PAVmed (PAVM) Q3 2026 Earnings Call Transcript

Image source: The Motley Fool.

DATE

Fri, Nov. 13, 2026

CALL PARTICIPANTS

• Chairman and Chief Executive Officer - Lishan Aklog
• Chief Financial Officer - Dennis McGrath
• Vice President, Investor Relations - Matthew Riley

TAKEAWAYS

• Revenue -- $41,000 for the third quarter, representing an increase from $5,000 in the prior year period.
• GAAP Net Loss -- $13 million, driven primarily by a $9.6 million net charge from the change in fair value of Lucid Diagnostics shares and the senior note.
• Non-GAAP Adjusted Net Loss -- $1.2 million, or $0.19 per common share, which excludes non-cash items such as stock-based compensation and fair value adjustments.
• Total Cash -- $8.9 million as of Sept. 30, which includes $5.3 million in restricted cash.
• Restricted Cash Collateral -- $5 million, held in a collateral account as additional security for senior debt following an August amendment.
• Senior Secured Note -- $15 million, carrying a 15% interest rate and maturing in February 2029.
• Lucid Equity Investment -- $23.5 million, reflecting PAVmed's ownership of 31.3 million Lucid shares valued at $0.75 per share as of the end of the quarter.
• Lucid Voting Interest -- 25% of voting power, despite the company no longer holding absolute voting control over the subsidiary.
• EsoGuard Test Volume -- 2,871 tests performed during the third quarter, with management reporting a record volume of more than 1,800 tests in October.
• Lucid Subsidiary Revenue -- $1.2 million, recognized during the three months ended Sept. 30.
• Quarterly Burn Rate -- $2.8 million, remaining relatively flat compared to $2.7 million in the second quarter.
• ATM Facility Proceeds -- $2.8 million received during the quarter, with a new $9.4 million at-the-market facility established in September.
• Veris Patient Enrollment -- Monthly enrollment at the Ohio State University (OSU) The James nearly doubled between July and September.
• R&D Expense -- $1.9 million, compared to $1.1 million in the prior year period, primarily due to increased development spending on the Veris implantable device.
• Non-GAAP Operating Expenses -- $5.6 million, representing a sequential decrease of approximately $480,000 from the second quarter.
• Potential Warrant Capital -- $30 million in potential proceeds from the exercise of Series D warrants, which are currently out of the money.
• Veris Contingent Capital -- $2.5 million of warrants that become callable upon FDA clearance of the Veris implantable physiological monitor.
• Total Shares Outstanding -- 8 million as of the report date, including unvested restricted stock awards.

Need a quote from a Motley Fool analyst? Email pr@fool.com

RISKS

• McGrath stated, "With the decline in Lucid's share price during the quarter, we did not satisfy that collateral coverage covenant as of September 30," regarding the company's $15 million senior secured note.

SUMMARY

PAVmed Inc. (NASDAQ:PAVM) reported that its primary subsidiary, Lucid Diagnostics, secured nationwide Medicare reimbursement for its EsoGuard test, a development management described as a transformational milestone. The company is currently focused on four key technology platforms: Lucid's esophageal diagnostics, Veris Health's digital oncology platform, PortIO vascular access, and Octeris imaging. Management indicated that the company is leveraging its engagement with the Ohio State University (OSU) to optimize workflow and adoption for the Veris platform ahead of a planned FDA submission for its implantable monitor in early 2027. Despite a GAAP net loss influenced by non-cash mark-to-market adjustments of its Lucid holdings, PAVmed maintained a non-GAAP adjusted loss of $1.2 million for the quarter while advancing regulatory pathways for its earlier-stage medical devices.

• Management reported that Lucid began submitting Medicare claims through its Texas laboratory in late September and has been paid consistently at the full Medicare rate since October.
• CEO Aklog stated, "The engagement with the contractor and subsequent consistent pattern constitutes Medicare coverage through claim-by-claim adjudication, and this applies for to Medicare patients nationwide."
• The company initiated a 90-day GLP animal study in October for the Veris implantable monitor, which is a required component for its upcoming 510(k) submission.
• Management is seeking a 510(k) regulatory pathway for PortIO rather than a De Novo pathway, which CEO Aklog noted could lead to a shorter timeline and lower capital requirements.
• Octeris completed its next-generation multimodal endoscopic imaging probe and expects to begin enrollment for a clinical validation study at the University of North Carolina in January.
• CFO McGrath indicated that the company's senior noteholder has agreed to waive a collateral coverage covenant through the date of the SEC filing while both parties work on future covenants.

