Oncology Institute Inc (TOI) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to the Oncology Institute's First Quarter 2022 Earnings Conference Call. Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A.

下午好，歡迎來到腫瘤研究所 2022 年第一季度收益電話會議。今天的通話正在錄音中，我們分配了 1 小時用於準備好的評論和問答。

At this time, I'd like to turn the conference over to Mihir Shah, Chief Financial Officer at TOI. Thank you. You may begin.

此時，我想將會議轉交給 TOI 的首席財務官 Mihir Shah。謝謝。你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss TOI's First Quarter 2022 Results. Before we begin, we would like to remind you that this conference call will include forward-looking statements. These statements include our future expectations regarding financial results and guidance, market opportunities and our growth. These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially from these statements. These risks, uncertainties and assumptions are detailed in this afternoon's press release as well as our filings with the SEC, including our registration statement on Form S-1 that was filed with the SEC and the Form 10-Q, all of which can be found on our website at investors.theoncologyinstitute.com. We undertake no obligations to revise or update any forward-looking statements or information, except as required by law.

大家下午好，感謝您加入我們討論 TOI 2022 年第一季度的業績。在我們開始之前，我們想提醒您，本次電話會議將包括前瞻性陳述。這些陳述包括我們對財務業績和指導、市場機會和我們的增長的未來預期。這些陳述受各種風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致我們的實際結果與這些陳述存在重大差異。這些風險、不確定性和假設在今天下午的新聞稿以及我們向美國證券交易委員會提交的文件中進行了詳細說明，包括我們向美國證券交易委員會提交的表格 S-1 和表格 10-Q 的註冊聲明，所有這些都可以找到在我們的網站 investors.theoncologyinstitute.com 上。除非法律要求，否則我們不承擔修改或更新任何前瞻性陳述或信息的義務。

During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA, free cash flow and adjusted diluted EPS. We use non-GAAP measures in some of our financial discussions as we believe they more accurately represent the true operational performance and underlying results of our business.

在我們今天的電話會議中，我們還將參考某些非 GAAP 財務信息，包括調整後的 EBITDA、自由現金流和調整後的攤薄每股收益。我們在一些財務討論中使用非 GAAP 指標，因為我們相信它們更準確地代表了我們業務的真實運營績效和基本結果。

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to financial information prepared and presented in accordance with GAAP. Please note that our non-GAAP measures may be different from non-GAAP measures used by other companies. Reconciliations of GAAP to non-GAAP measures as well as the description, limitations and rationale of using each measures can be found in this afternoon's press release and in our SEC filings.

本非 GAAP 財務信息的列報不應被孤立地考慮，也不能替代或優於根據 GAAP 編制和列報的財務信息。請注意，我們的非 GAAP 措施可能不同於其他公司使用的非 GAAP 措施。 GAAP 與非 GAAP 措施的對賬以及使用每項措施的描述、限制和理由可以在今天下午的新聞稿和我們向美國證券交易委員會提交的文件中找到。

Joining me on the call today is our CEO, Brad Hively. Following our prepared remarks, we will open the call for your questions.

今天和我一起參加電話會議的是我們的首席執行官 Brad Hively。在我們準備好的評論之後，我們將開始徵集您的問題。

With that, I will turn the call over to Brad.

有了這個，我會把電話轉給布拉德。

Thanks, Mihir, and welcome to the team. Mihir joined TOI on April 1 and brings more than 18 years of health care experience from both the payer and the provider side. Now to support our growth and expansion, we continue to enhance our leadership team in the first quarter. In March, we announced 2 promotions, Dr. Daniel Virnich, to the President role and Dr. Matt Miller to the Chief Operating Officer role. We also hired our Senior Vice President of Compliance, Khurrum Shah.

謝謝，Mihir，歡迎加入我們的團隊。 Mihir 於 4 月 1 日加入 TOI，帶來了超過 18 年的支付方和提供方醫療保健經驗。現在，為了支持我們的增長和擴張，我們在第一季度繼續加強我們的領導團隊。 3 月，我們宣布了兩次晉升，Daniel Virnich 博士擔任總裁職務，Matt Miller 博士擔任首席運營官職務。我們還聘請了合規高級副總裁 Khurrum Shah。

During the past quarter, TOI has made significant progress in addressing the rapidly rising cost of oncology care by executing on our growth strategy. To that end, we recently announced results from our participation in CMS's Oncology Care Model Program, or OCM. Since the start of that program in 2016, TOI has driven savings for Medicare of $9.5 million, exceeding our target savings by $5.3 million. In the most recent OCM performance period, TOI saw savings of close to $4,000 per patient episode.

