Supernus Pharmaceuticals Q2 2023 Earnings Call Transcript

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Provided by Quartr
August 8, 2023

There are 8 speakers on the call.

Operator

Good afternoon, and welcome to Supernus Pharmaceuticals Second Quarter 2023 Financial Results Conference Call. At this time, all participants are in listen only mode. Later, we will conduct a question and answer session. Instructions will follow at that time. As a reminder, this conference call is being recorded.

Operator

I would now like to turn the conference over to Peter Vossel of C. R. Westwick, Investor Relations Representative for Supernus Pharmaceuticals. You may begin.

Speaker 1

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us today for Supernus Pharmaceuticals' Q2 2023 financial results conference call. Today, after the close of market, the company issued a press release announcing these results. On the call with me today are Supernus' Chief Executive Officer, Jack Catar and Chief Financial Officer, Tim Deck. Today's call is being made available via the Investor Relations section of the company's website at ir.

Speaker 1

Supernus.com. During the course of this call, management may make certain forward looking statements regarding future events and the company's future performance. These forward looking statements reflect Supernus' current perspective on existing trends and information. Any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of the company's latest SEC filings. Actual results may differ materially from those projected in these forward looking statements.

Speaker 1

For the benefit of those of you who may be listening to the replay, This call is being held and recorded on August 8, 2023. Since then, the company may have made additional announcements related to the topics discussed. Please reference the company's most recent press releases and current filings with the SEC. Supernus declines any obligation to update these forward looking statements, except as required by applicable securities laws. I will now hand the call over to Jack.

Speaker 2

Thank you, Peter. Good afternoon, everyone, and thanks for taking the time to join us as we discuss our 2023 Second Quarter results. Supernus continues to execute well during a transition year with the loss of exclusivity on its flagship brand Trokendi XR. In the Q2 of this year, our growth products continued to deliver robust growth with Calvary and GOCOVRI achieving combined net sales of and by far exceeds the $52,000,000 decline in Trokendi XR net sales in the Q2 compared to 2022. Similarly for the first half of twenty twenty three Supernus generated $112,000,000 in net sales from Calvary and GOCOVRI, which significantly exceeded the $180,000,000 lost from Trokendi XR in the same period.

Speaker 2

Finally, excluding Trokendi XR, total revenues for Supernus grew by 25% in the first half of twenty twenty three compared to the same period last year. Moving on to more specifics about Calvary's strong performance in the second quarter despite the beginning of the weak summer season in the ADHD market. For IQVIA prescription data, the ADHD market was essentially flat In the Q2 compared to the Q1 of this year, while Calvary's prescriptions grew by 9%, reaching an all time high of 146,344 in quarterly prescriptions. In addition, Calvary's net sales grew by Continued growth potential despite the seasonality in the ADHD market. Moreover, the 146,344 quarterly As we approach mid August, several metrics have now started signaling the return of the back to school season.

Speaker 2

For instance, pharmacy orders from wholesalers that are typically a good leading indicator for product demand have significantly increased in the 1st week of August compared to June July setting a new high since the launch of the product. Consequently, the factory shipments are starting to ramp up to satisfy demand from the pharmacies. Moreover, Calvary continues to capitalize on several dynamics, including a 12% increase in average Total daily dose in the Q2 of 2023 compared to the Q2 of 2022, leading to 1 third of Calvary's prescriptions now being more than 300 milligram per day compared to 24% a year ago. Together with an improvement in the gross to net, this resulted in an average net price per prescription of $2.12 an increase of 20% compared to 2Q 202210% increase compared to the Q1 2023. In addition, during the Q2, Calvary expanded its base of prescribers to approximately 21,291, up from 19,917 prescribers from the Q1 of 2023.

Speaker 2

We expect Calvary's growth to Finally, we are very excited about a recent research article that was published last month in CNS Drugs by the authors, Doctors Maxwell Price and Richard Price. The peer reviewed research article with the headline, Extended release of valoxetine compared with atamoxetine for attention deficit hyperactivity disorder Describes an independent retrospective chart review of 50 patients with ADHD in a routine clinical practice by the 2 physicians. Patients, adult and pediatric received up to 4 weeks of atamoxetine and further insurance prior authorization. They were then washed out for 5 days and then switched over to 4 weeks of Calvary treatment. Approximately half of the patients were also maintained on a stable dose of psychostimulants that they were on prior Symptom rating scale were administered during the study.