INDUSTRY GLOSSARY

• 510(k): A premarket submission made to the FDA to demonstrate that a medical device is at least as safe and effective as a legally marketed predicate device.
• ATM Facility: An at-the-market equity program that allows a company to sell shares into the existing secondary market to raise capital over time.
• Barrett’s Esophagus: A condition where the lining of the esophagus is replaced by tissue similar to the intestinal lining, often as a result of chronic acid reflux, which increases the risk of esophageal cancer.
• De Novo: An FDA regulatory pathway for novel medical devices for which there is no legally marketed predicate device.
• EsoGuard: A noninvasive DNA test designed to detect esophageal precancer.
• GLP Animal Study: A study conducted according to Good Laboratory Practice standards to ensure the quality and integrity of safety data for regulatory submissions.
• Octeris: A multimodal endoscopic imaging platform designed to identify esophageal dysplasia during upper endoscopy.
• PortIO: An implantable intraosseous vascular access device designed to provide long-term access through the bone marrow cavity.
• Veris Cancer Care Platform: A digital health platform for remote patient monitoring of oncology patients undergoing systemic therapy.

Full Conference Call Transcript

Operator: Good morning, and welcome to the PAVmed's Third Quarter 2026 Business Update Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Matt Riley, PAVmed's Vice President, Investor Relations. Please go ahead, sir.

Matthew Riley: Thank you, operator, and good morning, everyone. Thank you for participating in today's business update call. Joining me today on the call are Dr. Lishan Aklog, Chairman and Chief Executive Officer of PAVmed; along with Dennis McGrath, Chief Financial Officer of PAVmed. The press release announcing our business update and financial results is available on PAVmed's website. Please take a moment to read the disclaimers about forward-looking statements in the press release. The business update press release and conference call all include forward-looking statements, and these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from statements made.

Factors that could cause actual results to differ are described in the disclaimer and in our filings with the SEC. For a list and description of these and other important risks and uncertainties that may affect future operations, see Part 1, Item 1A entitled Risk Factors in PAVmed's most recent annual report on Form 10-K filed with the SEC and any subsequent updates filed in quarterly reports on Forms 10-Q and subsequent Forms 8-K.

Except as required by law, PAVmed disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect changes in expectations or in events, conditions or circumstances on which the expectations may be based or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. I would now like to turn the call over to Dr. Lishan Aklog, Chairman and CEO of PAVmed.

Lishan Aklog: Thank you, Matt, and good morning, everyone. Thank you for joining our quarterly update call. We're very encouraged by developments across our PAVmed portfolio. The most important development, of course, is that Lucid has secured Medicare reimbursement for EsoGuard, and this is a critical and transformational milestone. The other front, Veris continues to grow enrollment at Ohio State while advancing its implantable monitor towards FDA submission. We are now actively engaged with the FDA on our 2 other portfolio units, PortIO and Octeris. We believe this progress puts PAVmed in a strong position to create real long-term shareholder value. Let me start with Lucid. The most significant development at Lucid is that Medicare is now reimbursing EsoGuard.

Lucid began submitting claims through its Texas laboratory in late September and has been paid consistently since October at the full Medicare rate. The engagement with the contractor and subsequent consistent pattern constitutes Medicare coverage through claim-by-claim adjudication, and this applies for to Medicare patients nationwide. With Medicare reimbursement now secured, Lucid immediately and aggressively transitioned its commercial activity to focus on access to EsoGuard in the Medicare population. This transition is going extremely well, and October was a record month for test volume. We expect to quickly scale Lucid's commercial activity to take advantage of its massive revenue opportunity and to grow its commercial infrastructure in an aggressive but responsible way.

As Lucid's largest shareholder, PAVmed stands to benefit directly from this near-term opportunity. Yesterday's Lucid call covers this and other developments in far greater detail, and I encourage you to listen to the recording. Now let's move on to Veris. The commercial phase of our Ohio State strategic engagement continues to accelerate. Monthly enrollment grew throughout the quarter and nearly doubled from July to September, and the clinical rollout is now live across most of the departments at the James Cancer Center with the remaining departments moving through the final implementation stage. Our focus remains reducing onboarding friction and workflow disruption, and we continue to have strong support from the OSU and the James leadership team.