在過去的一個季度中，TOI 通過執行我們的增長戰略，在解決快速上升的腫瘤護理成本方面取得了重大進展。為此，我們最近公佈了我們參與 CMS 的腫瘤護理模型計劃 (OCM) 的結果。自 2016 年啟動該計劃以來，TOI 已為 Medicare 節省了 950 萬美元，超出我們的目標節省 530 萬美元。在最近的 OCM 績效期間，TOI 為每位患者節省了近 4,000 美元。

In addition to meaningful cost savings, TOI demonstrated above-average quality performance based on its aggregate score. I'm very proud of our results in this program as it speaks directly to TOI's track record of achieving better outcomes for patients at lower costs. TOI continues to support the advancement of oncology payment design and care delivery, and we believe we're leading the way for the adoption of value-based models for oncology care nationally.

除了顯著節省成本外，TOI 還根據其總分展示了高於平均水平的質量性能。我為我們在這個項目中的結果感到非常自豪，因為它直接說明了 TOI 以更低的成本為患者取得更好結果的記錄。 TOI 繼續支持腫瘤支付設計和護理服務的進步，我們相信我們正在引領全國採用基於價值的腫瘤護理模式。

Our success in building a new model for oncology care is also gaining traction in our expansion markets. We recently announced an exciting new partnership with MaxHealth in Tampa Bay, Florida. Starting March 1, we entered into a value-based contract with MaxHealth to provide medical oncology care to patients in Pinellas and Hillsborough counties. This contract will be our third gain share relationship in Florida. And in this contract, TOI and MaxHealth will share in the savings generated for patients we treat.

我們在建立腫瘤治療新模式方面的成功也在我們的擴張市場中獲得了關注。我們最近宣布與佛羅里達州坦帕灣的 MaxHealth 建立令人興奮的新合作夥伴關係。從 3 月 1 日開始，我們與 MaxHealth 簽訂了一份基於價值的合同，為 Pinellas 和 Hillsborough 縣的患者提供腫瘤內科護理。該合同將是我們在佛羅里達州的第三個收益分享關係。在這份合同中，TOI 和 MaxHealth 將分享為我們治療的患者節省的費用。

MaxHealth is a leader in primary care delivery with a strong reputation for providing outstanding care coordination and services for the patients in the counties they serve. We believe our oncology model aligns exceptionally well with their approach to patient care, and we're excited to grow this relationship into new markets over time.

MaxHealth 是初級保健服務領域的領導者，在為所服務縣的患者提供出色的護理協調和服務方面享有盛譽。我們相信我們的腫瘤學模型與他們的患者護理方法非常吻合，我們很高興隨著時間的推移將這種關係發展到新市場。

Another exciting development we wanted to highlight was our expansion into the Fresno market in Central California. TOI recently acquired Women's Cancer Care in Fresno, a highly regarded breast and gynecological cancer practice founded by Dr. Christopher Perkins more than 20 years ago. Fresno marks our 12th market and offers continued opportunity to expand our care delivery model into new communities.

我們要強調的另一個令人興奮的發展是我們向加利福尼亞中部的弗雷斯諾市場的擴張。 TOI 最近收購了 Fresno 的 Women's Cancer Care，這是一家備受推崇的乳腺癌和婦科癌症診所，由 Christopher Perkins 博士在 20 多年前創立。弗雷斯諾標誌著我們的第 12 個市場，並提供了將我們的護理服務模式擴展到新社區的持續機會。

Some other highlights on our progress this past quarter include: we opened our sixth Florida clinic in Lakeland, Florida. We opened a de novo clinic in Culver City, California, our 22nd clinic in the Los Angeles market and our first in West Los Angeles, allowing us to expand our model further into this important region. We also consolidated and renovated our Riverside location, adding more exam rooms and infusion space.