Speaker 2

At baseline, at the end of the 4 week atamoxetine trial or Earlier, if discontinued for AEs and at the end of the subsequent 4 week Calvary trial. Briefly, the results are as reported in the article are as follows. 1st, Calvary showed highly statistically significant improvements with a P value of less than 0.0001 on the 2 ADHD scales compared to atomoxetine. 2nd, 96% of patients preferred Calvary over atomoxetine. 3rd, 85% of patients receiving stimulants chose to taper off the adjunctive stimulant once they are stable on Calbri.

Speaker 2

4th, 86% reported positive response by the 2nd week of taking Calbri. And finally, 4% discontinued Calvary versus 36% discontinued atomoxetine due to AEs. In summary, and I quote the author's conclusion as published in the article. Pediatric and adult ADHD patients Who have experienced less than optimal response to atomoxetine demonstrate rapid improvement in inattention and in hyperactivity impulsivity with a greater tolerability on extended release of valoxacine. Please note that Supernus did not provide any support or funding for this research.

Speaker 2

We remain Confident in the potential for Calbri given its unique and differentiated clinical profile of a non stimulant that works, works fast, Works in both subscales of ADHD and has shown great tolerability. Switching now to GOCOVRI. Net Product sales increased to $29,000,000 in the Q2 of 2023. This represents a healthy increase of 17 sent over the same period in 2022. We continue to be pleased with the performance of the brand, which is now at an annualized run rate of approximately $115,000,000 to $120,000,000 in net product sales.

Speaker 2

Regarding Oxtellar XR, net product sales were $24,000,000 compared to $30,000,000 in the same period last year. The decline was primarily due to destocking by wholesalers impacting gross sales and higher rebates that are hit all hit in the same quarter. For Trokendi XR net product sales in the 2nd quarter were $19,000,000 down sequentially from $35,000,000 in the Q1 of 2023 and down from $72,000,000 in the Q2 of last year. There are now 3 generics in the market on Trokendi XR and we expect further decline in quarterly sales on the brand. Given the performance of Trokendi XR in the first half of the year, we have revised guidance slightly with the midpoint of the range now at approximately $75,000,000 for full year 2023.

Speaker 2

Regarding the pipeline, we will be hosting an R and D Day in New York City on October 18, 2023, where we will share with you an overview of In adult patients with treatment resistant seizures, SPN 820, our 1st in class orally active mTORC-1 activator, which is in a Phase 2b study in adults with treatment resistant depression, as well as new clinical candidates From the company's discovery program. In addition, key thought leaders will share their perspectives on the current treatment paradigms, Unmet medical needs and the company's clinical development programs. Our team in collaboration with our partners continues to work Towards the planned resubmission of the NDA for SPN830, our apomorphine infusion device in the Q4 of this year. Finally, we continue to be active in corporate development looking for strategic opportunities to further strengthen our future growth and leadership position in CNS. With that, I will now turn over the call to Tim.

Speaker 3

Thank you, Jack. Good afternoon, everyone. As I review our Q2 2023 results, please refer to today's press release and 10 Q that were filed earlier today. Total revenue for the Q2 of 2023 was $135,500,000 compared to $170,100,000 in the same quarter last year. Total revenue in the Q2 of 2023 was comprised of net product sales of $128,300,000 and royalty revenue of $7,200,000 The $37,200,000 decrease in net product sales was primarily due to a $52,300,000 decline in net product sales of Trokendi XR, partially offset by a $24,000,000 increase in net product sales of our growth products, Kelbry and GOCOVRI.

Speaker 3

Excluding net product sales of Trokendi XR in both periods, total revenues for the Q2 of 20 increased 18% compared to the same period last year. For the Q2 of 2023, combined R and D and SG and A expenses were $111,200,000 as compared to $116,900,000 for the same period last year. While Q2 2023 SG and A expenses declined year over year, R and D expenses increased $8,000,000 over the same period due to increased investment and advancement with the clinical programs in our pipeline. Operating loss On a GAAP basis for the Q2 of 2023 was $17,600,000 as compared to an operating earnings of 11,300,000 for the same period last year. In the Q2 of 2023, we recorded an income tax benefit of $16,300,000 as compared to income tax expense of $3,500,000 for the same period last year.

