Fortis Frontier (LSE:FORF) — Half-year results for the six months ended 30 June 2023

0:01 Good afternoon, ladies and gentlemen, and welcome to the My Health Checks PLC half year results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the q and a tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so, and these will be available via your investor meet company dashboard.

0:33 Before we begin, I would like to submit the following poll. And I would now like to hand you over to the executive management team from My Health Checks PLC. Penny, Adam, good afternoon. Good afternoon. Good afternoon, Jake. Good afternoon all, and thank you very much for making the time to join us this afternoon whilst we give an update on performance for the period and also some updates where we can post periods. So we're gonna run through just a quick introduction to myself and Adam and then share with you some of the progress that

1:03 we've been making through the course of this year. So for those of you that are meeting us for the very first time, really pleased to be connected. Penny McCormick. I've been the CEO of My Health Check PLC since November 2019. I have a background in consumer health care, following several years at at the BBI Group where I headed up our consumer health care division. And since I've joined the business, obviously, we've been through, some really good growth periods for the organization, and have been delighted to really be focusing on innovation and new portfolios, particularly for the last eighteen months, which I look forward to talking about with you shortly. And then connecting you to Adam Reynolds, our chairman, who I know many of you familiar with.

1:49 Sure. Having worked in the investment space for for a number of years. We've had some further board changes with with the wife's team. Neil Mesher and Lynn Reese, I think a number of you will be familiar with lots of sector experience, around life sciences and diagnostics. And then in the case of Neil, as CEO of Philips Western Europe, a role from which he's recently retired, but comes to us with a wealth of knowledge of nearly thirty years in the consumer health care space, A lot of crossover with the markets in which we are operating and a wealth of of contacts and a huge amount of respect within the space. But two other changes within the board, Leslie Ines, who's been with us for a year now, but Leslie's role has changed.

2:39 And Leslie now has full financial control and oversight of the organization. And most recently, Amber Verdigal joined us, which we announced in July, and a really significant appointment to the board because Amber brings to us a wealth of experience in digital commercialization, but also digital development, having created one of the most successful global pregnancy apps, Pregnancy Plus. Again, Amber brings huge amount of experience, a real passion for consumer health care, and a fantastic contact base, which we're really looking to work with her on as we really build out the portfolio. So a really strong board working with myself and Adam and the wider management team.

3:27 So in terms of the the growth opportunity, let's start by having a look at this year, a different profile for us for the first half of the year. So Adam's just gonna go through the first So so for the first six months of the year, revenue was £2,500,000 as against 9,800,000 for last year.

3:45 Part that majority of that was that, obviously, last year, we were selling an awful lot of COVID lateral flow tests, which probably results in our total revenue for last year being £22,000,000. This year, obviously, for the first six months of the year, anyhow, a lot quieter. Adjusted EBITDA loss for the period was a loss of £296,000 versus £372,000 profit for the same period last year. I think the interesting part really is that the cash balance at the end of June was five point was £5,000,000. However, we were holding stocks of just over £3,000,000. And during this sick this first six months of the year, we were committed, which we paid for, which was £1,700,000 £1,700,000 of stock. So effectively, cash although at the year end, our cash was just over 7,000,000, and it was 5,000,000 at at at the half year. You know, we had utilized 1,700,000 of that 7,000,000 buy additional COVID stock.

4:44 So as at the end of June, that's where we sat. What we've seen really in during August and and very much so in September, which Penny referred to in her statement earlier today, is a big uptick in our in our COVID lateral flow test sales. That's that has that has grown a lot in the last six weeks, and we are moving through that stock quickly at the moment, which is which is very positive. So what we hope there are no guarantees, but what we hope at the year end is that the cash we will have a very healthy cash balance at at at the year end. So, Penny, can I hand back to you on on after the numbers? Thank you. So in terms of the the space, when we look at wellness testing, we know that it's a a growth area. I mean, it's it's really difficult to get data that doesn't include COVID, which has been such a massive step change and and really move that home testing on considerably.