We've also continued to improve the software platform, including an upgraded EHR integration and various software updates. The implantable physiologic monitor remains on track for an FDA 510(k) submission in early 2027. We successfully achieved design freeze in August as planned. In October, we initiated the 90-day GLP animal study, which is a key part of the verification and validation testing required for FDA 510(k) submission. We expect to complete the app design freeze and the skin validation study, both additional components of the FDA submission by the year-end. Now let's move on to our other products in our medical device portfolio, starting with PortIO.

As a reminder, PortIO is an implantable intraosseous port that's designed to provide long-term vascular access through the bone marrow cavity and particularly for patients with difficult or compromised venous access. We held an initial call with the FDA in late October, was successful, and this will be followed by an in-person presubmission meeting, a formal presubmission meeting in January. The key topic will be the regulatory pathway. We believe that our published first-in-human results may support a 510(k) rather than a De Novo regulatory pathway through the FDA. That would mean a shorter time line and lower capital requirements to reach commercialization. Now let's finish up with Octeris.

Again, as a reminder, Octeris is our multimodal endoscopic imaging platform that we licensed from Duke University, and it's designed to identify esophageal dysplasia or late-stage precancer during upper endoscopy and to help guide more accurate biopsy and treatment. The next-generation probe is now complete and ready for clinical testing. We expect to submit our initial FDA presubmission package this month. The start of the clinical validation study at the University of North Carolina is in the IRB phase and going through contracting at the 2 universities. We expect enrollment to begin in January. With that, I'll hand the call over to Dennis for an update on our financials.

Dennis McGrath: Thanks, Lishan, and good morning, everyone. Our preliminary financial results for the third quarter were reported in our press release that has been distributed. On the next 3 slides, I'll emphasize a few highlights from the third quarter, but I encourage you to consider those remarks in the context of the full disclosures that will be covered in our quarterly report on Form 10-Q expected to be filed with the SEC on Monday. With regard to the balance sheet, a few key items to point out. Cash at September 30 was $8.9 million, including $5.3 million of restricted cash.

Of the restricted cash, $5 million is held in a collateral account as additional security for the senior debt, which we funded in August under an amendment to the note. During the quarter, we received $2.8 million of proceeds from our ATM, which is in time with the maximum allowable under the ATM. In September, we put in place a new at-the-market facility with A.G.P. for up to $9.4 million, which is presently fully available to us. Our underlying burn for the third quarter was approximately $2.8 million compared with $2.7 million in the second quarter.

Cash on the balance sheet also does not reflect the $30 million expected upon exercise of the Series D warrants, which are currently out of the money, but potentially callable in the future by the company nor the approximately $2.5 million of Veris warrants that become callable upon FDA clearance of the Veris implantable device. The equity method investment balance of $23.5 million reflects the 31.3 million Lucid shares mark-to-market at Lucid's closing price of $0.75 on September 30, down from $1.07 at June 30. That $10 million decrease is a noncash mark-to-market adjustment and is the single largest item in our third quarter P&L, which I'll come back to.

At present, PAVmed continues to be the single largest common shareholder of Lucid with approximately 15% of the common shares outstanding. Although PAVmed no longer has voting control of Lucid, PAVmed, together with its Board and management still has significant influence over Lucid with approximately 25% of voting interest. Shares outstanding today, including unvested RSAs, are approximately 8 million. The GAAP quarter end outstanding shares of 6.9 million are reflected on the slide as well as it will be on the face of the balance sheet in the 10-Q. GAAP shares do not reflect unvested RSA amounts.

A word on our $15 million senior secured note, which carries a 15% interest rate, is interest-only with quarterly payments and matures in February of 29. The note includes financial covenants, one of which is a minimum cash covenant, which we satisfied at September 30. Another is a collateral coverage covenant tied to the market value of the Lucid shares we hold. With the decline in Lucid's share price during the quarter, we did not satisfy that collateral coverage covenant as of September 30. The noteholder has agreed to waive that covenant through the date of our SEC filing, and we continue to work constructively with the noteholder as we have consistently in the past on covenants going forward.

