NASDAQ:SMTI Sanara MedTech Q3 2024 Earnings Report $32.00 +0.16 (+0.50%) As of 09:53 AM Eastern Earnings HistoryForecast Sanara MedTech EPS ResultsActual EPS-$0.34Consensus EPS -$0.62Beat/MissBeat by +$0.28One Year Ago EPS-$0.13Sanara MedTech Revenue ResultsActual Revenue$21.67 millionExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/ASanara MedTech Announcement DetailsQuarterQ3 2024Date11/12/2024TimeAfter Market ClosesConference Call DateWednesday, November 13, 2024Conference Call Time9:00AM ETUpcoming EarningsSanara MedTech's Q1 2025 earnings is scheduled for Wednesday, May 14, 2025, with a conference call scheduled at 8:00 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Q1 2025 Earnings ReportConference Call ResourcesConference Call AudioConference Call TranscriptSlide DeckPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfileSlide DeckFull Screen Slide DeckPowered by Sanara MedTech Q3 2024 Earnings Call TranscriptProvided by QuartrNovember 13, 2024 ShareLink copied to clipboard.There are 7 speakers on the call. Operator00:00:00Good morning, and welcome to the SonaraMedTech Third Quarter 2024 Earnings Conference Call. The company issued its earnings release yesterday and will post today's supplemental deck on the Investor Relations page on the company's website. With us today are Ron Nixon, Executive Chairman and CEO Mike MacNeil, Chief Financial Officer Seth Yahn, President, Commercial and Sam Mopala, who leads Tissue Health Plus. Please note that certain statements in this conference call, in our press release and in our supplemental deck include forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1990 5. For more information about the risks and uncertainties involving forward looking statements and factors that could cause actual results to differ materially from those projected or implied by forward looking statements, please see the risk factors set forth in the company's most recent annual report on Form 10 ks as supplemented by the risk factors in the company's most recent quarterly report on Form 10 Q. Operator00:01:07Also, this conference call, the earnings release and supplemental deck reference certain non GAAP measures. In that regard, please refer to the reconciliation of these measures in the earnings materials that are available on our website. Now, I'd like to turn the call over to Ron Mixon. Speaker 100:01:25Thank you, operator, and good morning, everyone. During the Q3 of 2024, the company generated $21,700,000 in net revenue. This was an increase of 35% year over year and represented our 12th consecutive record revenue quarter. The strong sales performance in Q3 is a testament to the hard work and dedication of our entire organization in executing our strategy. We remain focused on continuing our growth and delivering exceptional value to both our customers and shareholders. Speaker 100:01:573rd quarter also achieved improved adjusted EBITDA results. Cinera generated adjusted EBITDA of $800,000 during the Q3 of 2024 compared to adjusted EBITDA of $300,000 for the same period in 2023. In Q2, we began reporting additional financial performance metrics of our Surgical division and Tissue Health Plus Speaker 200:02:21as a Speaker 100:02:21separate business segments. This transition to segment reporting better aligns with how our leadership team views the business. Our Surgical segment generated a $200,000 net loss in the 3rd quarter and a net loss of $2,900,000 year to date through September 30, 2024. On a segmented EBITDA basis, the Surgical segment generated 2,600,000 dollars $5,100,000 of segmented EBITDA during the Q3 year to date through September 30, 2024 respectively. We continue to see strong growth opportunities for both segments, which Sam and Seth will discuss in further detail. Speaker 100:03:02We plan to continue investing in THP technology platform and related infrastructure through the expected commercial launch in mid-twenty 25. And as a reminder, we are pursuing like minded financial partners that will bring value to the strategy, including capital. In September, we invested $5,000,000 in exchange for an ownership percentage of approximately 6.6 in Chemo Mouthpiece LLC, which owns and manufactures a 510 cleared cryotherapy device designed to reduce the incidence and severity of chemotherapy induced oral mucositis. In connection with the investment, we announced the exclusive the execution of an exclusive U. S. Speaker 100:03:44Distribution agreement through our JV with InfuSystems for chemo mouthpiece. This product aligns well with Cinera's wound and skincare strategy, which includes our licensed college of peptides from Tufts University with one particular peptide focused on radiation dermatitis. SI Healthcare Technologies LLC, a joint venture entity owned fifty-fifty by Cinera and InfuSystem and will be the exclusive distributor of the chemotherapy kits by our partner, InfuSystem. We look forward to working with InfuSystem team commercializing this product in 2025. I'll now turn it over to Seth to discuss our surgical business results and momentum. Speaker 300:04:37Thank you, Ron. As of the end of Q3, our products had been sold in over 1200 hospitals across 34 states and the District of Columbia during the trailing 12 months and were contracted or approved to be sold in more than 4,000 facilities. We currently have selling agreements with over 300 distributors representing 2,900 plus potential sellers. Looking at the growth of the territories and the facilities in which we sell, in Q3, our products were sold into over 900 facilities compared to over 600 facilities in the Q3 of 2023. Sales of our soft tissue products grew from $13,600,000 in the Q3 of 2023 to $18,900,000 in the Q3 of 2024. Speaker 300:05:21Sales of bone fusion products grew from $2,300,000 in Q3 to $2,800,000 in the Q3 of 2024. We continue to build momentum within our network of over 4,000 contracted or approved facilities, diligently working to expand our surgeon user base in our core orthopedic and spine areas. We have also intensified our focus on non traditional users to drive growth in both active and new accounts. Expanding into additional geography remains a top priority for our regional sales managers, particularly through the engagement of key distribution partners. The commercial team is working closely with our operations team to constantly enhance our sales analytics, which will uncover greater opportunities through a strategic focus across all the areas that we serve. Speaker 300:06:10In addition to our organic growth, we are regularly evaluating opportunities for surgical M and A and partnerships. Our management team sees synergistics potential transactions as a key growth driver that complements our strong organic growth. With that, I'll turn it over to Sam to provide an update on Tissue Health Plus. Speaker 200:06:30Thanks Seth. Last call, we outlined THP's strategies to disrupt the $100,000,000,000 plus non acute wound care market. As planned, Q3 was focused on enhancing our execution capacity and building the platform to support the scaled delivery of our distinctive care model. We have established a world class leadership team with extensive expertise in wound care and technology