Metir (LSE:MET) — Interim Results for the six months ended 30 June 2021

0:01 Good morning, ladies and gentlemen. Welcome to the MicroZeix Systems PLC investor presentation for the interim results for the six month ended 06/30/2021. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and could be submitted any time via the q and a tab situated on the right hand corner of your screen. Just click q and a, scroll to the bottom, type your question, and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your investment company dashboard, and you'll be notified once they're ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Glenn Tracy, CEO and Bevan Metcalfe, CFO of MicroZyx Systems PLC. Good morning. Good morning. Thank you very much for the introduction. Well, let let's get stuck straight in.

0:50 We won't go through lengthy introductions. I'm Glen Tracy, CEO, and with me is Bevan Metcalf, the FD. So let's go straight to the meat of the deck, and I will turn my camera off, and Bevan will as well so you can see the whole screen. Great. Okay. So headline figures, almost 600% up on the same period last year, but 52% up on the same period in 2019, which really, I think, is a pre pandemic benchmark.

1:24 It really is worth pointing out that despite emerging from an extremely difficult 2020, we posted the best bottom line performance in the company's history, and that really comes from both top line expansion and good operational management. So the next couple of slides, we're just gonna take you through, some of the highlights of the first half and then post period. So we started the year, with a fundraise, that ensured that we are well funded to deliver multiple value back to you, our shareholders. At the same time, we changed the board, and we switched our business model from one of transacting one off capital sales to delivering to what I would call headline relevance. And what I mean by that is, you know, the kind of headlines you read about.

2:13 So that is all about using our unique technology and capabilities to take high end laboratory performance out into the frontline. And, that will entail or is entailing, screening solutions to solve real world problems in both human and environmental health. So what does that mean? Well, some of the areas that we are now in, pollution in our waterways, that is clearly a headline item, bringing new therapies to market faster and cheaper with our real time bioprocessing monitoring, testing those therapies real time in the patient. You will have seen some RNSs out there about therapeutic drug monitoring bedside. And for example, there are a whole other host of application areas, including food, where we're testing what's in the food and to ensure that it's safe to eat and drink.

3:10 Since the raise, we focused extensively on converting our investments and the proceeds of that to delivering significant commercial turnaround. And you will have seen this year, in the first half, some significant heads of terms and in and agreements, should I say, and also some collaborations in key growth markets and in key geographies. We've also been very, very busy in bringing to market new solutions, to drive higher revenue per sale through integrating our technology within diagnostics systems, whether that's in human or environmental health. And that really is all about encompassing our technology workflows that consist of hardware and software.

4:01 And the idea is we take cycle cyclicity out of the, the revenue profile for the year. Key to having all of that done is that we've got some great capabilities now in house. We've we've we've done a good job in hiring. We got some of the best people we can possibly find to help deliver, what we need in the short, medium, and long term. So let's just take a quickly a quick look at post period. I'm not gonna go through these in detail because, obviously, this this forms the the the bulk of the the deck. But what you can see really from the previous and this slide is that there are a number of key milestones being delivered. And, hopefully, you can see a rhythm building. I mean, there is a lot of good news being delivered into the market every month, sometimes twice a month.

4:52 And you will note also a couple of world firsts where we've delivered or been able to categorically demonstrate the equivalence in performance of systems and instruments that are at least five to 10 times the price of ours and also the size, except we've got the clear advantage that we can be used at the point of source, which is really both in human and environmental health such a fantastic opportunity.

5:23 Slide six, a reminder of our strategy. So our technology is used in laboratories, in frontline field based screening and in real time monitoring. And that's what sets us apart. We've got really such a broad appeal to a range of different application areas. Typically, when you look at others in our industry, they specialize in one or the other. And we can do a whole range from lab based portable to online monitoring. We have a very powerful miniaturized technology. And especially if you add in, AI or artificial intelligence to establish patterns in the data, you can enable very highly informed decisions. And once you start to connect that through the Internet of Things, you can change the way you transact with the world.

6:13 That means that we can install multiplex detectors rather than deal with one off capital sales, as I've said, to, say, a single laboratory. You're looking at multiple installs to solve a real world problem, whether that's cleaning your water or monitoring how clean your water is through to how a company may be developing drugs throughout their organization. And all that headline in human environmental health and also in diversified industries. So we bring new therapies to market faster and cheaper. We're testing those therapies real time in the patient. We're monitoring pollution in our waterways real time. We're ensuring your food is what it says and is safe.

