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BSD Medical Corporation (NASDAQ:BSDM)

Investor and Analyst Update Call

April 09, 2014, 2:00 pm ET

Executives

Tricia Ross - Vice President, Financial Profiles, Inc.

Bill Barth - Chief Financial Officer, Corporate Secretary

Butch Wolcott - President, Director

Analysts

Bill Paxton - BPX Investments

Jason Kolbert - Maxim Group

Michael Lou - Private Investor

Operator

Ladies and gentlemen, thank you for standing by and welcome to the BSD Medical Investor and Analyst Update conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. This conference is being recorded today, April 9, 2014.

I would now like to turn the call over to Tricia Ross of Financial Profiles. Please go ahead.

Tricia Ross - Vice President, Financial Profiles, Inc.

Thank you, George. Good afternoon. I would like to thank everyone for joining us today and I want to welcome you to the BSD Medical Corporation's Investor and Analyst Update Call. With us today from management are Harold 'Butch' Wolcott, President of BSD Medical Corporation and William 'Bill' Barth, Chief Financial Officer.

After you hear from management, there will be an opportunity for some questions at the end of today's call. We ask that you please limit yourself to two questions and reenter the queue for additional questions that we may have time for.

If you happen to be participating via the internet instead, you will have the opportunity to send a question from the Ask a Question link, which can be found on the left of the console. Once clicking on the link, a window will open where you can enter your question or you can also send them directly to me at tross@finprofiles.com. For those on the live call, the operator will explain how to queue for questions when we begin the Q&A session.

Now before we start, I would like to remind you that our comments made during this conference call that are not based on historical facts are forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995. These forward-looking statements may include statements relating to our business objectives, plans, strategies and future financial performance among others.

Many of these statements involve known and unknown risks and uncertainties which could cause actual results to differ materially from those expected results, performance or achievements, expressed or implied by statements made herein. These risks include operational, financial and legal risks and are more fully described in the risk factors section of our Annual Report, on Form 10-K for the year ended August 31, 2013 and in our quarterly reports on Form 10-Q.

All of our plans and objectives made in this presentation are based upon management's current expectations but many such expectations are based on economic, clinical and regulatory uncertainties and thus may differ materially from our actual results. We assume no obligations to update any forward-looking statements or information.

I would now like to turn the call over to Bill Barth, Chief Financial Officer of BSD Medical Corporation. Bill, please go ahead.

Bill Barth

Thank you, Tricia. Good afternoon, everyone. I would like to start today's conference call with the recap of our financial results for the second quarter of fiscal 2014, which ended February 28 and also the results for the first six months of fiscal 2014.

We are very pleased with our increase in revenues of approximately 106% to $1.7 million, up from $0.8 million over the second quarter of fiscal 2013. Our operating costs and expenses declined slightly to $2.2 million, which resulted in a decrease in the net loss of $0.4 million. So our net loss for the quarter was $1.5 million, compared to $1.9 million for the second quarter of fiscal 2013.

The first half of 2014, our revenues doubled to $3 million compared to $1.5 million in 2013. Nice improvement in our gross margins to 48%, up from 40% for the six months ended February 28. Our operating costs and expenses reduced by $300,000 or $0.3 million, I should say, from $4.7 million down to $4.4 million. Our net loss was $3 million for the first six months, which is a $1.1 million improvement compared to a net loss of fiscal 2013 of $4.1 million in the first six months.

And our current total sales backlog is $1.6 million, which is a 96% increase over the same time last year. At the end of February, we reported net cash and cash equivalents of $7 million with no debt.

That's a recap of our financial highlights. I would like to move into a discussion of our financing plans. We, as I mentioned earlier, have a solid balance sheet with no debt. The company has improving fundamentals with growing revenues and managing expenses as we look forward in an environment of increasing revenues. We just completed a very encouraging first half of the year in which revenues more than doubled over the same time, six month period, of last year.

The fact is, we are a much stronger and fundamentally sound company in terms of revenue, sales power, growth momentum, declining losses, increasing brand recognition, fully established relationship and traction with our partner in Europe, Terumo. We have never felt more confident in the long-term prospects for BSD since MicroThermX was granted its 510(k) clearance.

