Okay. Okay. It's, we're past the halfway mark. I still have a voice. This is good. So we've heard from a wide range of companies today. Some with a story as steady as it goes, some with a turnaround story, some with a story of innovation and disruption. This next company is different than all of them, yet it has elements of each. At its core is what I would describe, and we'll see if Sima agrees or disagrees, but I would describe it as a story of reinvention. The company's reinventing its consumer interface, it's reinventing its service offerings, and it's doing this on top of a foundation built on 60 years of heritage. I'm referring, of course, to Weight Watchers.
With me on stage to tell us where they're coming from and where they're going is the company's still relatively new CEO, Sima Sistani, and its new CFO, official CFO as of a couple of weeks ago, Heather Stark. Ladies, thank you so much for joining me.
Thank you.
Thank you.
I was gonna say something if you didn't.
With what?
'Cause it still says interim up there.
Oh, yeah. That's how new it is.
Yeah.
That's how new it is. This just happened. Breaking news right here. The interim can now be scrapped. Okay. Both of you are new faces to the story, but Sima in particular, you have taken the helm, I don't know, how long ago did you join?
Just over a year.
Has it already been a year?
March 21st, 2022 .
Time flies when you're having fun.
Yeah.
Well, what a difference a year has made in terms of a lot of things and what's going on with the company and the trajectory you're going down. Before we get down there, maybe just give us a bio. Like, introduce yourself to this group, 'cause I didn't do it. You tell your own story.
That's like my least favorite thing is talking about myself. I'd rather talk about the company.
We'll be quick. You can be short.
I've spent my career at the intersection of tech and media. What am I doing at Weight Watchers? I think that the through line there is community building and digitizing social relationships and the most important part of the story being that I was a member before joining to be the CEO. In 2013, joined Weight Watchers program, lost almost 60 pounds after having my first baby.
Wow
and really felt like this was a program that worked. I had been around healthy habits my whole life. My mother is a registered dietitian. She has her PhD in food science, in fact. Yet I found myself struggling. As somebody who comes from a product background, I thought, "Wow, there, this is a great program, and there's a lot of opportunity around it." Fast-forward to now, sitting in the helm and taking everything I've learned from growth tech background and applying it to this, you know, heritage, you know, legacy brand.
Okay. You stepped in at a time where, frankly, the trajectory of the business wasn't great. Was on a bit of a downward slide. Looks like a really hard job-
Mm-hmm
... to take, particularly with the business going that way. What drew you in? Like, what did you see that attracted you, and why was this the right opportunity for you to jump into?
It goes back to being on the program and feeling like this is an amazing program and it works. The catalyst for my introduction to the company was actually during COVID when I thought, you know, having followed the story and had been on the program, I'm actually listening to a podcast, it's Oprah's podcast, and she's interviewing Tina Fey in that moment, and they're talking about social networks and the fact that Tina is not on any other social networks, but the one place that she finds community is in the Weight Watchers app as a lifetime Weight Watcher.
It was like an aha moment for me because in that moment, I'm building Houseparty, over 100 million users, trying to build empathy into online communication, and the program that has worked for me that I love, it occurred to me, is also a social network. So I reached out, and I said, "You know, you all must be figuring out how to handle this mixed shift to digital during COVID. Can I be of help?" I actually was interested in joining the board, and I got to know the company. Fast-forward two years later, came in as CEO because to me it was this like, I hate to use the term, but low-hanging fruit. The opportunity and the roadmap was so clear to me of what could happen if you took a digital-first approach to this business.
Yes, I definitely knew what I was getting into. I'd been part of a turnaround before at Yahoo when Marissa Mayer came in, and so, I've also seen a roadmap of what not to do, frankly. I was very confident in my ability to transform.
Okay.
Mm-hmm.
You saw an opportunity, not a problem, with a very clear roadmap ahead. What does this roadmap look like? Share this roadmap with us, please.
The roadmap is really about taking community accountability coaching and leveraging that in a mobile-first experience. Essentially, Weight Watchers has worked because of the peer-to-peer accountability. Yes, you have a behavior change program, yes, you have nutritional science, but what keeps people accountable to the program are other people who are in that experience with you. When 80% of the membership moved to digital, they were suddenly not experiencing that anymore, and that was the opportunity, was: How do we connect those people, bring the same reciprocity, repeat encounters, disclosure, all of the design principles that have to do with creating a third space, and let's bring it to the Weight Watchers program such that we can keep people accountable to building healthy habits, and that's how they will have success.