to oversee the execution of our global multidisciplinary team. The development of THP's state of the art wound assessment software as a medical device and innovative real time EMR integrated clinical decision support is on track for release in the first half of twenty twenty five. Speaker 200:07:20Early previews have been well received by the provider community demonstrating its transformative value. We are compiling a list of enthusiastic pilot partners. On the payer side, we have successfully collaborated with a leading value based care consulting firm to refine our program economics model, ensuring alignment with standard payer reimbursement strategies and infrastructure. This engagement reaffirmed the efficacy of our innovative episodic risk sharing model. In preparation for market entry in mid-twenty 25, we have launched an introductory website, www.tissuehealthplus.com to say hello to the world. Speaker 200:08:10We have also recruited a Luminary Clinical Advisory Board to help us anticipate and overcome real life adoption hurdles. I would now like to turn it over to Mike to discuss our financial results in more detail. Speaker 400:08:26Thank you, Sam. During the Q3 of 2024, Cinera generated net revenue of $21,700,000 compared to $16,000,000 in the Q3 of 2023, a 35% increase over the prior year period. The higher revenue in Q3 was primarily due to increased sales of soft tissue repair products, including CELRADERX, as a result of increased market penetration, geographic expansion and our continuing strategy to expand our independent distribution network in both new and existing U. S. Markets. Speaker 400:08:573rd quarter gross profit of $19,700,000 increased $5,400,000 or 38% compared to prior year. Year to date gross profit of $54,500,000 increased 13,300,000 dollars or 32% compared to the same period in 2023. SG and A expenses for the Q3 were $19,000,000 compared to $13,900,000 for the same period in 2023. The higher SG and A expenses included $3,700,000 of direct sales and marketing expenses and $1,200,000 of costs related to the build out of our THP platform and infrastructure. 3rd quarter R and D expenses were $1,400,000 compared to $1,000,000 during the same period in 2023. Speaker 400:09:37R and D expenses included $600,000 $800,000 attributable to our Tissue Health Plus segment for the quarters ended September 30, 2024 and 2023, respectively. Higher R and D expenses in 2024 were primarily due to new projects associated with CelleRate Rx. Interest expense was $900,000 for the quarter compared to $200,000 in Q3 2023. The higher interest expense was primarily related to our term loan with CRG. Cinera had a net loss of $2,900,000 for the Q3 of 2024 compared to a net loss of $1,100,000 for the same period in 2023. Speaker 400:10:13The net loss included $2,700,000 1,700,000 attributable to our Tissue Health Plus segment for the quarters ended September 30, 2024 and 2023, respectively. The higher net loss for the Q3 of 2024 was primarily due to higher SG and A costs related to the build out of the THP platform, higher interest expense related to our CRG term loan and higher expense related to change in fair value of earn out liabilities. As Ron mentioned earlier, in order to better inform the investor community of our strategic rationale acute and post acute comprehensive strategy investments, we have separated financial results of our 2 operating segments, SINARO Surgical and Tissue Health Plus. Net of expenses we believe to be non core to our operations, we generated consolidated positive EBITDA of $800,000 $1,700,000 during the 3 9 months into September 30, 2024, respectively. Our Senero Surgical segment generated positive EBITDA of $2,600,000 during the Q3 of 2024 $5,100,000 year to date through September 30, 2024. Speaker 400:11:19TissueL Plus generated negative segment EBITDA of $1,700,000 during Q3 and negative $3,400,000 during the 9 months ended September 30. All corporate and overhead expenses are included in Sinera Surgical segment as substantially all these costs relate to supporting operations and activities of the Surgical segment. Sinera Surgical also includes our in house research and development team, Rochaul Technologies. Our cash balance at the end of the quarter was 16,300,000 I will now turn it over to Ron for closing comments. Speaker 100:11:49Thank you, Mike. We continue to execute on our strategic plan in both surgical and non acute wound care value based strategy. Our surgical team has generated positive adjusted EBITDA, and we expect to see continued improvement in operating results while executing on the growth plan and market expansion. As discussed, we see a significant opportunity to disrupt the non acute wound care market with our THP value based strategy and anticipate a mid-twenty 25 commercial launch. Operator, I'd now like to open the line for questions. Operator00:12:24Thank you. And our first question today will be from Ross Osborne from Cantor Fitzgerald. Ross, your line is live. Speaker 500:12:47Hey, guys. Congrats on the progress and thanks for taking our questions today. Starting off, would you walk us through the rationale for the investment in chemo Maltese and how it fits into your broader strategy? Speaker 100:13:00Sure. Happy to. So our strategy, Ross, has always been wound and skin care. We see many, many people think of wounds as a skin condition. We licensed the 18 collagen peptides from Tufts. Speaker 100:13:13Those are all centered around wound and skin. We have a strategy moving forward on the value based side, THP. That is a wound and skin. And the chemo mouthpiece directly impacts a skin condition that is horrific in the chemotherapy oncology space. So if you think about it, what happens is when they use chemotherapy in treating cancer, you can get these sores or mucositis sores and they are really a wound that is open in your mouth. Speaker 100:13:50And the only way historically to be able to solve that problem is use ice cubes, which is pretty antiquated. And so this a particular gentleman that had gone through cancer treatment had this horrific experience with oral mucositis. He's an engineer by background and decided he's going to come up with that. It's a de novo product, which means it's a one of a kind. It's very unique and we're bringing it to market with InfuSystem because it fits our overall strategy very well. Speaker 500:14:25Got it. It makes perfect sense. And then, turning to THP, if I remember correctly, you were conducting a pilot program with a podiatry group. Curious, any feedback there and how that's progressed? Speaker 100:14:37Yes. We've not started up with that, but I'll turn it over to Sam to talk about that. Speaker 200:14:44Thank you, Ron. Ross, as we discussed last time, we were targeting pilots in the 1st quarter in the first half, if you will, and we are on target to do that. And as I said on the earnings call, we have a list of people we're working with, and we are hoping to really the early previews have been really, really good. Speaker 500:15:07Okay, great. Thank you for clarifying that. And then last one on THP. How has it gone as far as attracting new operational personnel to join the team there? Speaker 200:15:18That's one thing