We are in much better position than when we did a financing, which was just about a year ago. Towards that end, we have worked tirelessly pursuing avenues for financing this past year to establish relationships with a variety of quality Wall Street investment banking firms, several of which have caught the vision of the future potential for BSD Medical. And as a result have several flexible financing options available to us, which our Board of Directors will make a determination which financing they deem will be in the best interest of the company.

That said though we recognized there are other factors and variables at work when financings are done, including the overall stock market prevailing conditions over which we have no power. Our management team and our employees are working hard to manage the variables we can control such as working on improving the fundamentals of our business on a continuing basis. Additionally, we have directly educated buy side firms through our long-term active managers about who BSD is and what future opportunity is with MicroThermX with the goal of being a much stronger position when we access the capital markets.

Since August 2013, we have held approximately 50 in-person buy and sell side meetings with new qualified institutional investors and sell side prospects in New York City, Boston, Chicago, Minneapolis, San Francisco and Southern California. Over a dozen of those meetings have been held with dedicated medical device sell side analyst and we believe we are very close to securing sell side coverage and plan to do so before the end of this fiscal year. Since the beginning of January we have also presented at and held meetings around recent investor conferences in San Francisco and Southern California.

We plan to continue to meet with potential investors and attend conferences this year so we can continue the momentum of our efforts over the past year. Also, many of the investors we have met with are looking for periodic in-person updates in progress. Near-term, we plan visit to the Midwest for a non-deal roadshow, and again as of today were highly confident we will secure analyst coverage by the end of the fiscal year.

I would also like to address while I am on the mike, our hyperthermia business. Give you an update on that front. Our hyperthermia systems make up the legacy product line for BSD Medical and hyperthermia is used in conjunction primarily with radiation and chemotherapy to deliver heat to deep seated tumors and the heat is delivered at a lower temperature over a longer period of time as compared to our microwave ablation products which Butch will address here in a few minutes.

The most notable achievement on hyperthermia front was receiving approval from the TFDA, the Taiwanese FDA for marketing the BSD 2000 in Taiwan. Our distributor in Taiwan, Linden Bioscience has purchased several systems and we will ship all of those systems in this fiscal year. The Taiwanese medical community is very upbeat regarding use of hyperthermia in treating cancer patients. Also our distributor has recently requested adding the BSD 500 to the product offerings and that's being driven by the approval of the BSD 2000 and some notable interest from the practitioners interested in treating cancer with a broader range of hyperthermia offerings.

In South Korea, we are still in the process of working with the South Korean FDA and providing them with information they continue to request for the BSD 2000. We have a sizeable commitment for BSD 2000 through our Korean distributor. However, we continue to experience some delays in approval process which could postpone marketing approval in Korea until after our current fiscal year.

In China, we have intensified our communications with our exclusive distributor there, as they claim to be approaching approval of the renewal license for BSD 2000. As of now, they believe that they can expect approval from the Chinese FDA some time this summer. We also have a contract there for several BSD 2000 systems pending approval in that country.

Domestically our sales pipeline of hyperthermia systems is leveled off due to an increasing reimbursement uncertainty environment.

The interest in Europe for hyperthermia in surrounding countries such as Russia and Kazakhstan through our European distributor remains focused on high-end and expensive systems like our BSD 2000 3D MR system. We currently are finalizing such a system and readying it for shipment through our European distributor in the very near future.

We persist in our efforts to secure a strategic partner relative to our hyperthermia business. We have made some progress but there is nothing definitive to report at this time and will continue to seek out and find relationships with all aspects of our business and look to increase value of our assets in any way that we believe will be beneficial to our shareholders.

With that, I will turn the time over to our President and Chief Executive Officer, Butch Wolcott.

Butch Wolcott

Welcome everybody. Today my primary mission is to talk about microwave ablation and give an update on our MicroThermX microwave ablation system. Some of this will be a review from previous calls because we have many new shareholders.

Microwave ablation continues to have a very promising future. I have actually seen physician interest in microwave rise dramatically just in the last few months. Ablation is often proven to be just as effective as surgery. An example would be early stage lung cancer and you can do that ablation at one-third the cost and certainly much easier for the patient. Ablation, as opposed surgery, is perfectly positioned for the economies of how medicine is likely to be practiced in the future.