6:58 And as I said before, I make make no secret to the fact that my goal is to add cancer diagnostics to this list, and we are working on that and hope to announce something shortly and and deliver something in 2022.

7:17 Slide seven. Appreciate you may have seen this before, but I think it is important. It is a little bit complex, but actually, the message is pretty clear. If you focus on the diagram on the left, we've typically, historically, been doing business at what I call base of pyramid. Okay? So dealing with capital sales on a long sales cycle, approximately one year in very science y instrument instrumentation focused, environments. It's a very cyclic, model prone to risks, for example, pandemics. You know, if there's if there's a downturn, you get hit. There's a low consumables and service revenue model from that. Quite honestly, little real world relevance. You know, if you can't describe what you do in a clear succinct sentence, you do lose people. There's also very limited data modeling. You know, you're selling an instrument to make a measurement, and that's where the story end ends.

8:18 So move forward really to this year. So not only are we bringing more technologies in at the base of Pyramid to extend our workflows in more application areas in human and environmental health. But our focus has moved significantly towards the top of that pyramid or that inverted pyramid there. So technology is an enabler. It's not just a product sale. We solve real world problems, and we offer turnkey solutions. So, you know, we don't just offer a a product to monitor water. We are in the business of providing data, turning that into knowledge, and and enabling a real time decision, so that, any kind of situation could be mitigated immediately. So the revenue streams through this model, as I as I said earlier on, are a lot less cyclic and a lot less derisked.

9:08 Plus, they deliver towards a growth strategy. So I'm just gonna take you through, some of the milestones of the of the year. And, you know, you will have heard this. After all, this is looking back at h one, but, I'll I'll go through this again and and touch on the outlook, of course, in a little bit. In March, we signed a fantastic commercial, deal in collaboration with Deepverge, and that really is to drive our product through their channel in 60 countries. We've got shipped over a 100,000 pounds worth of kit, well over a 100 now, and that will be used to seed business in North America, Europe, and in China, particularly in water detection.

9:55 We're also assisting them in collaborations with our Lab Skin, Skin Biome project, and we're colocating resource, as as I've said earlier, and and, personnel, to their facility in York. So the synergies are clear, and it makes perfect sense to have a United sales and r and d front.

10:19 So on slide nine, we signed in May a heads of terms with with China with a partner in China. We will reveal the name very, very shortly, as we are working towards a full agreement. But this really is a defining application, not only only for Microsaig, but for point of care clinical technologies as a whole. And the clincher here is we gain a medical license, which is a massive differentiator for us and also, you know, in fact, for for mass spectrometry. So therapeutic drug monitoring, there are a number of application areas here. So the key here is that when you take a drug, often, these these particularly, serious or, you know, these drugs for chronic disease, there is a very therapeutic, narrow therapeutic window.

11:11 So you take you can take too much or too little of the drug. And, you know, really, actually, that window, for each patient is not predictable because we're all different. It can also be used to detect patient noncompliance, so particularly if a person is not taking their medication as prescribed. And, also, it can detect the effects of other drugs, which may, may interact with the drug of interest and affect the dosage or create any other biochemical interaction. So MicroCX technology combines the power of mass spectrometry with its unique mobile footprint.

11:57 And that really is a combination which opens up the opportunity of mass spectrometry in a $50,000,000,000 market, which is the, point of care, testing market. Our initial application area is in what we call psychotropic drug monitoring. We'll be commercializing that in 2022 in China, and there are actually a number of other application areas. For example, cardiac drugs, antibiotics, antiepileptics, bronchodilators, immuno immunosuppressants, anticancer drugs, and the list does go on. And, you know, we're we're tackling the first one first, which is psychotropics, but we do, have absolutely the objective to tackle these other these other application areas.

12:53 We also want to extend this into other geographic markets, and we're looking at the potential of doing that right now. Slide 10. In May, we signed a collaboration with Sponsor University, and this is a really unique opportunity for us in the following ways. So it helps us inform our commercial rollout of our water detection systems, number one. The collaboration involves environment agencies and other industrial partners in The UK and involves lab analysis, real time screening for remote samples, and also monitoring in established utilities companies. So its aim is to really improve monitoring efficiency by embedding our technology within an AI layer, so artificial intelligence.

