which we intend to use it for spinal fusion, You will see that almost 1 in third, of course, there are many different kind of clinical data out there, But up to 1 third, and I think the common denominator is probably 20% to 25% don't achieve the clinical outcome that you want. You come into surgery because you have back pain, you get spinal instability, and what you want is something what we call a fusion. So it stabilizes your spine, but up to 1 third, that doesn't happen. So those are the unmet clinical needs that we are addressing as a company. And the way we are addressing it right now is with the portfolio that you see here. We have our cranial PSI, which is clearly Driving most of the sales today, cranial accessories, facial and cranial plugs that we, in particular in the U. S, just launched before the pandemic came in. And then for the biologics, it will be around the synthetic bone graft and the party, which is what you see in the picture, the bone graft delivered in a syringe. So what is it we've shown with our technology platforms? So we'll spend some time on that. If you look at what we've demonstrated already back in 2018, there was a study made by the Karolinska University Hospital. And what that showed is that when using Ostezine's PSI, cranial PSI, You have an exploitation rate, so a removal of 2%. Now, that 2% needs to be seen relative to the 10% to 15% that I talked about earlier. So it's a very, very significant delta between what the market average and what we are proving. And that data we just published in the beginning of January in our post market surveillance. Now we have data with more than 1,000 patients across all geographies in the world, covering more than 180 hospitals, And we are still able to demonstrate that that number is only 2%. So I think it's fair to say that We are and we have been setting completely new industry standards when it comes to cranial reconstruction. And we have a growing body of peer reviewed evidence, actually around 10 now, all talking to the same thing. If you look at our other technology platform, which is the Orthobiologics Technology platform, that is, of course, not commercialized yet. So let me walk you through some of the things we are seeing in that market. Today, there is really only one product out that generates the fusion and the clinical outcome that you want as a surgeon and that is something called BNP 2 or Infuse in the US, it's a Medtronic product. It's not a synthetic bone graft. It also costs anywhere from $4,000 to $8,000 per surgery. It's an extremely expensive product and recently there has also been some adverse incidents at least, which means the surgeons are a little bit But why is that interesting? It is interesting because when you look at the preclinical data On the OsteoCube, so the Silicost product that we acquired, you will see that after 12 weeks, Actually, the product that we demonstrated showed an equivalent fusion rate in the Bowden model, which I'll talk to in a second, But it showed an equivalent fusion rate similar to that of BNP2. So very, very significant, very Promising preclinical data. And we take that preclinical data and you compare it to the other synthetic bone grafts that are out there in the market. And in human beings, they typically perform around 80%, as we talked about, about 80% fusion. But when you test it in the Bowdoin model, the Bowdoin model is a discriminating model, it is a rapid model, which means that you're really stress testing your product. What you see out there in the market today in that preclinical model is that other synthetic bone graft actually only fuse 25 to 50%. And what the Zero Cost product, OsteoCube, showed is that We're getting closer to 100% already after 12 weeks, but certainly after 26 weeks, it's 100%. So right now, the preclinical data we have, which we will be using when we commercialize the product in the second half of this year, means that we can demonstrate in a preclinical model that we're not only outperforming what has been out there in the market, but we are also demonstrating results that are on par with the best product out there, Pecor BNP2. So very promising data. As I said, it's only preclinical, but it's Certainly enough to commercialize the product. So to sum it all up, What I believe that Astesign has, which is the platform we will use to think about the future and to build the future on, It's a proven technology platform that will allow us to drive innovation. It is a strong sales agent. It's a strong footprint that will allow us to commercialize products and it is an experienced team also well beyond just the CMF focus that the company historically has had that will allow us to build a successful business. So that's really the basis, that's where we are coming from that we will be using going forward. So over the last month, we've spent a significant amount of time on conducting a strategic review of the business and where the business should be going in the years to come. And that means we've developed a new strategy for us to sign called Ascent 25, and I'll walk you through it now. Essentially, the strategy will take us to sign from being a niche focused player in CMF to a company that will participate across 3 different orthopedic segments And it will have 5 very clear strategic priorities in the years to come. The path to that ambition means that when you look backwards, as I said, '18 to 'twenty, we've spent the years on building the platform. The next 3 years are really going to be around expansion and investment, And it's going to be expansion and investment on the portfolio, on our U. S. Footprint And