The Affordable Care Act, we think, is likely to have a big impact on the use of ablation. One primary and very significant development is, under the ACA there is a new recommendation that has huge importance to the U.S. ablation market, and that's a recommendation for routine screening for lung cancer for all adults 55 to 80 years of age who have a long history of smoking and are at high risk for lung cancer. So as opposed to practices of the past, many patients are likely to be diagnosed with early-stage lung cancer that they would have been diagnosed previously and of course microwave ablation can be an excellent treatment for these patients.

This significance is obvious. 221,000 new cases of lung cancer in the and U.S. diagnosed in 2011, according to the American Cancer Society and we use of ablation primarily in kidney, liver and bone cancers. Lung cancer, the prevalence is 2.5 times of those other diseases combined. And that's where the BSD MicroThermX microwave technology shines and does its best work is treating the lung tumors. We have the right microwave frequency, predictable ablation zones, very high-speed and efficient microwave energy and we truly believe that our system is the best microwave system for lung cancer. So this is a dramatic new development for us that will bring benefits in the future.

Terumo distribution, that agreement for MicroThermX is going well. Terumo has proven to be an exceptional partner. We are more than pleased with the progress and the increasing sales momentum. Under that distribution agreement that covers more than 100 countries to include Europe, Greater Europe, Western Asia and Africa. Terumo, to-date, has far exceeded their contractual minimum purchase requirement under the distribution agreement. We have good traction in Western European countries. The next methodical expansion is in to Eastern Europe and then to the Middle East.

Terumo has made a substantial investment in sales and marketing through a well-planned and comprehensive marketing strategy. They have a plan and a focus for geographic expansion. They want to be very careful about building credibility in the clinical community. They already have an extensive presence in interventional oncology and interventional radiology and they are going to use those relationships to further their business in those disciplines with MicroThermX and other products that they have.

Terumo is establishing MicroThermX teaching centers of excellence with key physician opinion leaders conducting comprehensive clinical studies which are needed in the microwave arena and will certainly reinforce the effectiveness of MicroThermX microwave ablation. So we are more than ecstatic about the Terumo relationship. It's methodical and it's carefully planned and maybe Terumo Europe moves a little more slowly than someone expects but we want to do this right. We don't want to make any mistakes and things have gone very well to-date. So we are excited about the future.

Outside the EU, with Terumo, there are many individual countries included in that 100 country universe that require regulatory approval other than what is demanded by the EU. So again we are very carefully going forward with that. We have a long way to go with regard to penetrating all 100 countries. And we think sales wise, revenue wise growth wise, the best is yet to come with regard to Terumo. And Terumo is just as importantly, for the company, over the long run, they are on a very excellent model for future distribution collaborations.

Terumo looked at every microwave system available before they chose MicroThermX. Terumo validates our technology in the eyes of other companies. And as we discussed in the past, we continue to work toward additional master distribution partnerships for MicroThermX. We have clear interest. We have face-to-face meetings underway, but we obviously cannot disclose any details nor is there any guarantee these meetings will be successful but that would be those kinds of developments, if they come to fruition, will be very important to the future of our company.

On the marketing side of the ledger, in conjunction with sales, we are attending major medical conferences throughout the year. Very important to the growth of our business. We recently attended the Clinical Interventional Oncology Conference and the Society of Interventional Radiology meeting. The CIO was attended by more than 500 physicians, scientists, researchers and other healthcare professionals. Interventional radiologists are seeking ways to expand their practices and many consider interventional oncology as the next best step to expand those practices for many of the reasons that I have mentioned in my presentation so far.

The SIR, the Society of Interventional Radiology, that conference is the world's comprehensive interventional radiology meeting. There were over 5,000 physicians attending from around the world. That was a meeting I attended. I was the pleasantly surprised that as compared to last year we more than doubled the number of sales leads we obtained regarding MicroThermX. We had more than 50 physicians that made arrangements with us for possible MicroThermX ablation cases and/or presentations at their hospitals. So I think it's pretty easy to visualize as a shareholder or investor how that could have a tremendous impact on our business. So it helps us. As a small company, one of the challenges we have is knowing BSD and we are making excellent progress towards increasing our brand's presence in the interventional oncology market. That's going to be important.