Speaker 3

GAAP net loss was $800,000 for the Q2 of 20 or earnings per diluted share of $0.14 in the same period last year. On a non GAAP basis, which excludes amortization of intangibles, Share based compensation, contingent consideration and depreciation, adjusted operating earnings was $10,000,000 compared to $37,600,000 in the same period last year. Now turning to the 6 month numbers. Total revenue for the 6 months ended June 30, 2023 was $289,300,000 compared to $322,600,000 in the same period last year. Total revenues were comprised of net product sales of 200 and The $44,000,000 decrease in net product sales were primarily due to an $80,300,000 decline in net product sales of Trokendi XR, partially offset by $44,900,000 increase in net product sales of our growth products, Calvary and GOCOVRI.

Speaker 3

Excluding net product sales of Trokendi XR in both periods, total revenues for the 6 months ended June 30, 2023 increased 25% compared to the same period last year. Combined R and D and SG and A expenses for the 6 months ended June 30, 2023 were $218,000,000 as compared to $228,200,000 for the same period last year. The Q2 2023 SG and A expenses decreased, while R and D expenses increased $8,400,000 over the same period due to our investment in our current pipeline. As Jack mentioned earlier, we will be holding an R and D Day on October 18, which will provide more insight into our R and D and clinical development portfolio to deliver growth for our business. Operating loss on a GAAP basis for the 6 months ended June 2023 was $12,400,000 as compared to operating earnings $13,300,000 for the same period last year.

Speaker 3

For the 6 months ended June 2023, we reported an income tax Benefit of $24,200,000 as compared to income tax benefit of $7,400,000 for the same period last year. GAAP net earnings were $16,100,000 for the 6 months ended June 30, 2023 or $0.29 per diluted share compared to $33,500,000 or $0.57 per diluted share in the same period last year. On a non GAAP basis, which again excludes amortization of intangibles, share based compensation, contingent consideration and depreciation, Adjusted operating earnings were $40,500,000 compared to $65,700,000 in the same period last year. As of June 30, 2023, the company had approximately $189,100,000 in cash, Cash equivalents and marketable securities compared to $555,200,000 as of December 31, 2022. The decrease was primarily due to repayment of the convertible senior notes, partially offset by cash generated from operations.

Speaker 3

On April 1, 2023, the company paid the total principal amount of $402,500,000 due under its 2023 convertible notes, in addition to payment of the remaining outstanding interest of $1,300,000 Following the repayment, the 2023 convertible notes are no longer outstanding. In addition, as of June 30, 2023, the company has fully repaid the borrowings against the credit line. As a result of paying off these 2 different instruments as of June 30, 2023, the company has a strong balance sheet and significant financial For the full year 2023, the company reiterates its prior financial guidance for total revenue, combined R and D, SG and A expenses and GAAP and non GAAP operating earnings. As such, we expect total revenues For the full year 2023, we expect combined R and D and SG and A expenses to range from $450,000,000 to $480,000,000 and full year GAAP operating loss in the range of $10,000,000 to $30,000,000 And finally, We expect non GAAP operating earnings to range from $75,000,000 to $100,000,000 Please refer to the press release issued prior to this call that identifies the various ranges of reconciling items between GAAP and non GAAP. With that, I will now turn the call back over to the operator for Q and A.

Operator

Thank you. We will now conduct the question and answer session. Please stand by while we compile the Q and A roster. Our first question comes from Andrew Tsai of Jefferies.

Speaker 4

Hi, thanks. Good afternoon. Appreciate all the updates. Thanks for the questions. So maybe the first question on Calvary, the net price did seem favorable In Q2, it did sound as if gross to net also improved.

Speaker 4

So the question is, were there any inventory fluctuations or destocking That happened in Q2. And then it sounds like factory shipments are ramping up in Q3 ahead of the back to school season, which you said is a positive leading indicator. So should we assume some inventory build in Q3? Thanks.

Speaker 2

Yes. Hi, Andrew. Yes, regarding the inventory, it has been light on Calvary in general all along. It did Get a little bit lighter in the Q2, but nothing really significant. Certainly with the back to school season, as I mentioned in my remarks and as you And my remarks and as you rightfully said, now kicking into high gear, we would expect the wholesalers to start reacting So the orders from the pharmacies.