5:37 But we need to think about wellness testing away from COVID. That said, we as a business, you know, COVID is hugely important to us. You know? It's really becoming a bit of a cash cow for us. This we could see this moving to an annual cycle, as we move through the the winter season. So it's really important we recognize the importance of that. And there has been, in relation to COVID, an absolute behavioral change for end users. We have got used to needing to test when we are making decisions about where who we visit, when we go back to the workplace, etcetera. And as as Adam has mentioned, we've really seen an uptick of that recently where we're seeing an increase in the number of five packs that are being purchased because people are getting a a lot of recognition in the media, that when they are starting to feel unwell, there is quite a high likelihood that that could be COVID that they're experiencing. So they're going out and providing tests for us with that in mind. And with that embedded post COVID behavior change, we do expect to see some some good volume coming through for the rest of the year. And beyond that, with our our business, continuing that really strong delivery, that trusted delivery into retail, then that could well become, you know, an annual event for us moving forward. But back to wellness, we know that the the market has never been so dynamic.

7:07 We know that there's huge pressure on the NHS and a growth in understanding by the end user of that ability to self select. It's a new category, and we're in the early stages of that. But we're extremely well placed to be really part of that growth, and our focus is gonna be in engaging consumers on that on that journey. And that opens up strategic partnership opportunities for us as well. You know, with this space being so dynamic, there are a number of providers. But it's not just about testing. It's about the customer experience. It's around omnichannel and liaising with customers digitally, liaising with them at the the point of care or the the point of blood draw, for instance, and in our case, through to to retail as well, and a real opportunity to build out an ongoing relationship.

7:57 So we're really well placed as this market evolves and to be working with partners to really bring build out a really great service to end users. So great potential for growth for us here. We are we have a fantastic portfolio. So we've got 20 tests in our portfolio with over 80 markers. We are not looking to build out a whole load of tests because we don't need to. And it's really important to note that our investments in 2023 have been around that building out the portfolio. So we now have that. It's that customer journey and how we build that out so that if somebody is starting with a lateral flow test or perhaps start with a DNA test, that ongoing blood monitoring and that journey for the customer and what they need to do, the action that they need to take, and where they will come back for for more testing so that they can monitor their progress.

8:54 And our ability to do that is really enhanced by the fact that we are well cash funded. We've explained the investment in stock in the first part of this year, you know, as part of our commitment to being part of a robust supply chain. And as we now see demand build up through the winter, we're really well placed to be able to supply the the market. So we're we're debt free. We continue to operate with the most prominent and most successful retailer in consumer health care within The UK who has been a step ahead throughout COVID. I think that's really, really important to note, as well. You know, we've the inroads that have been made through the COVID period by Boots have been incredible.

9:42 They've got every stage of their COVID testing right. So when we have worked to build a portfolio and bring it to them, and what we plan to do with that, you know, we have every confidence, that we're working with the right partner to to to really grow this space and really educate the end user and give them a really, really good experience. So that brand identity beyond COVID, and we we think we've got that off to a really good start this year, But it's early days, and let's now build that out. But my health check is becoming synonymous with a range of wellness tests, and we look to to continue to to grow that out with the end user. And I talked about that strength in digital infrastructure. There's so much that we've invested in and built out this year to really bring value to the organization, but also to our end users that are using the platform.

10:37 So in terms of operational highlights, that extensive range, it's been extremely ambitious, built bringing 15 new tests out simultaneously. 10 of those that have been developed and built out by us, our own c marked kit, the design of the product, all of the information that goes with that has been created by us with our scientific advisory board who comprise GPs as well. So making sure that we're providing information that customers are going to understand that warrants that c mark on the kit and that has been guided by GPs themselves to try and help make customers' lives easier. The investment in IT infrastructure, it's become more complex this year. You know, we're dealing with blood biomarkers now and urine, which is 2023.

11:30 It's completely new for us. And making sure that the the algorithms and the guidance that are being given to end users from from those new tests has been extremely robust. So a huge amount of work has gone into that. And as we said, that's been really self funded. We've talked about the stock holding. You know, as time goes on, we want to continue working to a great rhythm with with retail and continuing to uphold that reputation for for big volume products. And so it's not it always involves an element of of of risk taking to a degree, but really robust risk taking and planning. And it's something that actually, as an organization, we've done exceptionally well. We have need to take a little bit of risk with COVID because it's so unpredictable.

12:18 We've demonstrated our ability to do that really well now over a sustained period with a lot of uncertainty around it. Health care inspector at Wales has been a fantastic achievement for us this year. Again, all of this has been new to the organization, and making sure that we've achieved that on first strike, and we've put our application in. It's this health care inspector at Wales is the Welsh equivalent of the care quality commission, the CQC. Because we're headquartered in Wales, we require regulatory coverage and endorsement by health care inspector at Wales. So that submission took a number of weeks to put together. It's a huge amount of work. It's a big undertaking for an organization, and we're very proud when we received those certificates.