it's going to be expansion and investment in clinical, both trials and registries. And then as we look further into the future, 24/25, we believe that's where we're gonna have the scale. So, in a very meaningful way, we can start addressing profits and cash flows in a completely different way than we will be doing over the next years, which is really, as I said, around investment. It also means that we've set a new financial ambition. And of course, you know, in the middle of a pandemic, It is somewhat difficult to try to predict about the future, but we've set an ambition for ourselves, which is to deliver between €300,000,000 €400,000,000 in net sales by 2025. We've also set an ambition for our sales to become cash flow positive from operations by 24. So those are the 2 financial ambitions that we will be striving for as a company. We've also said 5 strategic priorities for the company. The first one It's wind in the U. S. And what does that mean? It means that we are going to disproportionately direct investments towards the U. S. Market. It's going to be around increasing our footprint and our sales coverage, and it's going to be around accelerating our surgeon engagement and our key opinion leader activities in general. Those would be the biggest focus areas for us. Of course, with 0 costs which we'll commercialize and expect the first sales in the second half this year, we need to build the All For Biologics business. So we'll be investing and focusing very heavily on driving surgeon ambassadorship. We also need to extend the portfolio beyond what it is today. And then, of course, which you'll hear me talk a little bit about later, We need to make some very meaningful investments in clinical trials and registrars within that business. Number 3 is around the portfolio. As I said today, we are seeing a large share of our sales on our cranial PSI. That's something we want to change. So we will be driving much more innovation in the portfolio, both in terms of developing and using the standalone CMF technology platform or the Ortho Biologics technology platform, But we also see very meaningful ways of combining that, in particular, as we have an ambition to also enter the spine segment by 23. Number 4 is around clinical superiority. Clinical will be a major investment area for us to sign in the years to come, and it will be centered on investments in More preclinical trials, in clinical trials and in clinical registries, in particular clinical registries in the U. S. And then, the 5th priority will be driving operational efficiencies. We think we can do better in terms of bringing down COGS and therefore getting a better gross profit margin in the company. We also know that delivery time to our customers is very important for them. So we're also going to set ourselves new targets for bringing down the lead time, which we, of course, expect will translate into more sales. And as we are doing that and as we are scaling the company, of course, we need to keep thinking about and putting measures in place to drive increased robustness and reduce vulnerability as we get bigger and bigger. So 3 segments will be playing in CMF, as we are in today, will enter Orthobiologics in 2021, later this year, and we have an ambition to also enter the spine segment 23, and we're going to do that by executing on those 5 priorities that you see here on the screen. When you focus the company, and for the sake of in the case of Vostein, it means focusing the company on where we see synergies, and we see a lot of synergies in serving neurosurgeons and spinal surgeons. That's where we've built credibility. That's where we are present. That's where we have relationships. That's where we can use our sales network. When you do that, it also means that there are certain things that we're engaged in today that may not have the same fit as we think into the future. So for instance, we demonstrated that we can use the technology platform we have and we could create similar outcomes in the oral cavity to use for dental surgery. So that may still be something that can be explored from a technology point of view, But the fit to our business in terms of us design being the ones that actually will commercialize it and enter the dental market, That's not something really that we see. So, we don't believe that we should be the ones commercializing that, but we may actually start to engage in dialogues. It could be someone else. When it comes to facial PSI, that has been a product that has been much discussed over the years in us design. What we are trying to do with the facial PSI is really to help surgeons because they have no good solution out there. So we have tried to help them to the best of our ability and it's gone quite well actually, but it also means that we have served many different cases, many different types of customers. We've tried to solve many different indications. If facial PSR is going to continue in the portfolio of us design, we need to have a much clearer line of sight to A product that can be scaled, a product that is targeted towards certain indications and customer groups. Right now, that's not the case. So, we will be reassessing the potential and the clinical usage of that product. And we also do that to really focus on the things that matter, on the things that we believe can drive significant value in the company in the years to come. And we see in particular 3 different areas where that is happening. Regulatory approvals, as you can see, we're going to do a 510 update on our cranial PSI. We're going through MDR right now We also expect to get our accessory line approved in