we are particularly proud of, Ross, is we've been able to attract a very skilled team with a lot of execution experience in this space. And we have actually created a team both which is in the U. S. As well as in India to help us scale our platform development efforts. One of the things we also did was integrated into the team external partners to kind of de risk the execution. Speaker 200:15:45But in terms of being able to attract the talent, it's been a really nice journey so far and we've been able to onboard them and make them productive really fast. Speaker 500:15:57One thing, Mehro said, it Speaker 100:15:58makes it One thing Ross said it makes very interesting in that and why it's also attractive. Many people know this is a needed strategy in this market and people have known for decades that this strategy needs to happen. It's complex, but Sam is the perfect person to lead that charge and he's built a team that complements him very, very well. Speaker 500:16:23Perfect. And then maybe turning to OpEx, during the quarter you demonstrated controlled spend particularly on R and D line. How should we think about OpEx for the balance of this year in 2025 as you launch Tissue Health Plus in addition to the other projects you have going on? Speaker 100:16:41We think through that very carefully, Ross, and we lay out exactly where we're going and how we plan to get there. And so we typically don't have a lot of surprises related to that. So it's in our budget. And so when we say that we're on that we are moving forward on our strategy to execute that strategy, we have the appropriate budget for that. And as we also said, we expect to see continued growth in our EBITDA, adjusted EBITDA. Speaker 100:17:10So it's all part of our overall planning and we don't see any surprises at this moment. Speaker 500:17:17Okay, perfect. And then lastly, any update on your work with TAS relating to that 18 peptides you have? Speaker 100:17:25I'm sorry, I didn't hear the question, Ross. Say it again. Speaker 500:17:29Any update on your work with Tufts relating to the 18 peptides you have? Speaker 100:17:34Yes. So if you think about the skin and wound strategy that I discussed with you just a few minutes ago, the radiation dermatitis is almost an identical same size market as the oral mucositis and there has been no particular solution that has been developed that is a preventative and a solution for healing radiation dermatitis. And it's a horrific skin condition as a result of radiation. And both of those are the 2 skin conditions that really wreak havoc on keeping people on their regimen for chemotherapy and also radiation. So yes, our technical team at Roche, our scientific team is working on that and we are moving that forward as quickly as we can and we see it as a very strong complement for our JV with EpiSystem because it will be the same call points. Speaker 500:18:36Perfect. Thanks for taking our questions and congrats again on the progress. Speaker 100:18:40Thank you, Ross. Appreciate that. Thanks for the support. Operator00:18:45Thank you. We did get another question come from Ian Cassell from MicroCapClub. Ian, your line is live. Speaker 400:19:05Yes, congratulations on the quarter. Can you talk generally about the types of partners that you're looking to attract for Tissue Health Plus and maybe just generally how those conversations are going? Speaker 100:19:18Sure. I'll turn that over to Sam and let him do that. Ian? Speaker 200:19:23Thank you, Ron. Thank you, Ian, for the question. In terms of the partners we're looking for, we are looking for 2 types of partners. 1, financial partners, obviously, and second, execution partners. And as we laid out, we have actually filled out dancing part of execution partners. Speaker 200:19:43In terms of financial partners, we're really looking at some strategics who can bring execution as well, right? So not just money, but actually smart money, if you will. So we're looking for people who have reached into the provider community. We're looking for people who have reached into the supply chain we'll be using at THP, so people like DME providers. We're looking for strategic product suppliers product or manufacturing companies who have deep science in this space as well. Speaker 200:20:23Outside of that, we're also looking for potential typical financial investors like venture capitalists or people who have an execution track record in the healthcare space we are targeting. Speaker 400:20:36Thank you. One last question. When Tissue Health Plus launches middle of next year commercially, would you expect that segment to be immediately profitable? Or will there be some ramp up needed to get to profitability in that segment? Speaker 200:20:52There will be a ramp up needed to get to profitability. Speaker 400:20:57Okay. Thank you. Operator00:21:00Thank you. The next question will be coming from Chris Plumb from Tall Pines Capital. Chris, your line is live. Speaker 500:21:09Good morning, guys. Speaker 100:21:11Good morning. Two questions. 1, can we Speaker 600:21:15get an update on IP progress with CELEBRATE and also just an update on BioSurg? Speaker 100:21:25Yes. Both. Well, I'll let Seth talk about BioSurg and on the IP front. The IP front as we mentioned in several calls historically that is a priority for us and it is going very well and we'll be able to report by year end the success that we've had, but we continue to file provisional patents around all of our products and the combination of our products and other things like that. So we are making really good progress, Chris. Speaker 100:21:57And then as it relates to biosurge, Seth, maybe you could just talk about from the introduction of November through this quarter, what you see? Speaker 300:22:10Sure. Great question, Chris. Thank you. So BioSurg soft launch last year at this time, formally launched at the turn of the year. We are right on pace, not only at the facility level and gaining approvals, but starting to scale that product as well. Speaker 300:22:24It's really a facility level sale, not just a surgeon level sale, and we're really happy with how that's gone through the Q3. Speaker 500:22:34Great. Thanks guys. Speaker 100:22:37Thank you, Chris. Operator00:22:39Thank you. And the next question is coming from John Seidloff from Twin Oaks Equity. John, your line is live. Speaker 600:22:46Thank you. Good morning, Ron, Mike. How are you guys doing? Congratulations on another growth quarter year to date year over year $47,000,000 to $60,000,000 Fantastic results. Speaker 500:23:00Thanks, Jeff. Speaker 200:23:01Thank you. Speaker 600:23:01You bet. I just have two quick questions. The last time I'd asked about the our share price and where it's been in the mid-30s. And I was wondering, could you tell us a little bit about what Cinera has for market makers out there? Just in the last, say, 2 years, the low have been $28 to $30 and the highs have been $45 to $50 And so we've had people buy in at both of those levels and now we'll say we're around $35 And so at some point, we do have to look out for these investors and try to get the price up a little higher with our net losses continuing on and borrowing more money for this growth. Speaker 