13:44 And data is something we talk about a lot, but, you know, this is another example where our business model is changing for the better. And the final part is really exciting. As I mentioned before, you know, the key thing to this collaboration so it's not a short term collaboration, but there will be, good news coming out of it all the way through. But what we want to do is to prove a categoric link between chemicals of emerging concern, such as the PFAS chemicals or forever chemicals, to targeted, changes in the human genome. But to do that way to do that in a way that you can actually target the specific changes that are happening, in the environment to people living in that environment.

14:31 So really very exciting work, which I am sure will inform policy going forward. So we get industrial partners. We advance our technology proposition to market, and we inform leading edge medical science. So really, you know, as I said before, what's what's not to love about that collaboration? But also, it interleaves very nicely with our collaboration with the EcoWater OS, with the DeepVerge partners. And, the objectives here are remote and multiple screening modes and smart water detection. A very strong link, really, with the Swansea collaboration.

15:12 Slide 12. Okay. So sorry, slide 11. Sorry. So absolutely delighted. We demonstrated a world first method for real time monitoring and control of biologic therapeutics as they're being made. So biologic can be anything really, such as a vaccine or an anticancer treatment. And by integrating our METIRZE technology, but but actually integrating it with very powerful software and analytics into the bioprocessing workflow, we've actually been shown to speed up the potential of drug development and also reduce the cost of scaling up their production. So, you know, we're different, one, because of our size and, two, because we can monitor multiple elements of the bioreactor in one go, and it can be done real time. So this is why it is a world first.

16:05 The market for current bioprocessing instrumentation is around about a third of a billion pounds, and we intend to take a share of this because, we we simply displace a lot of incumbent technology because we do it better. Our first installs with end users will be later this year, and some of the brands, obviously, you know, will be household names. Slide 12. So, in August, we launched a, real time soil and water monitoring system. And really, I think the picture the pictures on the left paint a thousand words. So you take the traditional approach to chemical analysis at the top there, which is a large, expensive, traditional centralized lab, far removed from the point of need. So you might be taking a sample, from a site.

17:07 That sampling process is is a long and protracted procedure in itself, which is regulated. And, it can be up to a week before you get the analysis back, and then you find out, actually, you sampled the wrong part of the, the environment. So with our technology, you can see you can take our technology in the booth of a car and, monitor that water, real time. But the real power isn't just being point of need per se, but actually because you can potentially install multiple units of this in an ecosystem to measure slices, either geographically

17:48 or in time, to see what's going on. And with the addition of AI, you start to be able to make models and predict outcomes. I think, though, the key with this is that we've been able to get the same performance as a kit that is between five to 10 times, the size and also the expense. We're able to match regulatory methods with our, unique detection. So you really do get that, regulated, information really in the boot of your car, and so you can inform your decisions a lot faster. Market sizing is a is a tough one. As I said before, you know, even if we installed a small number, say, in leading water treatment centers, let alone through the ecosystem, we're looking at a very large install base.

18:37 Naturally, with our partners in modern water already taking talking to water authorities, utilities companies, we do have good line of sight, whereas before, really, Microsaic didn't have that, unique channel advantage. And I think this is gonna be very, very promising in China.

18:59 So most recently, in September, we signed a full agreement with a company we'll we'll we'll call HZH. So this provides us a local presence in China for manufacturing and systems integration and as a service center there. You can't really do business in China from from here, you know, from The UK or remote. You've got to be there. We are still manufacturing in The UK, so we're not just, shipping all of our manufacturing across to China. And I should say that we're doing this in support of gaining our medical license. So, you you have to have a presence in China to gain that medical license for the therapeutic drug monitoring, that I mentioned earlier on.

19:48 The facility is a thousand square meters. We're gonna be upgrading shortly to a larger facility. And and the reason we chose this particular, vendor is that it came, as part of a recommendation from our partner we're working with in therapeutic drug monitoring. The directors there have a very long history of working in mass spectrometry. They're involved with, the production of scientific

20:14 instrumentation, And they're also involved in the pharmaceutical industry in active pharmaceutical ingredients. So they do have a lot of experience. So although the company was set up purely for us, they do come with the right experience. I should just touch on the opportunity. So for each application area here, we are expecting, in time around about a 100 units, per application area. As I mentioned on one of the previous slides, you know, there are around 33,000 hospitals in China. And so, I think 100 units per application area is, I would say doable. I would even say conservative.