If they have success, there's word of mouth, there's high MPS, it drives the top of funnel, and everything else sort of follows from there. In addition to that, was considering the new modalities. Where is the science going? We've always been an evidence-based program. The evidence is moving past us. We're talking about brain hunger. Now we have a concept of gut hunger, and how do those things connect. One of the first things I did also when I joined was to start to look at these new modalities, and it was clear that clinical was going to be a pathway and something that we needed to consider.
It was basically a mix of let's take the gold standard experience that people were experiencing in real life, let's make it into a digital-first experience, and then let's expand our pathways beyond such that we have a portfolio of offerings to people, wherever they are in the spectrum of weight health.
Okay. weight health, the new term for you. I haven't heard this from the company until I think last quarter. Maybe you said it before, but it really came out in spades last quarter. What does this mean?
The best way for me to describe weight health is to link it to mental health, because that's something that we all, I think, now recognize and talk about. Which is to say that prior to COVID, I think we were more likely to refer to mental health as either by its condition, depression, anxiety, mental illness. It wasn't until an epidemic when most of the population had some impact to their mental health. With that came investment and innovation in the space. I think that the same thing is now happening around weight management. Whereas 10 years ago, the NIH, the CDC, the AMA, the WHO, they all recognized that living with obesity was a chronic condition, a relapsing chronic condition.
Yet we are here in 2023 still talking about it as a vanity problem versus what it truly is, which is a matter of health. What I don't want is to wait for it to become an epidemic to take any kind of action. That's what we're on track towards. In 2030, over half of the U.S. population will be living with obesity. As opposed to waiting for that moment, we believe it's important to recognize right now the chronic condition and the opportunity around weight health. Our system, our healthcare system, is based on a disease model, and weight health is about preventative care. I think that's what Weight Watchers can do best.
For 60 years, we have approached that from a behavior change, nutritional science perspective, but now we're adding clinical pathway given the chronic weight management medications.
Okay. There's a lot of places we can go with this conversation right now. I don't wanna get too far too quick because it's easy to get excited about where you can be, but I don't wanna lose sight of the reality that you're in a tough spot today.
Mm-hmm.
The base business subscribers have been going lower. Your mix of business, like the price point on these subs, has gone lower. We're putting real revenue pressure, and putting real pressure on the bottom line for a company that has a lot of leverage. Let's ground ourselves in the near- term and then step back out and start getting a little more excited about the future. This is my opportunity to bring you, Heather, into the fold. With these top-line pressure points, it's required the company to get very disciplined on the cost side, to create more flexibility and really protect the bottom line and protect liquidity. Can you talk about the initiatives that you've undertaken, first in your role as interim CFO, that arguably earned you the title of official and permanent CFO?
I'd like to think there were a few things that earned the spot, but one of them definitely was thinking about cost structure and thinking about it differently. We have had restructurings in the past where we've, you know, taken a slice at the cost structure. This time it was really, you know, purposefully done to think about how do we centralize, how do we bring decision-making together, how do we bring our thought together much more efficiently. Step one was centralizing our management structure. Prior to this past year, we had each market around the world running like its own little Weight Watchers. Now we have one centralized, not globalized 'cause it's centralized structure for management decision-making. We can do that much more efficiently too with fewer people around the world.
Two, we looked at, sort of non-strategic business lines, things that weren't laddering up to our mission, and we made hard choices to cut these and step away from them so that we could put our energy, put all of our resources against the things tnhat are gonna matter for our regrowth into the future and to get behind new things like clinical that are, you know, so important. Third, we looked at our workshop business. You know, coming out of COVID, and you talk about, you know, declining subscriber bases, it's shifting subscriber bases to people showing up differently. Do they show up in a workshop? Do they show up for us digitally now, clinically? We need to be where they need us to be.
We did a significant Q1 effort, A, to get our margins back in line, but B, to rebalance how we show up. We got out of a lot of fixed- cost lease locations. Think, you know, you've got one, you know, Twenty-third Street location that can service people in a certain vicinity. Huge cost overhang to that versus let's go have 10 that are spread out with these Studios at locations where we show up for a single workshop in another person's environment or another company's environment, but we can do that much more efficiently, and it's about bringing the community get-together versus having the sign over the door. Tons of efficiency coming out of all of that.