600:23:51A couple of the reviews out there say that it's maybe 3 years until profitability. I was wondering how you guys felt about that because I know how much capital it takes to grow, of course. But I just wanted to get you guys' thoughts on the burn of cash. Speaker 200:24:09I know you have Speaker 600:24:09a lot of access to it, but what you see for profitability down the road? Is it $100,000,000 Is it something like that? I know it's a big question. And then how will that affect our market makers out there with our share price? Thank you. Speaker 100:24:28Yes, John, we're on pace exactly as we're planning. We like the progression of our adjusted EBITDA. Mike can speak to the actual cash. And so Mike, you could talk about that now. But I would tell you, our plan is to continue to do exactly what we're doing, 12 straight quarters, last I checked, that's a lot of timeframe and we're going to continue to keep that pace. Speaker 100:24:54That's what we want to do. And I think the market will take care of itself. All we have to do is continue to produce results and we don't expect to have any surprises where we would need to have a highly dilutive event. We would we look for events that are extremely accretive to us and we've said that on many calls before from our M and A and partnering activity. And so Mike, if you want to talk a little bit about that for your projections on cash flow, that'd be great. Speaker 400:25:24Yes. Thanks, Rod. Yes, we had a strong cash performance in cash during the quarter. We actually generated a couple of $1,000,000 of positive cash flow in the quarter from operating activities. And so we've been somewhat neutral through most of the year and most of the borrowing has been for investing activities. Speaker 400:25:45So we don't expect to be burning cash in operating activities in the near future or even going forward. Speaker 600:25:55Well, thanks, Mike. That's really good news to hear. And then Ron, thanks also. I know that you guys are focused on growth. I know what it takes to get there. Speaker 600:26:07And it's great to hear that, of course, you've got our investors in mind because, the money that you've raised has certainly been non dilutive. So I appreciate that. Speaker 100:26:18Thank you. Speaker 600:26:21You guys have a great day. I appreciate it. Thanks. Okay. Speaker 200:26:24Thank you. Speaker 400:26:24Thanks, John. Operator00:26:26Thank you. And there were no other questions from the lines. We did get some webcast questions in. So I'll go through a few of those right now. Can you give some more granularity on the timeline for THP? Operator00:26:39Will a pilot be launched in the first half of twenty twenty five? Speaker 100:26:43Yes. Sam, you want to take that? Speaker 200:26:46Sure. Yes. We are planning to launch a product in the first half of twenty twenty five. Yes. Operator00:26:53Okay. Can you give some color on where the majority of work is that remains in order to launch THP by mid-twenty 25 engineering partnerships, etcetera? Speaker 200:27:05Sure. The majority of work if you look at the work going on in THP, there are really 3 streams of work. The first stream of work, which is the locus of work is really building the platform to scale the delivery of our care model. And that's where we have partnerships. While not naming partners, I can tell you the areas in which we are partnered. Speaker 200:27:29We are partnered in the area of integration with EMRs. We are partnered in the area of being able to accelerate our development efforts and we have partnered in the area of being able to use innovative data management techniques and being able to take that data and leverage it into the rest of our techs. So what we're trying to do is to make sure that we are not rebuilding any things which are already in the marketplace and we are really building on top of what's in the marketplace. So the partnerships are really helped with that. The second stream of work we are doing is really continuously expanding our clinical model and testing its efficacy. Speaker 200:28:17And the clinical model and the science behind it essentially become an input to our platform. So the work continues on that. And we've made some very good progress there. For example, we have expanded our clinical model to include atypical wounds, which constitute about 20% of the wound population out there and that some of the first work being done to codify standard of care for those. The 3rd piece, which we are work is going on is really around the commercialization of this. Speaker 200:28:49That includes being able to identify network partners and working with them and creating pilots. The second piece of it is also really understanding pricing models, testing it and in the marketplace. And we received very good feedback on that as well. So those are really the three streams of work on which we're working on right now. Hopefully that helps. Speaker 100:29:17Thank you. Operator00:29:19Thank you. Okay, the next question, what are your expectations regarding ChemoMouthpiece's contribution to top and bottom line? Speaker 100:29:29We're not prepared to give that answer at this time. We obviously are very enthused and think it is a terrific opportunity in front of us. And as we progress on the introduction of this product and start to launch in 2025 and get this commercially accepted in the marketplace through our partner with InfuSystem, then we'll come back and report what our expectation is. But it's a very big wide open market from my perspective. Operator00:30:00Thank you. And what are some of the characteristics you're looking for in a potential M and A target for Surgical? Speaker 100:30:07Yes, that's that will we'll let them know what that is when we close it. So Operator00:30:15Okay. And we are currently seeing no remaining questions at this time. That does conclude our conference for today. Thank you for your participation.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallSanara MedTech Q3 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsSlide DeckPress Release(8-K)Quarterly report(10-Q) Sanara MedTech Earnings HeadlinesWith 31% ownership, Sanara MedTech Inc. (NASDAQ:SMTI) insiders have a lot riding on the company's futureMay 7 at 12:53 AM | uk.finance.yahoo.comSanara MedTech to Report First Quarter 2025 Financial Results on May 14, 2025April 23, 2025 | globenewswire.comAltucher: Turn $900 into $108,000 in just 12 months?We are entering the final Trump Bump of our lives. But the biggest returns will not be in the stock market.May 8, 2025 | Paradigm Press (Ad)Sanara MedTech to Present at Investor ShowcaseApril 22, 2025 | tipranks.comSanara MedTech to Present at the Planet MicroCap Showcase: VEGAS 2025 on April 23, 2025April 10, 2025 | globenewswire.comWhere Sanara MedTech Stands With AnalystsMarch 28, 2025 | benzinga.comSee More Sanara MedTech Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Sanara MedTech? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Sanara MedTech and other key companies, straight to your email. Email Address About Sanara MedTechSanara MedTech (NASDAQ:SMTI), a medical technology company, develops, markets, and distributes surgical, wound, and skincare products and services to physicians, hospitals, clinics, and post-acute care settings in the United States. The company offers CellerateRX Surgical, a medical hydrolysate of Type I bovine collagen indicated for the management of surgical, traumatic, and partial- and full-thickness wounds, as well as first- and second-degree burns; and HYCOL, a medical hydrolysate of Type I bovine collagen intended for the management of full and partial thickness wounds, including pressure ulcers, venous and arterial leg ulcers, and diabetic foot ulcers. It also provides BIAKOS Antimicrobial Skin and Wound Cleanser, a patented product that contains synergistic ingredients that have been shown to impact mature biofilm microbes; BIAKOS Antimicrobial Wound Gel, an antimicrobial hydrogel wound dressing that helps against planktonic microbes, as well as immature and mature biofilms; and BIAKOS Antimicrobial Skin and Wound Irrigation Solution. In addition, it develops BIASURGE, a no-rinse surgical solution used for wound irrigation; FORTIFY TRG, a freeze-dried, multi-layer small intestinal submucosa extracellular matrix sheet; FORTIFY FLOWABLE extracellular matrix, an advanced wound care device; TEXAGEN, a multi-layer amniotic membrane allograft used as an anatomical barrier with robust handling that can be sutured for securement; and VIM Amnion Matrix, a homologous wound covering product. Sanara MedTech Inc. was incorporated in 2001 and is based in Fort Worth, Texas.View Sanara MedTech ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Upwork's Earnings Beat Fuels Stock Rally—Is Freelancing Booming?DexCom Stock: Earnings Beat and New Market Access Drive Bull CaseDisney Stock Jumps on Earnings—Is the Magic Sustainable?Uber’s Earnings Offer Clues on the Stock and Broader EconomyArcher Stock Eyes Q1 Earnings After UAE UpdatesFord Motor Stock Rises After Earnings, But Momentum May Not Last Broadcom Stock Gets a Lift on Hyperscaler Earnings & CapEx Boost Upcoming Earnings Enbridge (5/9/2025)Petróleo Brasileiro S.A. - Petrobras (5/12/2025)Simon Property Group (5/12/2025)JD.com (5/13/2025)NU (5/13/2025)Sony Group (5/13/2025)SEA (5/13/2025)Cisco Systems (5/14/2025)Toyota Motor (5/14/2025)NetEase (5/15/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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There are 7 speakers on the call. Operator00:00:00Good morning, and welcome to the SonaraMedTech Third Quarter 2024 Earnings Conference Call. The company issued its earnings release yesterday and will post today's supplemental deck on the Investor Relations page on the company's website. With us today are Ron Nixon, Executive Chairman and CEO Mike MacNeil, Chief Financial Officer Seth Yahn, President, Commercial and Sam Mopala, who leads Tissue Health Plus. Please note that certain statements in this conference call, in our press release and in our supplemental deck include forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1990 5. For more information about the risks and uncertainties involving forward looking statements and factors that could cause actual results to differ materially from those projected or implied by forward looking statements, please see the risk factors set forth in the company's most recent annual report on Form 10 ks as supplemented by the risk factors in the company's most recent quarterly report on Form 10 Q. Operator00:01:07Also, this conference call, the earnings release and supplemental deck reference certain non GAAP measures. In that regard, please refer to the reconciliation of these measures in the earnings materials that are available on our website. Now, I'd like to turn the call over to Ron Mixon. Speaker 100:01:25Thank you, operator, and good morning, everyone. During the Q3 of 2024, the company generated $21,700,000 in net revenue. This was an increase of 35% year over year and represented our 12th consecutive record revenue quarter. The strong sales performance in Q3 is a testament to the hard work and dedication of our entire organization in executing our strategy. We remain focused on continuing our growth and delivering exceptional value to both our customers and shareholders. Speaker 100:01:573rd quarter also achieved improved adjusted EBITDA results. Cinera generated adjusted EBITDA of $800,000 during the Q3 of 2024 compared to adjusted EBITDA of $300,000 for the same period in 2023. In Q2, we began reporting additional financial performance metrics of our Surgical division and Tissue Health Plus Speaker 200:02:21as a Speaker 100:02:21separate business segments. This transition to segment reporting better aligns with how our leadership team views the business. Our Surgical segment generated a $200,000 net loss in the 3rd quarter and a net loss of $2,900,000 year to date through September 30, 2024. On a segmented EBITDA basis, the Surgical segment generated 2,600,000 dollars $5,100,000 of segmented EBITDA during the Q3 year to date through September 30, 2024 respectively. We continue to see strong growth opportunities for both segments, which Sam and Seth will discuss in further detail. Speaker 100:03:02We plan to continue investing in THP technology platform and related infrastructure through the expected commercial launch in mid-twenty 25. And as a reminder, we are pursuing like minded financial partners that will bring value to the strategy, including capital. In September, we invested $5,000,000 in exchange for an ownership percentage of approximately 6.6 in Chemo Mouthpiece LLC, which owns and manufactures a 510 cleared cryotherapy device designed to reduce the incidence and severity of chemotherapy induced oral mucositis. In connection with the investment, we announced the exclusive the execution of an exclusive U. S. Speaker 100:03:44Distribution agreement through our JV with InfuSystems for chemo mouthpiece. This product aligns well with Cinera's wound and skincare strategy, which includes our licensed college of peptides from Tufts University with one particular peptide focused on radiation dermatitis. SI Healthcare Technologies LLC, a joint venture entity owned fifty-fifty by Cinera and InfuSystem and will be the exclusive distributor of the chemotherapy kits by our partner, InfuSystem. We look forward to working with InfuSystem team commercializing this product in 2025. I'll now turn it over to Seth to discuss our surgical business results and momentum. Speaker 300:04:37Thank you, Ron. As of the end of Q3, our products had been sold in over 1200 hospitals across 34 states and the District of Columbia during the trailing 12 months and were contracted or approved to be sold in more than 4,000 facilities. We currently have selling agreements with over 300 distributors representing 2,900 plus potential sellers. Looking at the growth of the territories and the facilities in which we sell, in Q3, our products were sold into over 900 facilities compared to over 600 facilities in the Q3 of 2023. Sales of our soft tissue products grew from $13,600,000 in the Q3 of 2023 to $18,900,000 in the Q3 of 2024. Speaker 300:05:21Sales of bone fusion products grew from $2,300,000 in Q3 to $2,800,000 in the Q3 of 2024. We continue to build momentum within our network of over 4,000 contracted or approved facilities, diligently