21:02 But, you know, if you multiply that up by the number of application areas, you can start to see hopefully the size of opportunity that we are anticipating. And also, HZH will be looking at other application areas outside of the medical license opportunity, so in standard analytical instrumentation. And there will be a chance, of course, for distributing that kit back into the rest of the world.

21:38 So I'm going to hand over now to Bevan to take you through the financials. Thank you, Glenn. Good morning, everyone. Bevan here from the FD at MicroSAIC. So, as Glenn pointed out earlier, the turnover for H1 was up significantly from a difficult year last year, so up £427,000 And EBITDA loss reduced by 4 and 60,000 odd over last year, which is the best performance since we were admitted to AIM back in 2011. The comprehensive loss did increase over last year due to the share based payments charge. Then just onto the balance sheet, just to pinpoint a few key things.

22:33 Inventories reduced from the year end balances, while trade and other receivables increased, and that was due to the higher level of sales in H1 versus last year. The cash balance increased by 4,100,000 over December 2020, mainly due to the fundraise Glenn mentioned, which was in February, and that raised £5,100,000 net after expenses. Excluding the fundraise, the burn rate is sort of circa 170,000 per month. And the company, thankfully, has no borrowing. So it's pretty strong, and especially significantly stronger than where we were at the end of last year.

23:26 Back to you, Glenn. Thank you, Bevan. Okay. So outlook. So I've been in the organization since, in this role, '20 back end of twenty seventeen. I've I've really have not felt so positive in the future of Microsaic. You know, we are putting in place some fantastic agreements throughout the world. We are coming to market with products which really touch upon, some of the key headline, features you're reading about every day in your newspapers. Okay? So that's what I mean by by headline headline, relevance.

24:14 We anticipate the momentum to continue into h two twenty twenty one, but I I am really very excited about next year. As as I've said, we, the the contracts we're signing in China for therapeutic drug monitoring, that is truly, you know, a departure for for analytical instrumentation and certainly mass spectrometry. There is no other mass spec that's being used in this way bedside. The water monitoring detection, will be augmented in H2, with yet more, technology that will fit into a nice solution. And that just opens up even more,

24:54 entities that we can detect in water. So these, chemicals of emerging concern, you know, we can detect much more of those. And you can read about those in, you know, any kind of publication from the European Union, the EPA in The US and also in China. We will be undertaking cell line work with bioreactors, this year and putting in place beta units for that work to get us really firmly placed in bioprocessing for 2022. And, we do have a lot of collaborations in place, particularly in multiple disease diagnostics, including cancer.

25:39 So, you know, what can I say? It's, it's been a good first half, a fantastic first half. You know, we have posted some of the best results in the company history, and and really coming out the back of last year, which was pretty horrendous for for lots of people. To post those kind of results, I think, is a true reflection of where the company is going and a true reflection of the new business model and the new board. And with that, I will pass back to you, Fantastic. Glenn, Bevan, thank you very much indeed for your presentation. Ladies and gentlemen, do please continue to submit your questions using the q and a tab situated at the top right hand corner of your screen. But just while the team take a few moments to review those investor questions submitted already, I'd to remind you that recording the presentation along with a copy of copy of the slides and the published q and a can be accessed via investor company dashboard, on the platform.

26:34 Also, I'd like to remind you that your feedback is important to the company, and immediately after the presentation has ended, you'll be redirected for the opportunity to provide your feedback in order the company can better understand your views and expectations. If I may, Glenn Bevan, we've received a number of pre submitted questions from investors and perhaps if we could start off the q and a session with those, that will be fantastic. The first one reads as follows. Do we see a potential listing on other markets like Nasdaq in the future? And where do we anticipate the share price in the next twelve to twenty four months? Yeah. Wouldn't it wouldn't it be great to be listed on Yeah. No. There there is no plan yet, but but that can that can, of course, you know, change. You know, you've got to look at the cost of of of a of a dual listing. I mean, it's it's it's not insignificant.