The details will be in Note 9 of the financial statements in our 10-Q. The note is required to be carried at fair value. At September 30, the preliminary value reflects $14.2 million compared with $15.1 million at June 30 after the $600,000 quarterly interest payment. The resulting $300,000 gain in the P&L is a noncash accounting item, and both of these do not change the $15 million principal we owe. These noncash amounts are subject to change as we complete the final valuation analysis prior to the filing of the 10-Q. Obviously, like others, the Microsoft outage yesterday slowed down the completion of that effort.

Similar to past presentations on this slide of the P&L provides some GAAP and non-GAAP year-over-year quarterly comparisons. On a pro forma basis and purely for illustrative purposes on this slide, the Veris revenue and the Lucid management fee income are combined, collectively more than $3 million per quarter, just to visually align PAVmed's income sources versus its operating expenses. For SEC reporting purposes, the management service income is a below-the-line item. For the third quarter, you'll see on the slide a preliminary GAAP net loss of $13 million before noncontrolling interest and preferred dividends versus the prior year loss of $6 million.

The driving force of that difference is the change in fair value of the Lucid shares and the senior note, both noncash amounts, reflecting a net charge of approximately $9.6 million in the current quarter compared with $4.5 million in the prior year quarter. Other than the fair value changes, the most significant change between the periods is higher R&D expense, largely for the Veris implantable device. The preliminary GAAP net loss attributable to PAVmed common stockholders is $11.8 million for the third quarter, and that's subject to the final debt valuation analysis. On a non-GAAP basis, the loss is $1.2 million, an improvement from $1.7 million in the second quarter. Next slide, please.

With regard to the non-GAAP operating expenses, on this slide, you'll see a graphic illustration of our operating expenses over time as presented in more detail in our press release. The third quarter non-GAAP OpEx of $5.6 million is below the second quarter by about $480,000 in line with the $5.7 million average of the previous 4 quarters. The sequential decrease reflects about $330,000 lower G&A costs and about $160,000 of lower Veris R&D spending due to timing. OpEx changes up or down moving forward are likely to be tied mostly to the R&D efforts to get Veris implantable device submitted to and cleared by the FDA. With that, operator, let's open it up for questions.

Operator: [Operator Instructions] Your first question comes from Jeremy Pearlman with Maxim Group.

Jeremy Pearlman: Okay. So first is maybe on the Veris platform. Commercialization, it seems like you said enrollment was doubling. Maybe if you could just -- a little more why you think the commercialization is doubling. Is that just a natural as the platform is rolling out to more departments? Or is there something else that's driving that nice growth in enrollment?

Lishan Aklog: Yes. Maybe to step back a second and just explain a little bit about our engagement with OSU and frankly, the broader picture as it relates to the implantable. Our goal from now has been and through the submission and clearance of the implantable is to leverage the strategic engagement with OSU to really optimize and learn how to drive adoption in these cancer centers, these large cancer centers. That's really been the focus of our efforts over the past 6 months or so since the EHR integration was completed. The answer to your question is really just the rollout internally.

We have excellent buy-in and support at the highest levels of the James Cancer Center, the CEO as well as the Chief Operating Officer. There are over a dozen individualized departments. This is a major cancer centers, so they're really segmented by individual cancers. We started this commercial phase with the departments that participated in the successful pilot program, and it's just been a steady rollout, bringing on each individual department, training the team, training the physicians, training the nurses on onboarding patients.

Then again, this is really the primary goal of this effort in addition to just driving adoption is to really learn the -- how to optimize workflow to minimize friction with regard to getting patients on the platform and a whole variety of creative ways to insert our platform into the complex workflow of these cancer centers. The acceleration is bringing on other centers, but also a high degree of adoption within each department. This is all part of the strategic engagement is the building of a registry of the first 1,000 patients within OSU.

The target for that was to do so by the end of the first quarter of next year, and we're on pace to do that, particularly with the acceleration moving forward. Once we have the implantable cleared, then we'll be able to take the lessons learned, take the template in the sense of how we engaged with the James at OSU, which is the third largest cancer center in the country and then rinse and repeat at other commercial centers. But this time, with the implantable as a major value multiplier or force multiplier with regard to the power of the platform.