working to expand our surgeon user base in our core orthopedic and spine areas. We have also intensified our focus on non traditional users to drive growth in both active and new accounts. Expanding into additional geography remains a top priority for our regional sales managers, particularly through the engagement of key distribution partners. The commercial team is working closely with our operations team to constantly enhance our sales analytics, which will uncover greater opportunities through a strategic focus across all the areas that we serve. Speaker 300:06:10In addition to our organic growth, we are regularly evaluating opportunities for surgical M and A and partnerships. Our management team sees synergistics potential transactions as a key growth driver that complements our strong organic growth. With that, I'll turn it over to Sam to provide an update on Tissue Health Plus. Speaker 200:06:30Thanks Seth. Last call, we outlined THP's strategies to disrupt the $100,000,000,000 plus non acute wound care market. As planned, Q3 was focused on enhancing our execution capacity and building the platform to support the scaled delivery of our distinctive care model. We have established a world class leadership team with extensive expertise in wound care and technology to oversee the execution of our global multidisciplinary team. The development of THP's state of the art wound assessment software as a medical device and innovative real time EMR integrated clinical decision support is on track for release in the first half of twenty twenty five. Speaker 200:07:20Early previews have been well received by the provider community demonstrating its transformative value. We are compiling a list of enthusiastic pilot partners. On the payer side, we have successfully collaborated with a leading value based care consulting firm to refine our program economics model, ensuring alignment with standard payer reimbursement strategies and infrastructure. This engagement reaffirmed the efficacy of our innovative episodic risk sharing model. In preparation for market entry in mid-twenty 25, we have launched an introductory website, www.tissuehealthplus.com to say hello to the world. Speaker 200:08:10We have also recruited a Luminary Clinical Advisory Board to help us anticipate and overcome real life adoption hurdles. I would now like to turn it over to Mike to discuss our financial results in more detail. Speaker 400:08:26Thank you, Sam. During the Q3 of 2024, Cinera generated net revenue of $21,700,000 compared to $16,000,000 in the Q3 of 2023, a 35% increase over the prior year period. The higher revenue in Q3 was primarily due to increased sales of soft tissue repair products, including CELRADERX, as a result of increased market penetration, geographic expansion and our continuing strategy to expand our independent distribution network in both new and existing U. S. Markets. Speaker 400:08:573rd quarter gross profit of $19,700,000 increased $5,400,000 or 38% compared to prior year. Year to date gross profit of $54,500,000 increased 13,300,000 dollars or 32% compared to the same period in 2023. SG and A expenses for the Q3 were $19,000,000 compared to $13,900,000 for the same period in 2023. The higher SG and A expenses included $3,700,000 of direct sales and marketing expenses and $1,200,000 of costs related to the build out of our THP platform and infrastructure. 3rd quarter R and D expenses were $1,400,000 compared to $1,000,000 during the same period in 2023. Speaker 400:09:37R and D expenses included $600,000 $800,000 attributable to our Tissue Health Plus segment for the quarters ended September 30, 2024 and 2023, respectively. Higher R and D expenses in 2024 were primarily due to new projects associated with CelleRate Rx. Interest expense was $900,000 for the quarter compared to $200,000 in Q3 2023. The higher interest expense was primarily related to our term loan with CRG. Cinera had a net loss of $2,900,000 for the Q3 of 2024 compared to a net loss of $1,100,000 for the same period in 2023. Speaker 400:10:13The net loss included $2,700,000 1,700,000 attributable to our Tissue Health Plus segment for the quarters ended September 30, 2024 and 2023, respectively. The higher net loss for the Q3 of 2024 was primarily due to higher SG and A costs related to the build out of the THP platform, higher interest expense related to our CRG term loan and higher expense related to change in fair value of earn out liabilities. As Ron mentioned earlier, in order to better inform the investor community of our strategic rationale acute and post acute comprehensive strategy investments, we have separated financial results of our 2 operating segments, SINARO Surgical and Tissue Health Plus. Net of expenses we believe to be non core to our operations, we generated consolidated positive EBITDA of $800,000 $1,700,000 during the 3 9 months into September 30, 2024, respectively. Our Senero Surgical segment generated positive EBITDA of $2,600,000 during the Q3 of 2024 $5,100,000 year to date through September 30, 2024. Speaker 400:11:19TissueL Plus generated negative segment EBITDA of $1,700,000 during Q3 and negative $3,400,000 during the 9 months ended September 30. All corporate and overhead expenses are included in Sinera Surgical segment as substantially all these costs relate to supporting operations and activities of the Surgical segment. Sinera Surgical also includes our in house research and development team, Rochaul Technologies. Our cash balance at the end of the quarter was 16,300,000 I will now turn it over to Ron for closing comments. Speaker 100:11:49Thank you, Mike. We continue to execute on our strategic plan in both surgical and non acute wound care value based strategy. Our surgical team has generated positive adjusted EBITDA, and we expect to see continued improvement in operating results while executing on the growth plan and market expansion. As discussed, we see a significant opportunity to disrupt the non acute wound care market with our THP value based strategy and anticipate a mid-twenty 25 commercial launch. Operator, I'd now like to open the line for questions. Operator00:12:24Thank you. And our first question today will be from Ross Osborne from Cantor Fitzgerald. Ross, your line is live. Speaker 500:12:47Hey, guys. Congrats on the progress and thanks for taking our questions today. Starting off, would you walk us through the rationale for the investment in chemo Maltese and how it fits into your broader strategy? Speaker 100:13:00Sure. Happy to. So our strategy, Ross, has always been wound and skin care. We see many, many people think of wounds as a skin condition. We licensed the 18 collagen peptides from Tufts. Speaker 100:13:13Those are all centered around wound and skin. We have a strategy moving forward on the value based side, THP. That is a wound and skin. And the chemo mouthpiece directly impacts a skin condition that is horrific in the chemotherapy oncology space. So if you think about it, what happens is when they use chemotherapy in treating cancer, you can get these sores or mucositis sores and they are really a wound that is open in your mouth. Speaker 100:13:50And the only way historically to be able to solve