27:24 But as I say, there is no plan plan at the moment. Share price, you know, you know, as I say every time, you know, as as a as an exec director,

27:34 I cannot forecast where the share price will be. All I and Bevan can do is to continue to publish positive results and continue to drive the company operationally. You know, yeah, I have to admit, it is particularly frustrating. You post good news month after month, and the share price is where it is. But, you know, we've just got to continue going, continue with the execution we are tasked to do, and continue to drive sales north. Fantastic. Thank you, Glenn. Next one we've got here is now since you have a new business model, do you become profitable earlier?

28:12 Yeah. I mean, certainly, that's that's the hope. You know, we don't have numbers out in the market, so I can't I can't comment specifically, but that's the intention. And that will come from, you know, a a more extended channel, for example, through DeepVerge. As I've mentioned, it will come through a lot of the contracts we're signing, which, you know, you've seen some of those in China. It comes from the fact that we're not just dealing with capital sales. Now. We are dealing with services and software. So, you know, you're you're driving a lot more revenue per per transaction, if you like. Given that MicroZec has been on average raising funds every three years or so, and each time investors are told this is the last time before break even, how certain can you be that this time would be different?

29:06 Well, as I said before, I think that if you look at the business, we are, you know, the business model transformation, you know, we've put in place the right channel through DeepVerge. We've got a lot of good collaborations with DeepVerge, not only in technology development software, but also looking at joining their channel.

29:32 We are bringing more products to market. We've brought the bioprocessing product to market. We've brought the real time water monitoring solution to market in H2, and we'll bring a further one out this year as well. We are working to, in collaborations, in other disease diagnostics areas. So, you know, I think if you look at all of those real deliverables, you know, there is a much, you know, much heightened reason to believe that we are, you know, we are headed for much greater success. Thanks again, Glenn. Next one we've got here is, can you please give us an update on the collaboration with MIT? What progress, if any, has there been since the start, so that's two years ago? Yeah. So, I mean, MIT has You know, they've already helped us inform papers, scientific papers, studies.

30:29 And the reason we went with MIT is really to get us

30:34 the data so that we were able to create the, you know, the go to market, if you like, for bioprocessing. So absolutely, I mean, they've done what we said we wanted them to do, which is to, you know, be a validation for our technology.

30:50 That is fantastic. The next one we've got here is, can we have, if possible, more information, the kind of relationship between MicroSAIC and Pfizer and Merck, for example? Is this something long term and strategic? Sort of short term research project? Yeah, it's strategic. It's strategic. And again, the reasons behind it, you know, I've got to be careful because obviously of NDA, but our technology is being used not in a traditional lab setting. So it's being used generally where the product is being designed or manufactured. So you get real time data. So, you know, a lot of companies throughout the world, whether they are in pharmaceuticals or chemicals or veterinary or bioprocessing, they want to be able to get the answer there and then, and they don't want to send a sample off and get it tested. And that's where we are having success.

31:44 Super. Thank you. When can we reasonably expect some market updates on commercial progress with respect to in surgery cancer diagnostic? Yeah. So hopefully we'll be able to, start talking about this more this year, and I'd like to see tangible progress in 2022. And I think that's what I said last time. Yeah, it will take time, but that certainly will you know, that will be defining for us.

32:13 Fantastic. Thank you. And the final one we've got here is the company intending or allowed when agreements are announced regarding bioprocessing collaborations with pharma companies to disclose those names?

32:25 Again, down, you know, pending NDA. Yeah, absolutely. We'd like to. And I think in certain circumstances, those companies would like to as well. But as I say, we are limited to NDA. Okay, thank you very much. And thank you for everyone who submitted questions as well. You can imagine, you've got quite a few as usual. Glenn and Devon, if you could just, if I may, ask you to click on that Q and A tab and where appropriate to do so, if I could hand back to you just to read out the question, even who it's from, give your response, that'd be fantastic. Thank you. Are we too dependent on China? No. No. I mean, you know, I've got to say we're damned if we do, damned if we don't. If we weren't in China, you'd probably be asking us why we aren't in China. So, you know, we we are there because it's a decent market.

33:14 You know, there's a lot of growth opportunity. And the reason we set up the facility we have is you have to do that to operate in China. And to get a medical license, you need to have a facility in China. But that does not mean that we are not doing business elsewhere in in the world. What amount of business is coming from the top of the pyramid? I would say it's increasing. And what I would also say, perhaps what I omitted to say, is that the agreement we've signed with HZH so there is the revenue we get from the instrument sale to them. We then get a share of the revenue they sell onto a distributor.