I would add to that, the first RIF that we did was in the first month that I got there. The reason for that was not because we were looking at the cost basis of the organization, though that was certainly a silver lining coming out of our restructuring, but was because I took a whiteboard and said, "The company it looks more like a retail company, and we are no longer an analog company. We're a digital company." I modeled it after growth tech companies that I'm used to operating in. We took that whiteboard, and we addressed the organizational debt that was in the organization. You could look at the app and take the various tabs and connect it to one of the executive team members of the company.
It wasn't being built in a way that was about solving member problems.
Mm.
It was being built around each organization's KPIs versus one team, one dream, here's our North Star, and that's member success.
Okay. Okay. We gotta wipe out the app. We rebuild the app. We rebuild the interface. How far along on this journey are you?
We have made meaningful progress in this direction, and that's why we keep pointing folks to activation rate, which was a new KPI we got behind, measuring member success in the first 30 days, because that is the canary in the coal mine. That's what's telling us that we're on the right track, without having to wait out the course of the tenure of a member's retention, is we can see in the first 30 days whether or not our new feature developments are working.
Mm-hmm.
We started out last year by what I called stop the bleeding, frankly, about simplification and driving members towards the actions and the engagement in the app that was going to help them be successful. What I was so excited, which was ahead of my own expectations, was that we're already seeing activation rate, that trend line smile, and that's really incredibly hard to do. Not only have we turned the corner around activation rate, but we're now, you know, 4% to 8% higher than year-over-year, and the line was going in the opposite direction. That's what we're looking at when we're saying, "Is what we're doing working?" Because especially in our industry, it's very word-of-mouth driven.
I have success, I'm more likely to tell people about the program, that's what helps us with efficient top of funnel. Activation is basically telling us a member is more likely to be successful, half as likely to churn, and therefore going to help drive more efficient marketing.
Much higher MPS scores.
Yes.
Yeah. Create a virtuous cycle. There we go.
That's how it works.
So, um-
The product needs to market itself.
This is one data point that's giving you confidence that the business is finding support and a floor. Are there any other data points that you can point to to bolster confidence of those in the room that, hey, the core is being stabilized?
Sure. In addition to activation rate, we're also looking at the engagement rate, which was the across the entire population, not just the early cohort. The year-over-year trends are also improved for the, for that population. Most importantly, if you look at Q1, I feel like I can't say this enough, people are looking at the year-over-year and saying, "Oh, well, it's lower." Yes, but our net adds are higher, and we spent almost 20% less. We're That's happening because we're making the right changes, and we are marketing more efficiently.
You still spend a tremendous amount on marketing. It's a couple hundred million dollars there. It's a big budget. Yet you talk about opportunities to increase the efficiency. Is that an opportunity to actually lower the spend, or is it an opportunity to keep the spend and improve the efficacy of it?
Right now, I would say that just given the paradigm shift that's happening in our space, that it's important for us to keep the spend, and move it towards the most efficient times of the year, whether that's lining up to LTV CAC or to, you know, new launches.
Mm-hmm.
I think that there is opportunity down the road for us to rethink that budget overall, but for now, I think it's important for us to spend where the LTV CAC makes sense and the ROI will be high.
Okay. Okay. We always see efficacy of marketing is generally a lot better when there's substantive news to deliver. It's always a lot catchier. Let's transition to your substantive news. This is the branch out into clinical services, which you've enabled or you've accelerated and enabled with your recent acquisition. Tell us. I only have 17 minutes left. I wanna make sure we get to the good stuff. What was it about Sequence that attracted you to it? Tell us about the insurance rails as you talk about it 'cause that's the enabler, right? You've, you got access to a third-party clinician network. You could have done this on your own and done it quickly.
Mm-hmm.
I believe it's the insurance stuff that was really proprietary and drew you to it. Tell us what is the advantage that brings?
Definitely. I will say the new news, and then I know that Sequence and telehealth is the shiny thing that everybody's excited about, but I will point out our core business too is that what we have coming in the second half of the year, I think is also quite exciting.
What do you have coming in the second half of the year?
Around our what to eat tab that's really helping to solve member needs there, where I go to Trader Joe's, I need to know, you know, I wanna put together a five-point meal. How do I do that? I'm, you know, in line at a Wendy's or a Chipotle because I'm on the go, I need to know, you know, I've only got six points left in my budget. What can I order? It's being able to solve the member needs and meet them where they're at. Progress and trends, It's not so much about personalization, it's about precision. We take all of the inputs from wearables, from what I'm tracking, we give you informed insights based on that.