In the United States, I think we are beginning finally to have the same level of success as we are enjoying with Terumo. I think our tremendous success at SIR was really driven by our increasing sales momentum in the U.S. We are adding additional direct BSD sales representatives in major Metropolitan areas and expanding a very focused and high quality interventional oncology U.S. distribution network to complement those direct BSD sales people. This increases very dramatically the visibility of MicroThermX, and as I stated previously, it is starting to generate meaningful sales.

BSD's fee-per-use program continues to play a prominent role in our U.S. sales. Fee-per-use is incredibly important for growth because it allows the hospital and the physician to use our MicroThermX generator on a rental basis and avoid sometimes the long time delays that come with the capital equipment budgeting process. As part of our efforts, we have continued to strengthen our sales and marketing management team. We have clinical specialists that go out to the hospitals and work hand-in-hand with the physicians in MicroThermX and, as Bill stated earlier, we never felt better about our ability to grow the company and move forward towards profitability in our business.

So that's where we are on MicroThermX and we could go to question-and-answer and hopefully some of the things that we haven't touched on we can answer your questions with regard to those.

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from Jason Kolbert with Maxim Group. Please go ahead.

Butch Wolcott

Hello, Jason.

Operator

I am sorry. We have Bill Paxton with BPX Investments. My apologies.

Bill Paxton - BPX Investments

Hello, gentlemen. Congratulations on a good quarter and solid progress. Just a couple of quick questions for you. How many sales reps does Terumo have on the case with MicroThermX at the moment? Then my follow-up question is, what do you think re the most important milestones we should look to next with MicroThermX? Thank you for your time.

Bill Barth

With regard to Terumo, Terumo is very sensitive about what we say and confidentiality and that, as you might imagine, is part of our distribution agreement. It's a little bit of a complicated question, because Terumo has more than 40 direct sales employees that are involved with interventional oncology, MicroThermX and their other products. But they use independent distributors as well in some countries, like Turkey and each of those people may have 10, 15 or 20 sales representatives for their company. So estimating that there are more than 70 sales representatives eventually that will be involved in MicroThermX with Terumo Europe.

Butch Wolcott

I think the second part of that question. It's okay. I will go ahead and address that. The major, to repeat the question, major milestones related to MicroThermX and what to expect there?

For us, we are focused on expanding our worldwide user base of MicroThermX systems. So that's a critical metric for us and then the other thing would be entering into other potential master distribution agreements, strategic partners for distributing MicroThermX products in other geographies around the world.

Bill Barth

Yes, we have ongoing negotiations in China and other parts of the world that we think will have positive future impact on our business.

Operator

All right. Thank you. Our next question is from Jason Kolbert with Maxim Group.

Jason Kolbert - Maxim Group

Hi, guys. That was essentially my question. But I would like to ask you, if you look out over the next nine months, what are the significant catalyst you would have me focus on?

Bill Barth

Okay, yes, it's similar to Bill's question and the major catalyst would be strategic partnering, growing our worldwide base of systems throughout the world and also being able to do something strategically with our hyperthermia business. So those are really three milestones that we are focused in on, along with growing our revenues and decreasing our losses period-over-period.

Jason Kolbert - Maxim Group

I understand. Should I be thinking a little bit about when we might become published data, as a marketing tool almost, to help drive market share penetration?

Bill Barth

Jason, there is some clinical work that's being conducted. When the data from those studies might be available, there is work going on in Europe and also in U.S. I can't tell you as of today, when those studies might have data published but we are working towards that with some key opinion leaders around the world.

Jason Kolbert - Maxim Group

Can you help me, when you step back and look, what other events might occur in the landscape that will help raise physician awareness about the particular efficacy associated with this device? How can we help drive the market penetration and awareness? It seems like its there but it is building slowly?

Bill Barth

Well, I think we are on the early cusp of ablation awareness in the ablation market, even though worldwide it's over 500 million at this point. Radio frequency still has the business but at these conferences microwave conversation wall-to-wall participation. One of the things we have to do that is time-consuming is teach interventional radiologists how grow their practice. It's surprising sometimes that they are not aware of how to do that. Ablation early on has not been part of the tumor boards and the teams of physicians that partner together to decide what's the best treatment modality for a patient. But that's happening more and more on a daily basis. Interventional radiologist participating with medical oncologists, surgeons, radiation oncologist, et cetera as equal team members for the treatment of patients. So that, I think, along with the economies that are going to be facing medicine, under either the Affordable Care Act or even in Europe, some of the modalities of the past are just too expensive and as this clinical work comes to completion and microwave needs more clinical work, which is happening on a daily basis, we will continue to prove along the line of the one example I gave, early stage lung cancer can be treated with ablation just as well as surgery for much less the cost, one third. And you put a Band-Aid on the patient after a 15 minutes treatment and you send them home the same day. So those things are going to drive the business.