Jeremy Pearlman: Okay. Yes. Understood. Great. And maybe, yes, so you just touched on it at the very end, just to segue to my next question. Are you seeing interest from other health -- large cancer centers? Are you being proactive? Or you're just going to wait until you have enough data from this and the OSU to start maybe commercializing it into other institutions? And what do you think the time line would be?

Lishan Aklog: Yes, we are getting interest. There have been some contacts. There have been some discussions with a handful, but we have not been aggressively pursuing it because at the end of the day, this platform is a combination -- the Veris and the value opportunity and the clinical value comes from a combination of this cancer-focused platform that's designed specifically for oncology patients undergoing systemic therapy chemotherapy with the implantable as the proprietary feature that can feed the platform continuous data.

Although we have had conversations with a handful of other centers and there is strong interest, our strategic approach to this enterprise has been to focus our efforts on OSU, get the data, but it's not just data, it's just the institutional knowledge within Veris on how to best optimize engagement, how to best optimize adoption and package that all up so that when we proceed to a full commercialization after the clearance of the implantable, we can do so in a way where we have a high likelihood of success at each of the individual cancer centers.

Jeremy Pearlman: Okay. Understood. Great. And then maybe moving to PortIO. I know you touched upon this a little on your prepared remarks about the 2 potential regulatory pathways, either 510(k) or De Novo. Maybe just if you could flesh out a little bit what each of those would look like in terms of time line and maybe capital needs?

Lishan Aklog: Yes. Look, we can get a little bit in the weeds on that for those who are students of 510(k) versus De Novo. Just as a reminder, the 510(k) pathway is the lowest hurdle for a medical device to go through FDA approval -- FDA clearance, and it just requires a substantial equivalence to an existing predicate device. The next stage is the De Novo, which is -- has a higher -- it is between the 510(k) and the PMA and has somewhat higher requirements with regard to the clinical study design, the size and so forth.

When PortIO was actively being pursued before we paused the project several years ago, our engagements with FDA had led to a determination at that point that this was likely -- that this needed to go down the De Novo pathway. That's how we were proceeding before we paused the project. What's happened since that engagement with the FDA are 2 things. One, we had our first-in-human study, a successful human study in Colombia, South America that demonstrated the safety of the device in humans. That wasn't available at the time of the original engagement with the FDA.

Also, on further analysis with our team as well as with external regulatory consultants, some of whom were actually -- were aware of the previous application, it's become clear to us that the major consideration with regard to moving this down the De Novo pathway had to do with the predicate device was used for urgent and emergency situations and PortIO is not really intended for that. The purpose of PortIO is to be a long-term vascular access device comparable to existing ports and existing long-term catheters.

We have a possibility, and I think a reasonable possibility that we -- this time around, we can proceed on a 510(k) basis by simply saying that we're not -- that the intended use does not include emergency and urgent insertion, which is consistent with sort of the commercial strategy anyway. We had an initial call with the FDA, and we have a formal pre-sub meeting in January, and that will determine -- that will give us a strong sense as to whether each direction. Both of them will be fine. We're confident based on the previous data and based on the previous conversations that we have a clear path to completing a study and getting this cleared.

But obviously, our strong preference would be to be able to do so through the 510(k) pathway, which would be shorter and less capital -- less capital requirements and potentially might not even need additional human data, but that's still to be determined.

Jeremy Pearlman: Okay. Great. And then just lastly, moving to Octeris. Maybe help investors understand what is it -- what type of -- what problem is it trying to solve? Is it creating a better mousetrap? Is there any other standard of care current competitors that are tackling the same issue? And maybe that would be really helpful.

Lishan Aklog: Yes. Excellent. Obviously, most folks in PAVmed have some understanding of the detection of esophageal precancer and its management to prevent esophageal cancer, obviously, because EsoGuard -- the EsoGuard test is designed to identify patients with esophageal precancer and send them to a confirmatory endoscopy to determine the subsequent management of that patient, whether it be surveillance, or an ablation treatment to treat the late-stage precancer. That's the paradigm under which these patients are being managed. You can consider this basically the Octeris to fit in, in the post- EsoGuard step. EsoGuard identifies these patients with precancer, they go for an endoscopy. Then at the time of endoscopy, what are the various things that can be done to enhance that.