Japan. The next year, U. S. And Japan, we're also going to get more regulatory approvals is our expectation. And then from 'twenty three and onwards, that's where we expect to take our Synthetic Bone Graft product and actually take it into Europe and Japan. But in particular, around clinical data, that is an area where we expect to keep driving a lot of value out. Not only are we going to continue our cranial post market surveillance, which is now more than a 1,000 patients and we will keep building that cohort over the years to make it more and more robust. We are also going to start a number of clinical trials and preclinical trials. Our Cranial Plug Prospective trial, which we're going to start this year, as I also said on the CellCOS product, we've seen a potential On Osteo Inductivity, and we think that warrants that we actually look at it from a preclinical study, so we're also going to start that. Today, there is an extender clearance on the Silicost product, OsteoCube, which means that it is mixed with bone graft. We also want a claim that it can be used as a stand alone. So that we're also gonna start. And then we're also gonna do our first clinical trial, 1st in man clinical trial on the OsteoCube product. So a lot of products, some of which we'll be able to report on this year, Some we'll be able to report in 'twenty two. And then we are also in planning mode for a larger, more comparative study, which, of course, is going to take longer and it will take us into probably 24 before we can report on it. But we do want to have and see the first clinical trial and the outcome of that before we get fixed on exactly how that Comparative study should be set up. Equally important, we also this year are going to set up A cranial registry in the U. S, and we're going to set up a bone graft registry in the U. S. And why is that interesting? Well, registries allows us to do many things. Many of you may know the importance of the Swedish hip registry When you look at hip arthroplasty worldwide, it was the first registry that was done and the importance worldwide has been very significant. We also want to set up a registry on both cranial in the U. S. And also on the OsteoCube on Bonegraft. And that will allow us to do Two things. We're going to get time series data. So maybe this year, we'll already get 3 month data on the first patients and then 12 next year and 24. What it will also allow us to do is to build a base where we can mine that data, which means we know, for instance, that Surgeons have particular problems when it comes to spinal fusions, when it comes to smokers, when it comes to diabetics. Collecting all this data will allow us to really slice and dice and learn and publish very meaningful data, Not necessarily peer reviewed, but certainly in white paper format. And then, of course, we're going to have some commercial milestones. At the end of this year or the second half of this year, we expect our 1st orthobiologics sales. As I said, we are exploring ways to enter the spine market in 'twenty three and then as I also mentioned, we have a financial ambition of becoming cash flow positive in 2024. So, when I look at the future of Osteresen now, I see Quite a different journey in the past, also a more focused journey focused on neuro and spinal surgeons That allows us to address their needs in CMF, in Ortho Biologics and in Spine. And we have 5 very clear priorities that will allow us to keep driving more and more value in the company as you see up here. So I think with that, that was all for me right now, and I think we'll go to a Q and A session. Thank you, Morten, for that presentation. I think I will start the Q and A session With a question about the equity issue that you had this morning. Could you just give some sentences on that? Yes. So this year, in connection with the launch of our new strategy, we also announced The launch of a rights issue of $240,000,000 and then there is also a $30,000,000 over allotment option, which means that If all goes well, we'll be able to raise €270,000,000 in gross proceeds. Perfect. And this, in part, will finance the Siracles acquisition. Could you Just explain a little bit to me how that came to be? What was your decisions on focusing on this specific segment and specifically on this company? I think it goes a little bit back to there is a market component, but there's also kind of an Oste Design component. As I said, the history of AstraZeneca is really around addressing unmet clinical needs. And I think We're doing that in CMF, but we also know that spinal surgeons and neurosurgeons doing spinal surgeries have a particular challenge simply that the outcomes are not good enough. Now synthetic bone graft have come into the market some years ago. I don't think they had the same SaaS, as we've seen. What we saw in CerroCraft is a product that can really Make a change. That can really be a game changer. If you're American, you would have said that. So we think that it's really something that can help us Do what us to sign does best, which is to address the unmet clinical needs. Now, having said that, it also addresses a number of different things. It is A much bigger market than where we historically have been. It is growing at the same pace. It is much more profitable and then it's scalable. It's volume production, which is different to our traditional patient specific implant business. So It will allow us to scale the company in a very different way by having these 2 franchises or these two legs of the Yes, exactly. And I mean, your core focus before has been the cranial implants, and I expect that to continue. But