Jason Kolbert - Maxim Group

And that makes perfect sense. I just wonder from a patient awareness and a marketing campaign, whether its social media, or other forms, make any sense? It's clear that centers of excellence are at the front edge of the awareness curve and it just seems to me that as that curve blossoms, that that will be synchronized with the rising sales. I am just wondering, what efforts you are making to facilitate that transition?

Bill Barth

Jason, I really appreciate your call and your questions. We have got a number of questions in the queue. If it would be all right, I would like to take that off-line with you and spend some more time on.

Jason Kolbert - Maxim Group

Thank you so much for holding the call today.

Tricia Ross

We got a number of internet questions that I am going to try and get to here next.

Do you expect expenses to stay flat in 2014 or increase or decrease?

Bill Barth

Our goal is to keep them flat and decrease wherever it is possible. So we do not expect an increase in expenses, overall operating expenses when compared to 2013 for the entire year.

Tricia Ross

Okay, and next, are multiple antennas used in those procedures or two to three or is one more than norm?

Butch Wolcott

This is Butch. Normal to use more than one antenna in a case. That for us, fluctuates from month-to-month, quarter-to-quarter. It's hard to determine exactly what that number is but we think it's about 1.5 antenna per case and routinely a small tumor, you can do with one antenna. Also routine case can include three antenna. So depends on the size of the tumor, location, what's the disease, is it lung or is it liver? But if you wanted a straight out answer, it seems to be 1.5 antenna per procedure, is the answer.

Tricia Ross

Okay, we are now into one year into Terumo agreement for sales of the MicroThermX. Could you tell us how many countries are using it?

Butch Wolcott

Butch again. That's one I have to be careful about because of Terumo's sensitivity. I think I mentioned before, with regard to Terumo, the best is yet to come. We have penetration in the major Western European countries. Now branching to Eastern Europe, et cetera. Some of those countries require separate regulatory approval. We are being very careful about how we train people in those countries and how we present MicroThermX. Again, it's a very methodical approach. So it's a 100 country agreement. We are selling the product in far less than 50 countries so far. So a lot of upside to what we are doing with Terumo. We have good effort and good penetration in the major Western European countries like Germany as an example, but plenty of upside and plenty of future potential. It takes quite some time to put all the pieces together if you do a very thorough and methodical approach to the business in each country. So we signed our agreement. I think it was approximately March 31 last year. The total number of individuals we trained for Terumo in varying job capacities was more than 100. We trained them in June of last year. We retrained them again in September. So we haven't been underway as long as it might sound to the average investor. We continue to train and will always continue to train as long as we have a relationship with Terumo. We had a training session just last week with 20 individuals from Terumo. So that will be an ongoing process.

Tricia Ross

What number of procedures per year would you expect to see from a large medical facility using a MicroThermX?

Butch Wolcott

Almost impossible question to answer. It depends on the interventional oncology department in the hospital. It depends on the physician. In a large institution you can have an interventional oncologist that does as many as five cases a week and other physicians who consider themselves to be active in ablation might do five cases per month. But even five cases per month is attractive business because of the sales price of the antenna.

Operator

(Operator Instructions). Our next question is from Michael Lou, who is a private investor. Please go ahead.

Michael Lou - Private Investor

Hi, guys. Good afternoon. How are you doing today.

Butch Wolcott

Very well. Thank you. Thank you for being on the call.

Michael Lou - Private Investor

I am sorry.

Butch Wolcott

Thank you for being on the call.

Michael Lou - Private Investor

Well, I appreciate that. I just had a question for you. I have been a long-term investor in BSD Medical and been riding this train up and down. Now I have a question about your early release today. I am happy to see progress in the number, but it's a confusion as you sold two hyperthermia systems and the special growth with Terumo, how could it only show $1.7 million if you included the (inaudible), as well? So somewhere one of the three elements there is not doing as well as the two for the income to go down especially with having two hyperthermia systems sold. Does it makes sense?