13:09 So I am the responsible manager for HIW, which means that I personally am responsible for everything that we do, every result that we put out, and all of our patients' experience, making sure that our customers are extremely well covered, well cared for, and any reportable incidents are reported, and that patient safeguarding is at the heart of everything that we do. In terms of data cyber essentials plus, we've always been we've always put data protection at the the the forefront of of the organization. Very soon after we joined, we put in place a data protection officer into the business because we fully appreciate the sensitivities around the information that we're sharing.

13:57 So getting that renewal on Cyber Essentials Plus has been extremely important to us. And we've also carried forward some operational streamlining. We've always been a lean organization because we want to maintain agility and our ability to respond from that the the dynamics of the the market and and often that unpredictability that we've done so well. As part of our streamlining, we have had a good look at our costs as any good business should and really reduced ongoing expenses where we can to make sure that we can continue to operate in an efficient way. And and that's, again, will will contribute to our financials for the remainder of 2023.

14:42 Marketing

14:45 is critical for us. It's important to note when we were taking our product into the market, we always agreed with with Boots on this. Let's get the product out there, and let's get it in stores and a really good good footprint with with 801 stores and online.

15:04 But marketing and how we really build awareness about the product is gonna be key. So just some starting points here, but very much for a focus for us now moving forward. PR is key. We're talking about a market here that want and need to be educated. So we're working with a really strong PR agency. We're very passionate about what we do. We've got a piece coming in the telegraph shortly following up a case study of somebody who's done one of our tests, had a great experience, and is talking about that in in the telegraph. And some of those big hit publications really go a long way for us. We've had some some good coverage in the express, and we're continuing to chase down some of those bigger opportunities. But, obviously, digital platforms and a lot of the backlinks that go on with that, so far, we've reached nearly 65,000,000 potential, and we've had 69 pieces of coverage at the at the time of writing here. So really building out relationships with journalists who are interested in this space, making sure that we are getting the profile that that we want, just keep that drumbeat going with them. And there's a there's a fantastic conversation to be had here around the NHS and the role of of these kind of tests within the NHS, and that's gonna be very much focused for us moving forward.

16:22 All of that activity on the digital side really then feeds in and supports social. So we're actually building out our twenty twenty four strategy now. We've appointed a new digital partner and to be working with us here across all aspects of digital around social, making sure that we're really targeting and learning from our audience. When you're putting a new category out there, understanding how customers are interacting with specific test types is really key. And we've got quite a few. So we're gonna be really prioritizing those that are landing most significantly with the end users and making sure we really build out that digital journey with them. So we want to increase rotation of the tests. We want to bring people into a testing journey with us, and we'll be continuing to focus on investment in digital through next year.

17:15 And then Boots and actually how we work with Boots to to really build awareness here and increase that rotation and return custom. Boots is very, very well placed for an omnichannel offering, which testing lends itself to very well, as I already mentioned. So working with Boots to target their existing customer base is gonna be key for us. So there's a number of initiatives ongoing through flyers, through we're we're doing work with their research panel to really get people using the test and writing about this positive experience and really targeting customers through .com. But as we move into next year, there are a number of initiatives underway that we're working with Boots on, to really grow awareness within store, but also, online as well and really improving that omnichannel experience.

18:08 As I say, I can't emphasize enough how well placed Boots are and to be doing that, and that's going to be our priority. So we've got the the two portfolios. COVID will continue to be to be really important to us. As Adam Adam said, we've seen a really good uplift, since we reported our our numbers as we go into that autumn period now. We do expect this to become seasonal cyclical. We have got an embedded behavior there. It regularly features in the the media. We we've seen a shift with how customers are actually purchasing COVID tests now just in the last few weeks because there's so much discussion within the media. For instance, more people are starting to buy five packs because they're appreciating having read the the the papers, the the likelihood of them having COVID if they've got source rates is higher. So they're buying made for the family and for repeat purchase, for instance. What day will I test negative when I can return to the office or or attend the family event, for instance?