Speaker 2

So the orders from the pharmacies are already showing a very healthy increase. And that's typically the lead indicator because pharmacies are seeing obviously the increase in the prescriptions, they react to that So it's really it's a cascading effect and we're already seeing the first few steps occurring with the growth there. And then of course, we will hopefully see that also obviously in the weekly prescriptions as time goes on, specifically in Mid August moving on through September October.

Speaker 4

Perfect. And speaking of Scripps, as we in the financial community think about what Calvary sales trajectory needs to be in Q3 and Q4 Reached somewhere closer to consensus of $160,000,000 for 2023, assuming you're comfortable with that number then is it fair to assume We can expect TRx to inflect in both Q3 and Q4 rather than just Q3. So basically, how are you thinking about the quarter over quarter sales growth cadence? Is it going to be a strong growth in Q3 alone or Equally strong in Q3, Q4 and beyond. Thank you.

Speaker 2

Yes, sure. Yes, I mean the prescriptions will start really Picking up again in the Q3 and will continue through the Q4 as well, because the back to school season, It's a little bit funny. It's not a purely on a calendar basis clearly, right. So half of the summer time is June, which Falls in the Q2, July is normally also soft, which is in the Q3, but the back to school season is really mid August even through October, which It bleeds into the Q4. So it's not purely calendar, clearly the seasonality.

Speaker 2

And therefore, the growth is expected to happen in the Q3 and again in the 4th quarter as well. And therefore, we expect sales to continue to grow in the 4th quarter as well on top of what growth we get in the 3rd quarter.

Speaker 4

Perfect. Thank you very much.

Operator

All right. Thank you. One moment for our next question. Our next question comes from Stacy Ku of TD Cowen.

Speaker 5

Hi. This is Vish on the line for Stacy. And congratulations on the quarter and thank you so much for taking our questions. Could you please comment on the Calvary traction in adult versus the pediatric population? So what is the breakdown for the Calvary Among the clinician group, as we think about future growth prospects and should there be less seasonality for the adult population?

Speaker 5

Thank you.

Speaker 2

Yes. Regarding adults versus pediatric, what we saw in the second quarter growth In the adult segment by approximately around 16% growth versus in pediatric, it was in the 5% to 6%. So clearly, As the kids went into summertime, out of school, adult was still picking up obviously the growth in the brand. And obviously adult is also we're only about a year into the launch of adult. So, we're still trying to get much deeper reach within the adult physician audience and get more people to be adopters of the brand.

Speaker 2

As far as our mix of the business, it's Still in the probably around the 30%, 33% is adult and the rest is pediatric. So we still have a long way to go As far as our growth in the adult segment, now with the back to school season now in high gear, you would expect us to be pushing more on the pediatric excited clearly to take the most advantage of the back to school season. And then later, maybe later in the year, we balance it out with Another question on the adult side. So we do these different strategies, obviously execute different strategy on a quarterly basis

Speaker 5

Perfect. And lastly, so last quarter on the So how is that expansion and deepening progressing and how do you see the prescriber base growing moving forward?

Speaker 2

Yes, I mean the sales force expansion has been completed. Everybody has been trained. Everybody is in the field, has been in the field for a while now. The timing of the expansion was by design clearly that's why we did it in the April, May timeframe so that we are You know, fully ready for the back to school season. So, clearly the timing of all that was by design.

Speaker 2

And therefore, the most impact we will see is in the back to school season and the rest of the year out of that expansion. That expansion of about 45, 46 reps clearly was designed to do 2 things, of course, to expand the reach, as well as to increase the frequency among the physicians. This is a category which is Sensitive to promotion, it takes numerous calls to turn a physician into an adopter. So frequency is extremely important. And we are hyper focused, of course, on the top deciles that who see a lot of patients from a volume perspective, They give you the best return on that sales call.

Speaker 5

Perfect. Thank you so much.

Operator

Our next question comes from David Amsellem of Piper Sandler.

Speaker 6

Hey, thanks. So just got a few. First, sorry if I missed this, but can you talk about Underlying volume trends for GOCOVRI, I don't know if you're in a position to give prescription data, but That would be helpful or maybe I'll just ask a different way or underlying sales and volumes essentially in alignment. So that's number 1. Then number 2 is, how are you thinking these days about biz dev and you're going to have an R and D day.