我們在上個季度取得的進展的其他一些亮點包括：我們在佛羅里達州萊克蘭開設了第六家佛羅里達診所。我們在加利福尼亞州卡爾弗城開設了一家新診所，這是我們在洛杉磯市場的第 22 家診所，也是我們在西洛杉磯的第一家診所，使我們能夠將我們的模式進一步擴展到這個重要地區。我們還鞏固和翻新了我們的 Riverside 地點，增加了更多的檢查室和輸液空間。

After acquiring the radiation oncology practice of Dr. Dave in the fourth quarter, we've been working to expand that location, allowing us to serve more patients in the Long Beach area. We also added a new Radiation Oncology Medical Director, demonstrating our investment in this new service line.

在第四季度獲得 Dave 博士的放射腫瘤學實踐後，我們一直在努力擴大該地點，使我們能夠為長灘地區的更多患者提供服務。我們還增加了一位新的放射腫瘤學醫療總監，展示了我們對這條新服務線的投資。

And finally, we continue to grow our clinical team, adding 5 new clinicians in the first quarter of 2022. Overall, we're pleased with the progress we've made over this past quarter, and we continue to be optimistic about the expansion of our unique model of oncology care. We look forward to updating you on our progress on our next earnings call.

最後，我們繼續擴大我們的臨床團隊，在 2022 年第一季度增加了 5 名新臨床醫生。總的來說，我們對過去一個季度取得的進展感到滿意，我們繼續對擴大我們獨特的腫瘤治療模式。我們期待在下一次財報電話會議上向您通報我們的進展情況。

Now I'll turn the call back over to Mihir to provide additional detail on our first quarter financial results.

現在，我將把電話轉回給 Mihir，以提供有關我們第一季度財務業績的更多詳細信息。

Thanks, Brad. Starting with the top line, we achieved $55 million of total revenue in the first quarter, a 13.5% increase year-over-year. We continue to integrate the 4 practice acquisitions and Acqui-hires that we closed in the fourth quarter, which contributed approximately $3 million in the period.

謝謝，布拉德。從收入開始，我們在第一季度實現了 5500 萬美元的總收入，同比增長 13.5%。我們繼續整合我們在第四季度完成的 4 項實踐收購和收購聘用，在此期間貢獻了約 300 萬美元。

As we discussed in our year-end conference call, we made a strategic decision to terminate a large payer contract in late 2020, and this impacted our year-over-year revenue growth in the first quarter. Absent this termination, our revenue growth in the first quarter of 2022 would have been 19.6%. For the first quarter, our gross profit was $12 million, and our gross margin was 22.3%, a 1.3% increase over the prior year period.

正如我們在年終電話會議上討論的那樣，我們做出了一項戰略決定，即在 2020 年底終止一份大型付款人合同，這影響了我們第一季度的收入同比增長。如果沒有終止，我們在 2022 年第一季度的收入增長將達到 19.6%。第一季度，我們的毛利潤為 1200 萬美元，毛利率為 22.3%，比去年同期增長 1.3%。

On a GAAP basis, our net income was $19 million for the quarter. For the quarter, our adjusted EBITDA was negative $5 million. When we talk about our adjusted EBITDA, we are not adjusting our clinic or provider startup or acquisition costs as part of this metric. Further details on how we define adjusted EBITDA can be found in our 10-Q.

根據 GAAP，本季度我們的淨收入為 1900 萬美元。本季度，我們調整後的 EBITDA 為負 500 萬美元。當我們談論我們調整後的 EBITDA 時，我們並沒有將我們的診所或供應商啟動或收購成本作為該指標的一部分進行調整。有關我們如何定義調整後 EBITDA 的更多詳細信息，請參閱我們的 10-Q。

At quarter end, our cash balance was $96 million. We expect this capital to be sufficient to support operations and enhance our growth. We have no debt outstanding. I will turn it back over to Brad now. Thank you.

季度末，我們的現金餘額為 9600 萬美元。我們預計這筆資金將足以支持運營並促進我們的增長。我們沒有未償還的債務。我現在將把它轉回給布拉德。謝謝。

Okay. Now turning to guidance. Our results for the first quarter of 2022 came in as expected, and our outlook for 2022 remains unchanged.