that problem is use ice cubes, which is pretty antiquated. And so this a particular gentleman that had gone through cancer treatment had this horrific experience with oral mucositis. He's an engineer by background and decided he's going to come up with that. It's a de novo product, which means it's a one of a kind. It's very unique and we're bringing it to market with InfuSystem because it fits our overall strategy very well. Speaker 500:14:25Got it. It makes perfect sense. And then, turning to THP, if I remember correctly, you were conducting a pilot program with a podiatry group. Curious, any feedback there and how that's progressed? Speaker 100:14:37Yes. We've not started up with that, but I'll turn it over to Sam to talk about that. Speaker 200:14:44Thank you, Ron. Ross, as we discussed last time, we were targeting pilots in the 1st quarter in the first half, if you will, and we are on target to do that. And as I said on the earnings call, we have a list of people we're working with, and we are hoping to really the early previews have been really, really good. Speaker 500:15:07Okay, great. Thank you for clarifying that. And then last one on THP. How has it gone as far as attracting new operational personnel to join the team there? Speaker 200:15:18That's one thing we are particularly proud of, Ross, is we've been able to attract a very skilled team with a lot of execution experience in this space. And we have actually created a team both which is in the U. S. As well as in India to help us scale our platform development efforts. One of the things we also did was integrated into the team external partners to kind of de risk the execution. Speaker 200:15:45But in terms of being able to attract the talent, it's been a really nice journey so far and we've been able to onboard them and make them productive really fast. Speaker 500:15:57One thing, Mehro said, it Speaker 100:15:58makes it One thing Ross said it makes very interesting in that and why it's also attractive. Many people know this is a needed strategy in this market and people have known for decades that this strategy needs to happen. It's complex, but Sam is the perfect person to lead that charge and he's built a team that complements him very, very well. Speaker 500:16:23Perfect. And then maybe turning to OpEx, during the quarter you demonstrated controlled spend particularly on R and D line. How should we think about OpEx for the balance of this year in 2025 as you launch Tissue Health Plus in addition to the other projects you have going on? Speaker 100:16:41We think through that very carefully, Ross, and we lay out exactly where we're going and how we plan to get there. And so we typically don't have a lot of surprises related to that. So it's in our budget. And so when we say that we're on that we are moving forward on our strategy to execute that strategy, we have the appropriate budget for that. And as we also said, we expect to see continued growth in our EBITDA, adjusted EBITDA. Speaker 100:17:10So it's all part of our overall planning and we don't see any surprises at this moment. Speaker 500:17:17Okay, perfect. And then lastly, any update on your work with TAS relating to that 18 peptides you have? Speaker 100:17:25I'm sorry, I didn't hear the question, Ross. Say it again. Speaker 500:17:29Any update on your work with Tufts relating to the 18 peptides you have? Speaker 100:17:34Yes. So if you think about the skin and wound strategy that I discussed with you just a few minutes ago, the radiation dermatitis is almost an identical same size market as the oral mucositis and there has been no particular solution that has been developed that is a preventative and a solution for healing radiation dermatitis. And it's a horrific skin condition as a result of radiation. And both of those are the 2 skin conditions that really wreak havoc on keeping people on their regimen for chemotherapy and also radiation. So yes, our technical team at Roche, our scientific team is working on that and we are moving that forward as quickly as we can and we see it as a very strong complement for our JV with EpiSystem because it will be the same call points. Speaker 500:18:36Perfect. Thanks for taking our questions and congrats again on the progress. Speaker 100:18:40Thank you, Ross. Appreciate that. Thanks for the support. Operator00:18:45Thank you. We did get another question come from Ian Cassell from MicroCapClub. Ian, your line is live. Speaker 400:19:05Yes, congratulations on the quarter. Can you talk generally about the types of partners that you're looking to attract for Tissue Health Plus and maybe just generally how those conversations are going? Speaker 100:19:18Sure. I'll turn that over to Sam and let him do that. Ian? Speaker 200:19:23Thank you, Ron. Thank you, Ian, for the question. In terms of the partners we're looking for, we are looking for 2 types of partners. 1, financial partners, obviously, and second, execution partners. And as we laid out, we have actually filled out dancing part of execution partners. Speaker 200:19:43In terms of financial partners, we're really looking at some strategics who can bring execution as well, right? So not just money, but actually smart money, if you will. So we're looking for people who have reached into the provider community. We're looking for people who have reached into the supply chain we'll be using at THP, so people like DME providers. We're looking for strategic product suppliers product or manufacturing companies who have deep science in this space as well. Speaker 200:20:23Outside of that, we're also looking for potential typical financial investors like venture capitalists or people who have an execution track record in the healthcare space we are targeting. Speaker 400:20:36Thank you. One last question. When Tissue Health Plus launches middle of next year commercially, would you expect that segment to be immediately profitable? Or will there be some ramp up needed to get to profitability in that segment? Speaker 200:20:52There will be a ramp up needed to get to profitability. Speaker 400:20:57Okay. Thank you. Operator00:21:00Thank you. The next question will be coming from Chris Plumb from Tall Pines Capital. Chris, your line is live. Speaker 500:21:09Good morning, guys. Speaker 100:21:11Good morning. Two questions. 