Speaker 6

So I guess it sort of Brings up an interesting question is, do you are you looking at additional pipeline assets or Are you continuing to prioritize commercial stage assets? And just help us understand your latest thought process there. And then lastly on Oxtellar, I wanted to get your thoughts Why you settled for next year when you had a couple of other cases that you actually won and your entry for Oxtellar was 27 for generics now, that pulls up to 24. Just help us understand Your thinking there and is it tied to broader strategy regarding the assets you're prioritizing? Thanks.

Speaker 2

Yes. Starting with the first question on GOCOVRI, we estimate Prescription growth to be around 6% like in the first half of this year on GOCOVRI versus Last year, so it's still a healthy growth in prescriptions. And the reason I say we estimate because with GOCOVRI, it's a Specialty pharmacy, but we also have several accounts, institutions, what have you that directly buy from us. So it's a little bit And they don't report prescriptions to us. So that's why there is always an estimate there that is included.

Speaker 2

It's not like you're reading IQVIA Prescriptions. And because of the fluctuation sometimes quarter to quarter, we really stopped reporting it necessarily, but we focus on sales. And this is a very important point because when you have a specialty pharmacy or only accounts who are buying the product, they're certainly not buying it Because there are no prescriptions going on. So the correlation between sales and the growth of the brand on a unit basis is pretty high, Because these folks, they don't tend to sit on inventory, obviously, especially like institutions and so forth. So I would look at sales as a very, very good marker and surrogate to the health of the product and the growth behind the product.

Speaker 2

Regarding the second question on business development, we continue to prioritize the commercial assets if we Get opportunities that have commercial assets that could bring further revenue and cash flow into the company. As a next level priority is a pipeline asset that could be potentially launched ahead of what we already have in our pipeline. So our pipeline, clearly the most advanced one is the Infusion device, the apomorphine infusion device, but right behind that the 2 main assets SPN 817 and SPN 820 are at this point in Phase 2. So if we can find other pipeline assets from the outside that are Have completed Phase 2, middle in the middle of Phase 3 or even completed Phase 3, those will be ideal for us So that we can launch these assets in 2 to 3 years from now. So priority wise, we continue to focus on these specific criteria.

Speaker 2

Again, we're agnostic whether those are psychiatry or neurology. We're pretty flexible from an operational perspective. We can really address either market very comfortably. And the finally, the final question, the third one you had on Stellarexor regarding the Paragraph IV situations and the most recent settlement. Looking at The trial which was or would have happened in July this year, early August, looking at The allocation of resources, legal fees, management attention and so forth, we felt that the best optimum situation for us So with Apotex is really to settle with them, have a certain date, get that risk off the table.

Speaker 2

And we're very happy to So that we were able to manage so that the downside on 2024 is a very small partial Downside, so to speak, so a date which was September 1, 2024 will make the adverse impact on 2024 a little bit More palatable than if it were a full year clearly or even a half a year hit on 2024. So that was really the strategy behind it is To get that certainty, take the risk off the table on Apotex situation and be able to allocate more of the resources On the more important brands, clearly, which is Calvary and GOCOVRI.

Speaker 6

Okay. That's helpful. Thanks, Jack.

Operator

Our next question is from Annabel Samimy of Stifel.

Speaker 7

Hi, this is Jack on for Annabel. Thanks for taking our questions. So now that you're many quarters in with the reliable non Do you have a sense of whether there's a shift in the go to drug for physicians when thinking about putting a new patient on drug? And what is the profile of the patient that gets put on a non stimulant versus a stimulant look like?

Speaker 2

I can speak clearly directly as to Calvary and what we're experiencing with Calvary and so forth. So the source of our business or where are patients coming to the Calgary franchise? Basically, around 70% of the patients are being switched from Stimulants and other products. The bulk of these switches are coming from stimulants. 65% of the switching that is happening, These patients are coming to Calabrio are coming actually from stimulants and the research shows us that the top reasons for these switches Basically, stimulants actually and the AEs that are associated, the tolerability or lack Pounds, I mean, people forget not everybody actually responds to stimulants, even if they have tried 2 different stimulants that exist on the marketplace.

Speaker 2

3rd, specifically with parents, they just don't like to give their kids stimulants, so they may have tried them and they weren't too happy really with the experience and so forth. So the bulk of the switches are coming from stimulus. Now having said that, about 30%, the remaining 30% of the business that we're getting or patients We're getting are actually de novo patients. So these are patients that haven't tried anything before and Calvary has become The medication that is a go to medication. It's a first line treatment for a lot of physicians out there.