if you look down the road now in a couple of years' time, how much of the resources will be divided between the cranial implants and then the bone grafts, What did you say? I think it's difficult to say anything specifically on how resources are going to be spent. As I said, There are some very strong commercial synergies, which means that you can drive both product groups or products through the same sales channel. Bone graft and orthobiologics will be a very meaningful part of the business. We're certainly not abandoning our CMF business. We think it's very lucrative and we have ample room to grow. But we think It's a very interesting and very exciting complement to the business. And of course, we need to invest in it as well. And you expect some sales from the Syrcos acquisition already this year. And as a life science equity researcher, You always look at the clinical validation that's there. What's your view on how you will be able to start Selling already and clinical trials going forward? Yes. I mean, I think I outlined our thinking around some of the clinical trials, which I think would be meaningful. Listen, I think it's important to remember, and I'm trying to address it every time I talk about this kind of the Ortho Biologics or the Bone Graft business. You do not need clinical, solid clinical data over many years of level 1 data to really start commercializing a product with bone graft. I think we appreciate that you need to keep building it. But when you look at The products that are out there, and you look at the amount of peer reviewed clinical evidence they have, You'll probably be surprised about how little it really is. Secondly, a lot of surgeons will look at your histology. So, they will look at the data you've generated in pictures, and they can see if bone is forming, and they can also see if bone is forming fast. And so, those things are really the things that will be driving and that's also what was very attractive with Syracuse. The histology shows very, very clearly that you get a lot of bone in growth and you get it very fast. Yes. And you mentioned briefly that there are other products, of course. Could you explain the competitive landscape Briefly and how you will compete with these competitors? No. I mean I think in overall, there are many bone grafts out there. There are also many Bone grafts, similar types of technologies in the U. S. Market. So, in that sense, It is crowded. It is a crowded market, but it's also crowded because it's extremely attractive, right? A bone graft of The syringe you saw on the picture, the average selling price is anywhere from $19,000 to $200,000 to $2,000 So It's quite an attractive place to be. When you look at it, there is one product, as I said, which is the Infuse, the BMP2 from Medtronic that really took a large part of the market and have demonstrated fusion rates that sits well beyond everyone else. When you look at the rest, there are really not any products that solve these last 20%, 25%. And that's what we'll be going after with this. So we're not going to target anything specifically. We're also going to go very focused to the market. We know the market. We know the customer. So we're not going to do shotgun approach. We're going to go very target to senders that we think we not only can have a meaningful with but also people that can help us generate the data and set up the registers as we talked about. I know you have a quite extensive Commercial infrastructure already in the U. S. And that this can be leveraged to start selling those to Putty. But do you think that this could be a product that is Interesting for eventual partnerships to launch in the U. S? Or will you do this on your own? No. I think we're doing both right because it's actually a hybrid model. We are managing the country through a direct subsidiary, but we will have what's in the U. S. Is called distributors, but it's commission based agents really that will work on our behalf. So our network and our reach is way, way, way bigger than just our direct Kind of directly employed sales force. So clearly, it will be and we already had people coming to us who would like to work with us on kind of distributing the products in the U. S. But it's going to be dynamic. It's going to be a dynamic exercise. And judging from this presentation, it's clear that you are doing some major strategical shifts. And it seems like you will have less focus on your facial implants. Is there any risk that you will perhaps also Slow down with the cranial plugs that you are selling? No. I mean that I can say, we're definitely not Slowing down. If we're doing anything, we're accelerating that. It's a really good product. It has an Austin conductive claim. And we've had extremely good customer feedback. Unfortunately, in the U. S, we just launched it just before the pandemic came. And right now, we're just not allowed to go in and introduce new products. So let me just make that clear. This is a product that will stay in. It's a product that we're going to invest and accelerate. And the facial implant, is do you have a set strategy now on the eventual FDA process? Or is that also put aside? No. I think, as we say, When you look at parts of your portfolio and you say, If this is a product that you're going to be driving very hard and focused in the years to come, then you need to have a very clear strategy for that product. And right now, we feel that we don't have that and we need to do a reassessment both of the potential of that product but certainly also on the best clinical usage of that product because we also want Solid outcomes on the product. So