1, can we Speaker 600:21:15get an update on IP progress with CELEBRATE and also just an update on BioSurg? Speaker 100:21:25Yes. Both. Well, I'll let Seth talk about BioSurg and on the IP front. The IP front as we mentioned in several calls historically that is a priority for us and it is going very well and we'll be able to report by year end the success that we've had, but we continue to file provisional patents around all of our products and the combination of our products and other things like that. So we are making really good progress, Chris. Speaker 100:21:57And then as it relates to biosurge, Seth, maybe you could just talk about from the introduction of November through this quarter, what you see? Speaker 300:22:10Sure. Great question, Chris. Thank you. So BioSurg soft launch last year at this time, formally launched at the turn of the year. We are right on pace, not only at the facility level and gaining approvals, but starting to scale that product as well. Speaker 300:22:24It's really a facility level sale, not just a surgeon level sale, and we're really happy with how that's gone through the Q3. Speaker 500:22:34Great. Thanks guys. Speaker 100:22:37Thank you, Chris. Operator00:22:39Thank you. And the next question is coming from John Seidloff from Twin Oaks Equity. John, your line is live. Speaker 600:22:46Thank you. Good morning, Ron, Mike. How are you guys doing? Congratulations on another growth quarter year to date year over year $47,000,000 to $60,000,000 Fantastic results. Speaker 500:23:00Thanks, Jeff. Speaker 200:23:01Thank you. Speaker 600:23:01You bet. I just have two quick questions. The last time I'd asked about the our share price and where it's been in the mid-30s. And I was wondering, could you tell us a little bit about what Cinera has for market makers out there? Just in the last, say, 2 years, the low have been $28 to $30 and the highs have been $45 to $50 And so we've had people buy in at both of those levels and now we'll say we're around $35 And so at some point, we do have to look out for these investors and try to get the price up a little higher with our net losses continuing on and borrowing more money for this growth. Speaker 600:23:51A couple of the reviews out there say that it's maybe 3 years until profitability. I was wondering how you guys felt about that because I know how much capital it takes to grow, of course. But I just wanted to get you guys' thoughts on the burn of cash. Speaker 200:24:09I know you have Speaker 600:24:09a lot of access to it, but what you see for profitability down the road? Is it $100,000,000 Is it something like that? I know it's a big question. And then how will that affect our market makers out there with our share price? Thank you. Speaker 100:24:28Yes, John, we're on pace exactly as we're planning. We like the progression of our adjusted EBITDA. Mike can speak to the actual cash. And so Mike, you could talk about that now. But I would tell you, our plan is to continue to do exactly what we're doing, 12 straight quarters, last I checked, that's a lot of timeframe and we're going to continue to keep that pace. Speaker 100:24:54That's what we want to do. And I think the market will take care of itself. All we have to do is continue to produce results and we don't expect to have any surprises where we would need to have a highly dilutive event. We would we look for events that are extremely accretive to us and we've said that on many calls before from our M and A and partnering activity. And so Mike, if you want to talk a little bit about that for your projections on cash flow, that'd be great. Speaker 400:25:24Yes. Thanks, Rod. Yes, we had a strong cash performance in cash during the quarter. We actually generated a couple of $1,000,000 of positive cash flow in the quarter from operating activities. And so we've been somewhat neutral through most of the year and most of the borrowing has been for investing activities. Speaker 400:25:45So we don't expect to be burning cash in operating activities in the near future or even going forward. Speaker 600:25:55Well, thanks, Mike. That's really good news to hear. And then Ron, thanks also. I know that you guys are focused on growth. I know what it takes to get there. Speaker 600:26:07And it's great to hear that, of course, you've got our investors in mind because, the money that you've raised has certainly been non dilutive. So I appreciate that. Speaker 100:26:18Thank you. Speaker 600:26:21You guys have a great day. I appreciate it. Thanks. Okay. Speaker 200:26:24Thank you. Speaker 400:26:24Thanks, John. Operator00:26:26Thank you. And there were no other questions from the lines. We did get some webcast questions in. So I'll go through a few of those right now. Can you give some more granularity on the timeline for THP? Operator00:26:39Will a pilot be launched in the first half of twenty twenty five? Speaker 100:26:43Yes. Sam, you want to take that? Speaker 200:26:46Sure. Yes. We are planning to launch a product in the first half of twenty twenty five. Yes. Operator00:26:53Okay. Can you give some color on where the majority of work is that remains in order to launch THP by mid-twenty 25 engineering partnerships, etcetera? Speaker 200:27:05Sure. The majority of work if you look at the work going on in THP, there are really 3 streams of work. The first stream of work, which is the locus of work is really building the platform to scale the delivery of our care model. And that's where we have partnerships. While not naming partners, I can tell you the areas in which we are partnered. Speaker 200:27:29We are partnered in the area of integration with EMRs. We are partnered in the area of being able to accelerate our development efforts and we have partnered in the area of being able to use innovative data management techniques and being able to take that data and leverage it into the rest of our techs. So what we're trying to do is to make sure that we are not rebuilding any things which are already in the marketplace and we are really building on top of what's in the marketplace. So the partnerships are really helped with that. The second stream of work we are doing is really continuously expanding our clinical model and testing its efficacy. Speaker 200:28:17And the clinical model and the science behind it essentially become an input to our platform. So the work continues on that. And we've made some very good progress there. For example, we have expanded our clinical model to include atypical wounds, which constitute about 20% of the wound population out there and that some of the first work being done to codify standard of care for those. The 3rd piece, which we are work is going on is really around the commercialization of this. Speaker 200:28:49That includes being able to identify network partners and working with them and creating pilots. The second piece of it is also really understanding pricing models, testing it and in the marketplace. And we received very good feedback on that as well. So those are really the three streams of work on which we're working on right now. Hopefully that helps. Speaker 100:29:17Thank you. Operator00:29:19Thank you. Okay, the next question, what are your expectations regarding ChemoMouthpiece's contribution to top and bottom line? Speaker 100:29:29We're not prepared to give that answer at this time. We obviously are very enthused and think it is a terrific opportunity in front of us. And as we progress on the introduction of this product and start to launch in 2025 and get this commercially accepted in the marketplace through our partner with InfuSystem, then we'll come back and report what our expectation is. But it's a very big wide open market from my perspective. Operator00:30:00Thank you. And what are some of the characteristics you're looking for in a potential M and A target for Surgical? Speaker 100:30:07Yes, that's that will we'll let them know what that is when we close it. So Operator00:30:15Okay. And we are currently seeing no remaining questions at this time. That does conclude our conference for today. Thank you for your participation.Read morePowered by