The reason that's so important, going back to clinical, is that there is an opportunity to marry the two around behavior change and ensuring that people develop these healthy habits long term, and also what a clinical pathway really ultimately helps somebody do, which is adhere to healthy habits. I think that's a misconception around the medications, is that you just take them and lose weight. Well, if you want to have the best outcomes for long- term and make sure you're managing your lean muscle mass and getting the right nutrient density, you also need to pair that with behavior change. All of the clinical trials around these medications are done alongside lifestyle therapy as well. Yes, when we came in and we...
I mentioned that one of the first things I did in the first month that I was, you know, took this role, was to take a look at all the new modalities that were out there. It was about almost a year- to- date when I joined that the medications had been approved for obesity. I was really shocked that nobody in the company was thinking about what we could do in the space. We immediately set up an incubator around it. I recall a couple of months later sitting down with our scientific advisory board. We have medical doctors who are prescribing the medications, and they were talking about these drugs like they were game changers. That's what they are.
We were also hearing over and over again that the needs around people who are on these medications are really great and that somewhere it's a wide space that a company like ours could help address. That's when we decided to move from building it on our own to buying. We looked at over 30 different companies in the space, and Sequence stood out, not only because they have built, from a tech-first perspective, a process that makes the insurance, the access to the medications easier through putting the insurance process on tech rails, but also because we had values alignment around the way that they were operating their clinician network, the protocols, prescribing a wide formulary.
We felt like they were doing things responsibly, and it was a great pairing and mission alignment that we had between the two companies. That really made the decision quite easy for us to engage. I'll also say that my own company was acquired by Epic Games prior to joining Weight Watchers, and I've been a part of another acquisition, Tumblr Yahoo, which I thought didn't go as well. I had a roadmap to how an acquisition could go well and how it could not. It was clear from meeting the founders of Sequence, also understanding their superpowers and our superpowers, that this was an acquisition that could go well. All of those things together sort of were the impetus behind the acquisition of Sequence, and we were really excited that we could enter the space.
Especially when there's a lot of misinformation and bad actors, and you have companies who are, you know, just moving fast and breaking things, and this is not the space to do that. It's really important that these medications be responsibly prescribed and that there be an overall care team model alongside of it, and that's what Sequence does really well. They've got a care team in your pocket if for the member. They've got an amazing clinician experience. Ultimately, they make the medications more accessible because they figured out an automation process around insurance.
The superpowers that you bring to the table, my perception is you bring a brand and everything that conveys, and a Rolodex of current and lapsed Weight Watchers consumers who you know have demonstrated desire to maintain better weight health, and are willing to pay for it. Is that fair, or are there other superpowers?
I would add to. I think those are the. Both of those, yes. I would also add to it, our B2B channel. We have Weight Watchers Health Solutions, over 500 employers, including the City of New York. Our ability to figure out that first dollar of healthcare, I mean, 50% of it is happening through employers' insurance. We're figuring out the right sort of step therapy model with these.
Mm-hmm.
With our current employers, I expect us to be expanding on that program. I would also add omnichannel to the list of reasons why it makes sense. I do think that this is going to be, and we've also heard it from the pharmaceutical companies as well, quite a D2C market. Telehealth, obviously, given, you know, where we are in the landscape, telehealth is where it goes. There are still people who are going to wanna walk through a door.
Mm-hmm.
We have a footprint that we can utilize in helping to do that. Ultimately, the brand part, I'd connect that back to LTV CAC efficiencies because this is, you know, a lot of the companies who are in the space, the unit economics don't end up making a lot of sense.
Sure.
We have.
Well, it seems like.
Go in there.
the incremental CAC in your system is nominal.
Correct.
Yeah.
Yeah.
Which I would question whether or not Sequence is a viable business on its own in five years. Through your system, you just massively change the economics.
We'll never know.
We have. Well, there's 29 others out there that you looked at.
Yeah.
We can look at where they stand.
Yeah.
in five years' time.
Yeah. Right. Once you add in the Sequence subscribers at a constant state of spend, there's an improved LTV to CAC.
Yeah.
Sure.
We're gonna acquire.