yes, of course, when you take a step back, it means that you are reconsidering a lot of things. Do you think that this acquisition of Siracos can potentially increase your potential to also sell the cranioline plants in the U. S? Yes. I mean I have no doubt that that's the case. Maybe it's just important to understand that in the U. S, neurosurgeons in Europe, neurosurgeons tend to do neurosurgery and typically what we call cervical spine surgery, so the top of the spine. In the U. S, they actually perform a full spine surgery, which means that they do deformity cases. They do all kinds of cases. And the closer you get to surgeons, The more business you get with surgeons, the more reasons you have to work with them on generating data and showcasing your product. Of course, we expect that they will have a positive kind of drag impact both ways on both the CMF products, also on the of Biologics and Bone Graf. I think before I continue with my own questions, I will look here at some of the viewers we have online. First off, this financing that you have done now, is that something that you expect will carry you to positive cash flow? Yes. If we take in the full amount, and of course, it's depending on that we're delivering to our plans that we've laid out. But yes, the clear intention is that if we also trigger the over allotment option of the $30,000,000 That is what we expect will take us to positive cash flow. And then I was one question here that is, I think, also very interesting. How are things progressing with the cranial implant in Japan? Well, nothing has changed what I said in our Q1 result, we were essentially ready to launch it towards the end of Q4, then the cases spiked And the state of emergency came in. So I'm still saying the same as I did early in February on our Q4 results that Right now, unfortunately, we think it's going to drag all the way into Q2 before we can launch from what we can see right now. All right. And I will Ask you 3 more questions, Morten. You have these financial ambitions of SEK 300,000,000 to SEK 400,000,000 in revenues. And with this now exciting venture into the bone graft market, could you walk us Through how you landed on these figures? And also, can you say anything about the contribution between 2 verticals? Yes. I'm glad you're saying it's SEK. It's not SOLAS. Let me make that clear. No, at this point in time, we're not breaking down any further. We want to keep those numbers and that modeling to ourselves. As I said, the way to think about Bone Graft or the orthobiologics side of our business now is that it will be a very meaningful part of the future company, not just a small fraction. And a follow-up question. Of course, it's It might be hard for you to answer this one. But do you think that perhaps going into 2022 or so, you will be able to provide some sort of guidance for this Maybe, maybe not. I don't think I can promise anything. I think Listen, I understand. We are kind of growing up as a company. There is an interest to also look at our gross profitability, of course, at a different level. Now that we are starting to expand and go into new businesses, of course, we also understand that there is an interest in seeing how those are working. Can't give you any promises now. But of course, we are also considering those kind of things. I know you want to know. So Yes. That's up to me To decide on my models. Okay. So you also briefly mentioned that you will try to automate production to a high degree. And from what I have understood, I mean, you're relying to a high degree on the CAD engineers to design these implants. How does that fit into that? I think when you think about again, when we think about automation, it's not only for the CMF products, the patient It's certainly also for the orthobiologics but also in the future any potential spine product. So I think it's a more general statement that as we want to get scale, we also need to think smarter ways of producing at scale. Having said that, I think there are things you can do on the patient specific implants. Right now, it is hand carrying, of course, And it is also very much depending on the knowledge that we have as an organization. And I think there are ways where you can also institutionalize some of these things. And we have line of sight to a number of media things that We can start to address to kind of speed up the end to end process. Okay, Morten. During the coming quarters for this year, what are the key activities that you are looking forward to the most? Well, we need to deliver ourselves, right? But, and come out on the other side of the pandemic. I think to me, That's an important thing that the minute we start to see the evening like we saw in Germany or we saw in certain states in the U. S, that we're able to go after that. Then of course, Commercializing and launching of biologics is going to be a big, big milestone for us this year. But I also think there are a number of important areas relative to the clinical acceleration. So we're going to significantly accelerate clinical work this year even relative to 2020. And we need to get those things off the ground and some of the things is what I outlined earlier. So I think to me, those are really the big things quickly coming out of the pandemic, launching orthobiologics and really get movement and traction On the clinical side. Okay, Morten. Thank you for the presentation, and good luck with the Equity Share. I hope Yes. Thank you very much. Thanks for having me. Thank you. And thank you to all the viewers. As usual, you can always look at this presentation again once it's uploaded on the Redeye web