34:03 When the distributor sells onto the end user, we get a share of that revenue. And then we get a share of any service and consumables and reagents revenues. So so, you know, I'm not giving you specifics, but you can see actually in contractual terms how this is now converting, whereas a normal contract would have just been, here's the price of the instrument on these terms. So a very big departure. We'd certainly like to see more revenues being driven at the top of the pyramid. How much revenue from DeepVerge? As I said in the presentation, well over 100,000. Have those units been sold on through their channel? No. Not yet. But that's absolutely the plan. I mean, we are working on the collaboration of water you know, remote water monitoring with them, and shortly, those will be going out through their channel.

35:03 What's your outlook for 2021, '22? I think in terms of sales, you know, as I said, continued momentum from h one in terms of this year. 2022, I'm feeling particularly optimistic because a lot of the work we're doing will start to convert.

35:23 We've got over 60 patents in terms of microsaic products and components out there, so well protected. Yeah, thanks, Bevan. Is DeepVerge your only outlet for environmental health solutions, water monitoring, or do you compete with them as well? No, we don't compete, and they're not the only outlet for environmental health. I mean, environmental health is a is a very big is a very big market, but, you know, DeepVerge has a very big channel, and we'd be silly not to to use their channel in 60 countries. So, you know, I I don't see it as a negative. But it's no. It's it's it's not a it's a non compete arrangement. We can do whatever we want, and in fact, we are.

36:11 But as I say, you know, it makes most sense to collaborate as closely and as strong as we can with Dverge because they have the expertise. Why is the stock market so disinterested? The share price is such a narrow range. Yeah. You I know, again, I'm not a broker. I'm not a market analyst. You know, Bevan and I are, you know, the exec directors. You know, all we can continue doing is posting positive news and getting the sales and the fundamentals up. It is frustrating. I agree. Are you working on licensed UK markets? I'm not sure what that is. But if it's a medical license, yeah, absolutely, we'd like to extend the medical license into North America and Europe.

37:02 But that's that's not a short term thing, but we would like to do that. And we're able to use, you know, the experiences we we have in China to do that. Patents are our products patent protected? Yep. Bev has just answered that. 60 patents. Another question. Why are we not selling units in The UK? Well, we may not have done in H1, but we're tending to go for multiple unit sort of key account installs. So it may well be that those key accounts aren't installing in The UK, for example. The UK itself is, you know, you look at the markets, you know, North America, Europe, and China. The UK is is relatively small in comparison.

38:05 So a question. I'm just trying to So basically, the question is, well, how will our water monitoring equipment be received in the market? Are in fact authorities interested? Yes, they are. You know, if you read a lot of the legislation, particularly from the EPA and the European Union, yes, they are very interested in looking for technology like this. And despite moves at the moment with respect to sewage water in The UK, actually monitoring it, they are very interested in as well.

38:54 So, you know, they you know, we do know that they are looking for solutions like this, and we are talking to the right people. What will you do to audit royalties, etcetera, due from China? Well, exactly that. So we will audit them. It's a transparent process. And roughly every quarter, we go through an audit the books, and, you know, we divvy up the share of revenues. Okay. Think we pretty much covered everything off then. Of course, there are any further questions that do come in, Glenn Bevan, you can obviously review those. We publish responses where that's appropriate to do so.

39:39 On that basis, Glenn, if I may just ask you just for sort of a wrap up as we redirect the attendees to give you some feedback. Great. Yes. Well, thank you. I mean, I'm absolutely, you know, very happy with the performance in H1. I think coming off the back of 2020 to post some of the best ever results in the company is just testament to the fact that our new board, non new strategy is delivering. I do expect a great H2. We've got a strong pipeline in place to show that. And really, the turnaround is translating into sales, contracts and more sales and commercializing new products to fuel new commercial contracts and sales in medium term.

40:27 And as I say, you know, we're putting contracts in place really globally, full contracts in place. And, you know, it's looking to be a great H2 and a very exciting 2022. Fantastic. On that note, thank you very much, Glenn Bevan, for updating investors today. Please, again, I ask investors not to close this session as you'll be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete and is greatly valued by the company. On behalf of the management team of Microsaix Systems PLC, we'd like to thank you for attending today's presentation. Thank you, and good morning.