19:10 So the media really impacts purchase, and there's a lot of talk around at the moment. It's it's cash generative for us. Profitability, you know, there's a we we operate here at around the sort of 20% margin, as we've been transparent around. But the market is dynamic in itself, and there have been periods where there's been a lot of stock out there in the in the marketplace. There's been a lot of product out there. We're dealing with a product that has a shelf life, so that can change as well. And, again, our priority is always to make sure we're really well placed with product, with good shelf life that we can provide to the market. And shelf life is quite longer than when, is this? Sort of August to November next year? Yes. So we're looking at at the the lion's share of the stock that we have is for h two, the the latter end of h two for for next year.

20:01 So the wellness portfolio, yes, it's still very, very early for us. Our aim is to be a best in class customer service and offer a great journey for our end users, but it is embryonic. It's really important we appreciate that this is a brand new category, and they don't come around very often. So if you're working with anybody within the retail space and you ask the question, when were you involved in a new category launch? Often, the answer is never because it's really, really unusual. So it's hugely exciting, and it's got high growth potential because it's brand new, and it and it's untouched. So I think let's we need to give it a little bit of time. We need to make sure that we invest in building out that customer awareness, and we need to make sure that we make the experience better understood and and a a long term value for for the end user.

20:53 We are very well placed with the best retailer in The UK to be able to do that, but it's it's brand new. So customer needs and behavior is going to evolve. We're gonna help guide that along, and we're gonna help do that first and foremost with boots. And we know that the only way is gonna be up with a with a brand new brand new category. So we're excited to be a part of that. And, really, we we've done that first stage, get the product done. Our job now is to really focus on building that out and really raising awareness. So there'll be new opportunities through strong sales and marketing to accelerate. And as I've said, that digital focus for us is gonna be key for next year. I just want to touch on the ambitious delivery just as a reminder of the organization that My Health Tech did. I've said that we're really lean, efficient, and we're bold, and we're ambitious in terms of what we do. So we could have gone to the market and said, actually, when it comes to blood and urine tests, we're just gonna start with five and build that out. But, actually, we set ourselves a goal of really building out a really robust portfolio here and and really going for that at the highest standards that we can. So we've built out a lot of complexity through this year.

22:11 But key to note, I think we are the only provider in this space who is offering lateral flow tests for wellness, blood and urine tests for wellness, and DNA tests. And just a reminder, you know, this is the first time that a range of really simple DNA tests have been brought to market. That level of simplicity and that ability to communicate to customers in a really clear and understandable way has always been our aim. We didn't want to bring a vast portfolio of products that have pages of reports that are complex and hard to understand.

22:51 We really understand that this is new, and we understand where customers are at and how we communicate with them, how we lay out the instructions, and and what we're actually testing for and the value of that has been really, really important to us. So we've been really focused in terms of the range that we bring out, that it lands well with the customer and is well understood for them. We're very proud to be showing a portfolio of DNA tests that are relatively low cost,

23:22 certainly affordable, and really well understood by the end user. And so that ambition is coming through. I think we've got ourselves to a really good place this year, and we've delivered to the timeline that we said we would in the first part of this year. So, excuse me, in terms of our road map to growth, priority is accelerating awareness, really getting that digital piece, working alongside boots, and trialing lots of different initiatives. You know, we we don't come to the wellness space alongside anyone in retail with a footprint of where this has already been done. There aren't reams of customer learnings. We're we're it's a new category. So we're going out, and we're actually shaping customer behavior, and we're responding to customer behavior as well.

24:10 So a lot of learnings there to to take away for us. We're in a great position to be able to do that. So we really want to get customer attention onto our portfolio and really maximize that that activation, and we'll keep you abreast of that through 2020 tour as we really, really continue to focus on this space. We want to strengthen our brand and make My Health Check synonymous with a really positive customer experience and truly realize that omnichannel potential. So phlebotomy services, for instance, is gonna be really key for us, build that into a good digital service. We're very well placed at retail for customers to then be going in store and then being able to continue their journey with other products and services that will support them to really drive repeat purchase.