Bill Barth

Well, this is Bill. Let me answer that question, if I may. We did ship two hyperthermia systems in the second quarter of this year. We shipped two hyperthermia systems in the second quarter of last year and those systems that we shipped this year to distributors and the two that we sold last year were to hospitals, direct end-users. So the margin on those, even though the revenue was fairly close to margin on those systems for this year, was slightly less than it was last year. Yes, that's what it is.

Michael Lou - Private Investor

I see. One last question, The per use fee system that you have going, have you guys tried that in Europe in the countries (inaudible)?

Bill Barth

The answer is yes. We do use that. We, as in Terumo, we do use that in Europe. Over the longer run, again it takes time for all of this to unfold, particularly with the regulatory environment. My personal expectation, I think the expectation of other management members, that fee-per-use may turn to be even more prominent in Terumo Europe than in the United States.

Michael Lou - Private Investor

Okay, so that's being used by Terumo as we speak.

Bill Barth

Yes.

Michael Lou - Private Investor

Okay, well, I appreciate the answers. Thanks a lot.

Tricia Ross

We still have time for a couple more internet questions. So we will try and get a few more of those. What margin levels are you targeting and how this product mix affects gross margin for your business?

Bill Barth

We target at least 50% margin now. We expect that to grow north of 60% as our business grows. Our highest margin producing sales are in the antenna. That's why as we see more users with our systems, whether it be they purchase the system or the fee-per-use, they still need to purchase antennas and they can be, as Butch says, 1.5 but it can be one up to three antennas per case. So our margins on our antennas, we expect to be indicative, other medical disposable kinds of products that those who were accustomed to them investing in the medical device space could expect to see.

Tricia Ross

Okay, and do you centers of excellence for MicroThermX in the United States?

Butch Wolcott

Yes, this is Butch. I will answer that one. We do. We have done that to this point in time rather informally. We are actually now putting together contractual agreements with several hospitals to act as centers of excellence in the U.S. for MicroThermX. So the answer is yes. We think that's an effective program where a new physician to MicroThermX or even new to ablation can go to a real MicroThermX ablation expert over maybe a two day period when cases are scheduled and learn more than we could ever teach that physician about the nuances of ablation and how it's done by ablation veterans and experts in microwave ablation treatment.

Tricia Ross

Okay, and time for one more internet question before closing up the call. The Michigan hospital that uses two MicroThermX, on their website states, depending on tumor size, the microwave energy usually destroys the cancer in 10 to 15 minutes. Are there plans to get PR or higher PR from just how to get that type of work directly to the public?

Butch Wolcott

Our tact has been, at this point, to get that information out into the hands of end-users, practicing physicians as best we can. We do that through our marketing materials and presentations at tradeshows and discussions with them on one-on-one meetings. The other area that we invest in is for our investor relations, which does have a public relations component to it as we put out press releases and make presentations to the investing community. So as we get bigger and resources are, for us every resource, every dollar we have is precious. We have to operate on limited budgets and that is our strategy as it relates to getting that kind of information disseminated in to the public hands.

Any other questions, Tricia, on the internet?

Tricia Ross

That is all that's come in. Those are the eight or nine that have come in.

Butch Wolcott

Okay.

Operator

All right. I will turn the call back to management for closing comments.

Butch Wolcott

This is Butch. Thank you all for attending and participating in the call. We consider this to be a very important part of conducting business for our shareholders. We are sometimes constrained by our partners, but we try to be as transparent and as informative as we can through our calls like today and our press releases. So we enjoy this kind of interaction. We will continue it in the future. Our plan is to continue on a quarterly basis. Again we appreciate you all very much. We realize that we work for the investors and the shareholders and we try to do the best we can for the patients in this world as well. We are here to serve our shareholders and those cancer patients in this world. So that's our mission and that's what we are here to do on a daily basis and we hope the call was informative and helpful.

Bill, anything from you?

Bill Barth

No, I think that sums it up nicely. So we appreciate everybody who took the time today, who come by -- get on the phone and participated in the call.

Operator

Ladies and gentlemen, if you would like to listen to a replay of today's call, you can dial 1-800-406-7325 with the access code of 4673204. This concludes the BSD Medical Investor and Analyst Update conference call. Thank you for your participation. You may now disconnect.

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