The direct answer to your question is that Octeris does compete with some existing technologies. Most of them are molecular tests that seek to risk stratify patients or to determine at the time of confirmatory endoscopy, whether the patient needs more aggressive surveillance, whether there's a likelihood that they have the later-stage precancer and maybe should be directed more towards an urgent -- more immediate treatment with ablation. There's a variety of technologies that are out there and molecular tests that are out there that seek to be supplements to the confirmatory endoscopy.

Octeris has the opportunity to make essentially most of those obsolete because what it does, instead of using a molecular test, it uses imaging, a combination of optical coherence tomography as well as an additional more proprietary optical method to assess the areas of abnormality at the time of endoscopy. So we can look at those cells and it's able to measure the size of the nucleus, which correlates very closely with the likelihood that they have late-stage precancer, which would need to be treated more directly.

That's a bit in the weeds, but the bottom line is that when Octeris is finalized and commercialized, it will provide the opportunity to take a patient who has suspected precancer, suspected Barrett's esophagus, hopefully, from having gotten an EsoGuard test and during the endoscopy to determine whether that patient has a late-stage precancer and whether those areas should be biopsied more aggressively. Then if it does come back as dysplasia the later-stage precancer, whether that patient should go straight to the definitive treatment. Over the long-term, later versions of this device, the goal would be to have it be a onetime procedure.

You go in for your confirmatory endoscopy and the endoscopist assesses the area and using the supplemental imaging from Octeris, they can decide to ablate and destroy those abnormal cells on the spot, eliminating the need for multiple other interventional procedures. That's the paradigm that we're operating within. If it is successful, it really will shake up the way these patients are managed after they are identified as having precancer.

Operator: Your next question comes from Ed Woo with Ascendiant Capital.

Edward Woo: Congratulations on all the progress. Are you guys mainly focused on your 4 devices now, Lucid, Veris, Octeris, PortIO? Or are you guys also actively looking for new portfolio products?

Lishan Aklog: Yes. Over the years, we've had a fairly steady flow of new and interesting technology that have been brought forth to us. Octeris is one of them, for example, at Duke University, the technology transfer office and associated scientists came to us seeking a partnership. We do continue to evaluate those. I think our sense is really at this point that with the capital constraints that these -- we have our hands full right now with these 4 technologies.

But we will continue to look because there could be another Octeris, another Veris out there waiting and if there's a creative way to bring that technology in, particularly if it's independently financeable, we have the infrastructure to be able to accelerate development and commercialization of those. Our eyes are open, but right now, we're primarily focused on the 2 medical device portfolio companies, the products, the digital health product with Veris at commercial phase. Obviously, Lucid is operating independently of PAVmed at this point.

Operator: As there are no further questions at this time. I will turn it back to Dr. Lishan Aklog for some closing remarks.

Lishan Aklog: Great. Thanks, operator, and thank you all for taking the time and for your attention this morning. We obviously appreciate the questions. We enjoy the opportunity to discuss the business and in particular, the technology and be able to get a bit in the weeds. Thanks to great questions from our covering analysts. Hopefully, you found that informative and that the additional color was very helpful. I think as we look at PAVmed, clearly, the main focus with regard to near-term inflection points relates to Lucid and EsoGuard and the Medicare milestone for EsoGuard is obviously a turning point for Lucid. But as Lucid's largest shareholder, PAVmed clearly stands to benefit from this near-term revenue opportunity at Lucid.

But as we discussed, there's really great progress on multiple fronts with Veris, the progress with our strategic engagement with Ohio State, the progress on the implantable monitor. We're really looking forward to FDA submission in the first quarter of next year and then clearance thereafter. Obviously, the progress with regard to PortIO and Octeris, both on the development side with Octeris and with both of them as we head towards getting definitive regulatory pathways from the FDA on both of those.

As always, PAVmed has been designed from scratch to give our shareholders the opportunity to have multiple shots on goal, extending here from a commercial company that's at an inflection point to a second commercial company in the digital health space that's poised for broader commercialization in the second half of next year and then to earlier stage but promising technologies. With that, as always, we encourage you to continue to keep abreast of our progress. Please follow us through our news releases, these update calls at our website and through social media. Of course, feel free to reach out with any specific questions.

With that, I hope you all have a great day, and thank you so much for your participation.

Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Parts of this article were created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.