24:59 And in the longer term, we'll continue to explore additional routes to market and keep our minds open around strategic partnerships in this really dynamic space. We've got a great digital platform that is ours, that we've invested in, and that's really valuable, that that recommendation engine to end users to really help them know exactly what they need to be doing. Remember, DNA is all about personalization, so that ability to take customers on a truly personalized journey and really drive value through their experience

25:33 and also into the organization. So in terms of the outlook, we're in a strong retail position. We are obsessed with accelerating our current performance whilst enhancing our services on the platform that we have and really looking to grow that footprint through broader services like phlebotomy and then also looking out to wider opportunities to really make sure that we build that brand awareness. Recurring recurring COVID revenue will never not be important to us. We

26:10 are we've earned our position here, and we've worked incredibly hard for it. And we work every day to make sure that the service we provide keeps us in that great place. We've got self funded development moving forward, a really robust range of tests that we will be enhancing through our digital platform. We're an extremely lean and efficient organization, and we're in a really dynamic space that's only gonna get more and more exciting. It's gonna see more innovation and, most importantly, an increased customer understanding as companies like ours, there's so much going on here. Companies like Zoe, you know, what they're doing around health care and nutrition is really, really exciting.

26:55 So all of this activity together is just really helping customers to understand and changing how they think and how they behave when it comes to looking after their own health care. Marketing and customer learnings are gonna be key for us next year. We will be trialing different activities see how they perform. We'll be doing more of the same or adjusting those that don't. Remember, we're working with a new a new customer behavior, and we will be learning from that. It's gonna be an ongoing iterative process alongside our customers. And that real opportunity to leverage partnerships for our retailers in terms of our digital activity and service enhancements, but also beyond that. You know, we are in a really quiet market space at the moment, but the innovation that's out there and opportunities out there for a business like ours that's delivered really well and is in a very, very strong cash position, that those opportunities are are out there, and we're very open to having those continued conversations.

28:01 Great. So that we we've had it's it's been a we we see it as being a really successful year. Yeah. Of course, there's been a a drop in the numbers, but for us and what we've been building in the background whilst moving then towards this this good cash position towards the end of the year, we're really excited about next year. There's a lot of work to do, but that that's what we're used to. I'm really looking forward to building out on everything that we have developed. Fantastic. Well, thank you, Penny. No worries, Adam. That concludes the presentation for this afternoon.

28:35 Gonna be answer some questions today. Penny, Adam, thank you very much indeed for your presentation this afternoon. If I may just jump back in there. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab that's situated on the top right hand corner of your screen. But just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q and A, can be accessed via your investor dashboard. Adam and Penny, as you can see, we have received a number questions throughout your presentation

29:07 this afternoon. And thank you to all of those on the call for taking the time to submit their questions. But, guys, if I may just hand back to you just to respond to those questions where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Okay. So do you want me to read the questions out, and then we can we can which we'll just answer them as we go through. So the first question is you seem to be operating in a heavily crowded market. How would you describe the competitive landscape, and what niche do you think you can dominate and why? I think probably in the presentation, we've we've answered quite a lot of that. But, Penny, would you like to add anything else? Yeah. I I agree. You know, the market the market is crowded. I think there's been a lot of pivoting post COVID from lab from laboratories, really, who've seen an opportunity. We did it slightly differently. We we acquired the DNAM store always with a view to be putting these accessible, affordable DNA tests out into the space. We came at it very much from a consumer testing with with our consumer hats on rather than our lab hats on.

30:07 And, actually, that's really what helped us to

30:10 get off of holding these boots in the first instance because we come at this with the end user in mind. So, I that's part of the USP that we we bring to the to the table. It this is all about a customer journey, and it's also about customer service. I think we will see some consolidation within the market. I think we'll see some providers falling away because let's face it, there just isn't going to be enough sustainable business for everybody because this is a new space. So what we bring is our position

30:43 at retail. We've also got that great portfolio that we've built out that is unique to us around the DNA and the blood, but also the lateral flow testing as well. So I think we're we're in a a strong position there. We want to really dominate with the care that we offer and the service that we we offer our customers. Thank you. Okay. So another question is what in store initiatives have been introduced by Boots to drive brand awareness, and do you have to absorb any costs? Yes. Again, we've we've we've partly we've shared what we can. You know, we always I'll reiterate, we're dealing with a customer that operates in a highly competitive marketplace. So in terms of what we can disclose, we're always gonna be compromised there to to a degree. You know, it isn't it's not our job to it's not our place, rather, to share some of our customer plans.