好的。現在轉向指導。我們 2022 年第一季度的業績符合預期，我們對 2022 年的展望保持不變。

For the full year 2022, we are guiding to a revenue range of $270 million to $310 million, representing 33% to 53% growth over 2021 revenue. Our gross profit guidance remains in the range of $50 million to $60 million and adjusted EBITDA in the range of negative $20 million to negative $25 million.

對於 2022 年全年，我們預計收入範圍為 2.7 億美元至 3.1 億美元，比 2021 年收入增長 33% 至 53%。我們的毛利指引保持在 5000 萬美元至 6000 萬美元之間，調整後的 EBITDA 在負 2000 萬美元至負 2500 萬美元之間。

With respect to SG&A, we are on track with our spend so far in 2022. We continue to make targeted investments in our corporate infrastructure, in particular, those related to public company costs and to support our growth. We want to reemphasize that we are not adding back D&O costs to adjusted EBITDA, nor are we adding back any startup costs related to new sites or new providers.

在 SG&A 方面，到 2022 年為止，我們的支出步入正軌。我們繼續對公司基礎設施進行有針對性的投資，特別是與上市公司成本相關的投資，以支持我們的增長。我們想再次強調，我們不會將 D&O 成本加回調整後的 EBITDA 中，也不會加回與新站點或新供應商相關的任何啟動成本。

In summary, the progress we've made in the first quarter are important steps to delivering on our strategy in 2022, a critical year for TOI to demonstrate its model of oncology care in new markets and new service lines, as we continue to expand our footprint and reach more lives. We believe the continued shift to value-based care will drive momentum in our business in the near and long-term, and we are well positioned to capitalize on this transition. As we look to the rest of 2022, we are excited about the opportunities ahead to further grow our business, expand our markets and deliver excellent care to more patients and communities.

總而言之，我們在第一季度取得的進展是實現我們 2022 年戰略的重要步驟，這是 TOI 在新市場和新服務領域展示其腫瘤護理模式的關鍵一年，因為我們將繼續擴大我們的業務足跡，觸及更多生命。我們相信，持續轉向基於價值的護理將在近期和長期推動我們業務的發展勢頭，我們已做好充分準備利用這一轉變。展望 2022 年剩餘時間，我們對未來的機會感到興奮，可以進一步發展我們的業務、擴大我們的市場並為更多患者和社區提供優質護理。

Lastly, we are pleased to announce that our Board of Directors has authorized a share repurchase program for up to $20 million of the company's common stock through December 31, 2022. The timing and actual number of shares to be repurchased will depend on market conditions and other factors. Shares may be repurchased from time to time on the open market through privately negotiated transactions or otherwise. Purchases may restarted or stopped at any time without prior notice depending on market conditions and other factors. The company intends to fund the share repurchase program through its available cash and liquidity.

最後，我們很高興地宣布，我們的董事會已批准一項至多 2000 萬美元的公司普通股股票回購計劃，截至 2022 年 12 月 31 日。回購的時間和實際數量將取決於市場狀況和其他因素。股票可能會不時通過私下協商交易或其他方式在公開市場上回購。根據市場狀況和其他因素，購買可能隨時重新開始或停止，恕不另行通知。公司打算通過其可用現金和流動資金為股票回購計劃提供資金。

And with that, I'll turn it back over to the operator to open it up for questions.

有了這個，我會把它轉回給操作員打開它來提問。

(Operator Instructions) The first question comes from Brian Tanquilut from Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Brian Tanquilut。

Brad, I guess my first question, just on the MaxHealth partnership announced earlier this month. Maybe if you can share with us just any color on the structure of that deal and how you're thinking about the opportunity there and maybe your ability to replicate that? Is that the model that we should be thinking about as you expand further into new geographies?

布拉德，我想我的第一個問題是關於本月早些時候宣布的 MaxHealth 合作夥伴關係。也許如果你能與我們分享關於該交易結構的任何顏色以及你如何考慮那裡的機會以及你複製它的能力？當您進一步擴展到新的地區時，我們應該考慮這種模式嗎？

Sure. Brian, good to hear from you. Yes, we're really excited about this partnership. MaxHealth is a great organization, a rapidly growing organization. I think, we think it's going to be a great partner for us. The way to think about like the construct of this value-based contract, it's a gain share agreement where MaxHealth will create sort of 2 populations of patients, one of which would be the control group, which are patients that are not treated by TOI in that region and then the intervention group are patients that are treated by TOI.