Yeah, yeah. 'Cause you're acquiring a higher revenue on that, which obviously improves the LTV. Your relationships with B2B employers, Novo Nordisk estimates, or they provide a figure that 20% of the U.S. population is insurance eligible for these drugs today. I think there's a wide broad-based expectation that that rate is going to increase, is increasing, will materially increase, there's discussion or debate about whether or not that just increases as is or whether it increases with contingencies. Contingencies like you're approved if you're enrolled in some behavioral modification program, if you're enrolled in some mode monitoring type system. It would seem if it evolves that way, that evolves to your advantage because it's exactly what you provide. Given that you're plugged in to 500 B2B employers, what are you hearing or seeing on that front?
I think it's just that. Look, you're hearing from, for instance, Eli Lilly, that they expect that the ROI of the sort of the health benefits for these medications is, you know, five to 10 times that of the actual cost of the medication itself. That's looking at long-term benefit versus the cost in the moment. I think that that's what we're helping employers try to figure out right now, is ultimately they're trying to, at some point, rate limit the access to the people who need it most. We can provide a combination therapy or step therapy to help them do that.
Ultimately, that may ensures that the people receiving the medications, they are actually, you know, qualifying, meaning, you know, through the FDA guidelines of who should have access, and that they're alongside of it doing the right healthy habits and lifestyle therapies that are going to make the ROI, like, worth it, right? so that's what we're figuring out. Obviously, it's just been a few weeks since we closed the deal. There's a lot of... for us to still figure out in terms of what a integrated program looks like. You can imagine that that's something that we will be speaking to more in the second half of the year.
Just to add back to your question on insurance tech rail differentiator, you referenced 20% of the population having sort of insurability around this. Early days still, as Sima said, we just closed in the past month. Early indicators are we're seeing prior authorization rates north of the mid-30% on, you know, first run at trying to get someone insured. We're seeing much more than the market, typical insured rate, come back in this prior authorization function that they built.
Mm-hmm.
It does set them aside, set us up for, you know, differentiated, more efficient, pathway through for people. You know, improves value to subscribers.
It's almost like insurance doesn't wanna cover the medication. Having an automation process is incredibly important because it keeps getting smarter.
Interesting. Of the consumers who come in who don't clear that pre-authorization.
Mm-hmm.
how many of them stay on? Like-
There are other pathways for them. you know, there are generics. If they're not qualifying, Sequence is there with a care team to help them through the journey, if that's where they would like to be. If they haven't qualified for a GLP-1 insurance, there are generics that will support them.
Okay.
Yeah.
That's something. The math I've done is like, if you aren't insured, you're not getting on. That's been my operating assumption is I've sort of modeled this out.
Actually, we actually see a large cohort of folks that stay on, for the generics and for the care team model that we provided.
Okay. Okay. There's no generics for GLP-1s yet, correct?
Right.
We're like 7+ years away or something from that? Okay.
No. Less than that, if you look at something like Saxenda, I think that's coming off. That'll be generic sooner.
Okay.
Yeah. That being said, though, I think that what Heather was speaking to, I think is really important is that it is not medically appropriate. You know, the population right now where GLP-1 is medically appropriate, there's a certain group. It's opened up the consideration set in general for people who are exploring pathways for weight management, whether that be the combination of a generic plus behavior change or just behavior change on its own. That's where going back to not only the LAPS database, but the sort of the moat between the two companies. You can imagine that if you don't qualify, that's an opportunity for us to point you to behavior change.
If you're looking at the Weight Watchers membership right now, and those who on initiation have joined Weight Watchers, about two-thirds have a BMI 27 or higher. Over 50% have BMI 30 or higher. There's also an opportunity for those who are coming in to explore the clinical pathway, if it makes some sense.
Sure. Sure. Your point that this need not be cannibalistic, it can actually just be symbiotic and complementary. Any questions out in the audience? Yeah, we got a question there. If you don't mind, just pressing the button in front of your mic.
What is the ramp-
You gotta hold it. Sorry. We lost you.
Sorry. What does the ramp down look like when somebody's on a GLP-1? How long? As they roll off it, is there an opportunity to have them go back on the Weight Watchers program there? Is there an opportunity as you ramp down the dosage to combine the program with, you know, a lower dosage? I'm just curious kind of how that process works together with the legacy business.