31:34 But there's lot lots planned

31:38 in terms of what will happen within this space, and we are very much part of those plans, and I'm working really well on that. In terms of cost, yes, we we have a marketing budget, and we need to to support our product to our customer base, which would always be the case. But, actually, the the we want the product to be supported as well by retail, and we'll we'll work with them to make sure that that where wherever possible, there's an element of sharing on that. Thanks, Penny. Next question. I was in Boots and Albans today. The tests were prominently displayed, which is good. Thanks, Jim. I like that. Yeah. Thank you. No. Thank you. And you're you're absolutely right. It's something that we're we're working on. I like I like the the last your your final point is quite good, but I felt a brief description of what each test does Yeah. And why I might want to buy one would have been useful. Okay. So yep.

32:25 Yes. And also improving that on the customer journey on the digital route is also really important as well. So thank you for sharing. Great. Thank you for that one. Next question. What are the initial sales revenues of wellness test? Well, we've seen it in our presentation today. We can't tell you what our sales have been in July, August, and September, but it was a £122,000 from the launch in May to the to the end of June. And what are your forecast predictions, targets for wellness test sales, revenues, etcetera?

32:51 We will put a forecast out towards the end of this year for next year because, actually, as you can as you can well imagine, it trying to it's just shape shaping the product correctly without without without major retail partner. So that'll be that we'll we'll put we'll have revenue forecast out there, but it'll be towards the end of this year, beginning of next year. Next question. Are we considering NHS NHS are we as we're considering NHS pressure, do we have any plans to start looking into grant funding offered from a central government, NHS, and also local government departments? There's a hell of a lot of money in those areas just waiting for firms like us to snap up.

33:30 Penny, I don't know. I just think the NHS I think government haven't got a lot of funding, but I might be completely wrong. Yeah. I mean, there there's there's a lot of test providers out there. Yeah. I think we've we've got some NHS activity that we're exploring. Yeah. Anything going into the NHS need need to needs to be proven within the space. So I think let let's let's continue to to explore that. Yep. Next question, how are you investing your spare cash and approximately what interest rate were? Okay. So, Richard, all our spare cash or our surplus cash is with HSBC, and it is on deposits. We're probably currently getting, I mean, about four and a half, four and three quarter percent. I think the interest interest receivable by the end of the year should be about a 140 to a £145,000.

34:20 Obviously, at the start of the year, the first six months, you know, we were not getting a huge great return, but we're getting a much better one now. So so, you know, happy with how we're managing our cash. Just having a look at these now. We're just gonna take a couple more questions. Someone just asked a question about health care in Spectra Wales. Yeah. That's to do with the because our blood tests are all overseen by doctors. So doctors review all of our results and actually provide comments where they need to. So that's actually a requirement for us to to to operate, period. And let's just take a couple more. Could you throw some light on how our test kits kits are manufactured, outsourced, doing house? They're all outsourced. So we hold the C Mark for a number of our products, and then we outsource that to qualified laboratories who are very experienced sorry, qualified production houses that are very experienced in doing this.

35:16 Laboratory operations are outsourced. That's one question there. What else we got? We've done that. I think we've I think we've done the great majority. Yeah. Okay. Do you see organic growth or buy and build strategy driving growth in your industry? Okay. So very good question. At the moment, I think because of where the economy is and because buying businesses, I mean, we've got a lovely cash position. We have an awful share price. So we can't use the paper for the equity. And do we wanna go and use cash? Because cash probably at the moment is king. So I would say we won't won't be be buying anything in the foreseeable future, but we will try and build out organically. And, you know, look, if COVID rages on this year, I think, you know, we'll obviously be be buying and selling a lot more tests as well. So at the moment, I'm just pleased to be in a position where we've a very good cash balance.

36:12 We've got, you know, our new wellness tests. Let's let's just let's we've got enough to do to really sort of push on with those. K. So K. Everyone, thank you very much for joining us this afternoon. Really appreciate your time and interest. Thanks for your questions that you've shared. If any others come through beyond this meeting, I know that Jake will share those with us, and we will endeavor to to respond. But we really appreciate your ongoing interest and support in My Health Check. We look forward to further delivery through for our investors. Thank you very much for your time. And, Jake, back over to you. Likewise. Thank you. Thank you all very much for answering us after this. Thank you. Penny, Adam, thank you very much indeed for being so generous for your time there and addressing all of those questions. And of course, as you did just kindly mention, if any further questions do come through, we'll be able to make these available to you immediately after the presentation. But if I may just thank you one more time for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order the management team can better understand your views and expectations?

37:13 This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of My Health Checks PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all. Thank you. Thank you. Bye bye.