當然。布賴恩，很高興收到你的來信。是的，我們對這種合作關係感到非常興奮。 MaxHealth 是一個偉大的組織，一個快速發展的組織。我認為，我們認為這對我們來說將是一個很好的合作夥伴。像這種基於價值的合同的結構一樣思考的方式，這是一個收益分享協議，MaxHealth 將創建大約 2 個患者群體，其中一個是對照組，這些患者在該區域然後是乾預組是接受 TOI 治療的患者。

And then over the performance period, MaxHealth tracks the quality and cost and outcomes associated with the patients that we treat. And if we are able to generate savings compared to the control group, while also achieving the quality metrics that we're accountable for, then we can share in those savings that we have created. We think this is a model that we will intend to replicate -- have replicated with others that we intend to replicate and sign with additional primary care groups in Florida going forward.

然後在執行期間，MaxHealth 跟踪與我們治療的患者相關的質量、成本和結果。如果與對照組相比，我們能夠產生節省，同時也實現了我們負責的質量指標，那麼我們就可以分享我們創造的這些節省。我們認為這是我們打算複製的模型——已經與我們打算複製的其他模型一起復制，並與佛羅里達州的其他初級保健團體簽署協議。

Got it. And then shifting gears. As I think about Women's Cancer Care, anything you can share with us in terms of what your strategy there? Any strategic angles that you would call out? Or is this more of a scale kind of scale play at this point? Just your thoughts on women's oncology.

知道了。然後換檔。當我想到女性癌症護理時，您可以就您的策略與我們分享什麼嗎？您會提出任何戰略角度？或者在這一點上這更像是一種規模的規模遊戲？只是你對女性腫瘤學的看法。

Yes, absolutely. So we're really excited about this practice. It fits our business development thesis really well in that we have existing partners that we work with in our existing markets. These are payer partners or risk-bearing providers that have membership in Fresno and expressed a desire for us to help them manage that membership.

是的，一點沒錯。所以我們對這種做法感到非常興奮。它非常符合我們的業務發展論點，因為我們在現有市場上有合作夥伴。這些是在弗雷斯諾擁有會員資格的付款合作夥伴或承擔風險的提供商，並表示希望我們幫助他們管理該會員資格。

And so we were very pleased to find Dr. Perkins' Practice as our entry point into the Fresno market. We intend to build additional clinics and de novos in the Fresno market to better serve the payers and risk-bearing providers that are there in Fresno.

因此，我們很高興找到 Dr. Perkins' Practice 作為我們進入弗雷斯諾市場的切入點。我們打算在弗雷斯諾市場建立更多的診所和從頭開始，以更好地服務於弗雷斯諾的付款人和承擔風險的提供者。

Got it. And then last question for me. As I think about the progression of earnings from Q1 to Q2 or maybe even for the rest of the year, I mean, how are you thinking about the sequential movement in EBITDA from the quarter?

知道了。然後是我的最後一個問題。當我考慮從第一季度到第二季度甚至今年剩餘時間的收益進展時，我的意思是，您如何看待本季度 EBITDA 的連續變動？

Yes. So I think one of the things I was most pleased about in the first quarter was the progress we made on gross margins. We printed the -- a nice uptick in gross margins if you look over the last 6 quarters or so. We're doing really well with improvements in gross margin. And of course, that drops to the bottom line and EBITDA as well.

是的。所以我認為第一季度我最高興的事情之一是我們在毛利率方面取得的進展。如果你回顧過去 6 個季度左右，我們打印了毛利率的一個很好的增長。我們在毛利率方面做得非常好。當然，這也會影響底線和 EBITDA。

We're right about in line on SG&A from what we were expecting. So that's tracking according to plan, and the gross margins are coming a little bit ahead of what we had expected. So that should continue to translate. A lot of the gross margin benefits, in addition to being smarter about our drug purchasing, just the benefits of scale of buying more drugs generates additional scale purchasing discounts. And so we expect to see those scale discounts continue to improve as we grow our purchasing power. So we expect to see a nice positive trend there.