Couple things in there. One is, I wanna take a step back and for those of you unfamiliar that when you are on these medications, it requires constant titration, which you're obviously familiar with. Another reason why the insurance process is so important, because you have to continue to get pre-authorizations for every single dosage along the pathway. There is this idea, I think, of a combination therapy as the dosage gets ramped down, that the behavior change pluses up, so to speak. We're still figuring out the right program dynamics for somebody who is specifically on a GLP-1 journey. Also built into what you said was an assumption that people come off the medications. I think that that's still to be determined.
There are certainly people who are coming to these medications and seeing them as a jump start. Again, with this being, you know, in a world where we are starting to recognize living with obesity as a chronic condition, it's no different than me having a thyroid issue and taking Synthroid. If I stop taking Synthroid, you know, I'm, will have adverse effects for me. I think that it really depends on the patient, their journey, their obesogens, and whether or not it makes sense for them to even come off the medication. These are things that we're all still figuring it out alongside, you know, the science.
Yeah. I asked the question on coming off of it simply if you think about the level of insurance approval.
Yeah
at 30%, plus the fact that it's expensive.
Mm-hmm.
If you're not on it, then you need some alternative if it's gonna scale to large portions of the population. That was just kind of a thought on why you'd likely see some sort of a ramp down or people coming off is the cost.
I think that's the expectation of a lot of the market, certainly we have the behavior change program alongside that would allow us to do that for people who choose that type of a journey. I think that onus is on us to also help drive the conversation around access and insurability more broadly. I think that's a key part of what we're thinking of from a social impact standpoint, so that people can have access... who need it most can have access.
Sorry, the last question I had was, if someone's already on the Weight Watchers program and they, you know, go for insurance coverage for a GLP-1-
Mm-hmm
Do you have any sense, I realize it's still early, but what that does to insurance approval?
If they're already on the Weight Watchers program?
If they're already on, in a program attempting, you know.
It depends how much on their insurance. I mean, each one of these. Like, all the Blues are different than, you know, the. I mean, there's a wide variety of answers to your question. I think that goes to show even more so why an automation platform around insurance is so important because some person's insurance, the fact that they've been on a program and are still struggling would help them with insurability. On others, it might not matter. The more the sort of automation engine gets different inputs from various insurers, the smarter it gets to be able to make the right recommendations in how to increase insurability, which is why the percentage of those who qualify for pre-op through Sequence is higher than the population at large.
I don't know if that answered your question.
Yep.
Okay. We got time for one more question. Let's assume you're gonna launch this thing. I'm gonna assume for a minute it takes off. Big home run. Demand's just going crazy. Everybody wants to be in on this. You have to scale. You have to be able to supply the demand. How long would it take for you to get to a position where you could supply, I'm just gonna pick a number, like 1 million subs? Is that a pipe dream that, like, "Jason, slow your roll. It ain't gonna happen. Like, we, there aren't enough clinicians out there for us to do a telehealth service to support 1 million subs," or, "Hey, it's gonna take us two years to get there," or no?
If it was there, theoretically, we could be ready to serve that by the end of the year.
Yeah. Less than 1% of all physicians are ABOM certified and have the ability to, I mean, know how to treat somebody who is struggling with obesity. My brother, he's a medical doctor. He had one nutrition class. The scalability issue is not in the tech and is not actually in the number of physicians or clinicians that are out there that we can bring in. It's in training them up. It's in the protocols of getting them certified and trained to be able to actually prescribe these medications responsibly. We wanna make sure that the experience is the gold standard. In order to do that, we're going to have to scale more slowly than what even our tech infrastructure would allow us to do in order to maintain the high NPS.
I think that's really incredibly important because, as you know, the platform scaled to almost 27,000 users in a year completely by word of mouth, and that's because people are getting such a great experience. That's important. I think that. All right. I guess that's a long-winded way of saying is, yes, we can get there from a scaling perspective on, in terms of managing the cost and our infrastructure, but we have a lot of training to do in the meantime.
How long does it take to train?
It's a 90-day process.
All right. six months, you could be able to handle a lot of capacity. If there are enough physicians interested in going through the training program.
We're getting there.
Okay. I'm not getting a firm yes or no. I appreciate that. I got to try, though. I was gonna try to see what I could pull out of that. It's helpful, though.
Good.
I truly appreciate it. All right. We're over time by two minutes already, so I gotta cut this off. Thank you all for coming. Heather Stark, thank you in particular for coming and making time for us today. I really appreciate it.
Thank you.