Speaker 2

And that's really very encouraging for us, Because it's encouraging because now we can say that physicians or a lot of physicians, They are thinking of Calvary as a first line treatment. And it's really based on the experience That either they've had with Calvary or they've heard about other physicians who have tried Calvary and really the remarkable efficacy, which I mentioned, Especially with the study that I mentioned recently, where Calvary is really, if you want to summarize it, it's a non stimulant that really works. It works fast. It works in both inattention and hyperactivity and has great tolerability. And that's exactly what we've been looking for decades now in this ADHD market.

Speaker 2

Yes, we've had other non stimulants, but unfortunately they have disappointed patients for so many years and that's why the market has been split up with only 10% of the ADHD market being a non stimulant. So clearly, we have been looking for a non stimulant that works and also works fast and Calvary has been delivering on that as evident by the research that I mentioned today, but also with all the service that we have on Calvary, which is also Corroborating and reinforcing everything we saw in the Phase 3 program. The fast onset of action, parents don't have to wait forever When the school starts and waiting a week, 2 weeks, 3 weeks, 4 weeks, 5 weeks, even 6 weeks, sometimes on Spretera or atamoxetine And the product may or may not work even after waiting, you don't know whether it's going to work or not. So Calbri short, I know a long Winded answer, but the short answer is, it is really exciting to see that Calvary has become for a lot of physicians that go to Product even from the beginning and even if they are forced to go through a step edit like the article or the research that I mentioned Through an atomoxetine, the research that I just mentioned with 50 patients, it shows that the 4 week treatment with atomoxetine Hasn't really done much for these patients.

Speaker 2

They are still dissatisfied and therefore they switch to Calvary after that and they get Incredible response. Again, although this is not a head to head trial, but it's actually clinical practice and these two physicians, They conducted the study because they were forced by insurance and the prior authorizations and they generated data to prove that actually Calbri or extended release valoxacine is a whole different unique drug unlike any other non stimulant that ever existed in the marketplace.

Speaker 7

Got it. And then so just filling off that a little bit, for all of those Calgary patients that have been converted from stimulants. I know you've previously mentioned that stimulant shortages weren't necessarily tailwinds for you, But could you explain a bit more as to why that is?

Speaker 2

Yes. The Stimulant shortages, when you think about a patient who has been prescribed a stimulant and that patient went to the pharmacy and couldn't find it. So from a medical clinical perspective, the first important point is the doctor has made up And made the decision that that's really what's necessary and what's important and what's the right treatment for that specific patient. It's either an amphetamine or a methylphenidate or what have you. So if the patient reports back that they can't find it, That physician pretty much has probably 20 other options within the amphetamine methylphenidate.

Speaker 2

So most likely, Because they've already made up their mind clinically, most likely they're going to prescribe another similar stimulant That is maybe a different formulation or a different chewable or a tablet or extended release versus immediate release or whatever. So that's why we don't think Calvary necessarily is going to be the option that the physician will first think of When the patient reports to them that they can't find it. Now the patient continues to have issues from a shortage perspective that may Make the physician rethink the therapy and maybe if that physician has a good experience with another patient For whom they felt that the non stimulant in Calvary is appropriate, they may try Calvary. But we can't really Say that the shortages necessarily are really a good dynamic for us in general. They might help, but It would be probably not too significant.

Speaker 7

That makes sense. Thank you.

Speaker 6

Sure.

Operator

Okay, thank you. I'm showing no further questions at this time. I would now like to turn the conference back to Jack Qatar for closing comments.

Speaker 2

Thank you. In concluding our call this afternoon, I would like to emphasize That returning to strong growth is our top priority. Our growth products, Calvary and GOCOVRI delivered significant growth 67% in net sales in the first half of this year, reaching $112,000,000 that by far exceeded the decline of $80,000,000 in Trokendi XR. We will continue to be focused on making the 2023 transition as smooth as possible as we move away from the legacy products and set the stage for continued growth in 2024 and beyond. Thanks for joining us this afternoon.

Speaker 2

We look forward to seeing you on October 18 at our R and D Day in New York City and to updating you on our next call.

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