我們對 SG&A 的預期符合我們的預期。所以這是按計劃進行的，毛利率略高於我們的預期。所以應該繼續翻譯。很多毛利率的好處，除了對我們的藥品採購更明智之外，購買更多藥品的規模帶來的好處會產生額外的規模採購折扣。因此，隨著我們購買力的增長，我們預計這些規模折扣會繼續改善。因此，我們希望在那裡看到一個不錯的積極趨勢。

The next question comes from Gary Taylor from Cowen.

下一個問題來自 Cowen 的 Gary Taylor。

Just a couple of questions. One, any update on the Medical issue with the pharmacy and dispensary? I know you talked about that a little bit in the fourth quarter, and your dispensary revenue was just barely down a little sequentially, but I thought you were perhaps anticipating some strategies to respond to that. I just wondered what the update was.

只是幾個問題。第一，關於藥房和藥房醫療問題的任何更新？我知道你在第四季度談過一點，你的藥房收入環比略有下降，但我認為你可能正在期待一些策略來應對這一點。我只是想知道更新是什麼。

Yes, sure. Gary, thanks for the question. So yes, the Medical Rx transition did negatively impact our growth in our dispensary in the first quarter. We have a couple of different strategies to mitigate that. Like we announced last quarter, we are pursuing the launch of our own pharmacy. So we'll launch our own pharmacy, which will enable us to, again, begin to fill those scripts for the medical patients that we previously were able to fill in that, at currently at the moment, we're not able to fill.

是的，當然。加里，謝謝你的提問。所以是的，Medical Rx 轉型確實對我們第一季度藥房的增長產生了負面影響。我們有幾種不同的策略來緩解這種情況。就像我們上個季度宣布的那樣，我們正在尋求推出我們自己的藥房。因此，我們將推出我們自己的藥房，這將使我們能夠再次開始為我們以前能夠填寫的醫療患者填寫那些腳本，目前我們無法填寫。

We have a couple of other strategies that we're pursuing as well. And we're feeling good about the likelihood of those strategies, enabling us to begin filling those scripts again. So -- and that should happen later this year. So this is what we believe will be a temporary restriction on our ability to fill those scripts. And later this year, we will regain that ability to fill those scripts.

我們還有其他一些我們正在追求的策略。我們對這些策略的可能性感覺良好，使我們能夠再次開始填充這些腳本。所以 - 這應該在今年晚些時候發生。因此，我們認為這將暫時限制我們填寫這些腳本的能力。今年晚些時候，我們將重新獲得填充這些腳本的能力。

Got you. And then just one other thing. I mean any update on Texas? I mean, I think you did identified that as another state to find some new opportunities in new markets. Any updates there and what your thoughts are in terms of capital allocation towards Texas?

明白了然後只是另一件事。我的意思是德克薩斯州有任何更新嗎？我的意思是，我認為您確實將其確定為在新市場中尋找新機會的另一個州。那裡有任何更新嗎？您對德克薩斯州的資本配置有何看法？

Yes. We're very excited about launching our TOI in Texas. We intend to do that in the current quarter, so in the second quarter. So we are very close to signing our first partnership and launching our first clinic in Texas.

是的。我們對在德克薩斯州推出 TOI 感到非常興奮。我們打算在本季度這樣做，所以在第二季度。因此，我們非常接近簽署我們的第一個合作夥伴關係並在德克薩斯州開設我們的第一家診所。

Got it. All right. We'll look for that news release.

知道了。好的。我們將尋找該新聞稿。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to Brad Hively for closing remarks. Please proceed, sir.

女士們，先生們，我們的問答環節已經結束。我想將電話轉回 Brad Hively 以作結束語。請繼續，先生。

Great. Okay. Well, thank you, everybody for joining our call today. We really appreciate your interest in the Oncology Institute, and we look forward to following up with you -- several of you in the coming days. We're really excited about TOI's path ahead, and we look forward to updating you all on our progress on our next earnings call. Have a good evening. Bye.

偉大的。好的。好吧，謝謝大家今天加入我們的電話會議。我們非常感謝您對腫瘤研究所的興趣，我們期待著在未來幾天與您進行後續交流。我們對 TOI 的前進道路感到非常興奮，我們期待在下一次財報電話會議上向大家通報我們的進展情況。晚上好。再見。

This concludes today's conference. You may now disconnect your lines at this time. Thank you very much for your participation.

今天的會議到此結束。此時您可以斷開線路。非常感謝您的參與。