Good morning, ladies and gentlemen, and welcome to the Valeo Pharma Inc. Fourth Quarter Results C onference Call. At this time, all lines in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, January 30th, 2024. I would now like to turn the conference over to Frederic Dumais. Please go ahead. Thank you, operator. Good morning, everyone. Present with me today for our Fourth Quarter and Year-end 2023 Financial Results Conference Call are Mr. Steve Saviuk, Valeo CEO, and Mr. Pascal Tougas, our Chief Financial Officer. Before we begin our call, I'd like to remind everyone that this conference call may contain certain forward-looking statements regarding the company's expectations or future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this conference call. The company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required by securities laws. I'd like to pass the call over to our CEO, Steve Saviuk. Please go ahead, Steve. Thank you, Fred. Good morning, and thank you everyone for joining us on Valeo's Fourth Quarter and Year-end 2024 Financial Results and Highlights Conference Call. I will start by reviewing our latest results, followed by a commercial and operational progress update before passing the call over to our recently appointed CFO, Pascal Tougas, who will provide more details and explanation of our Fourth Quarter and Year-end Results. Well, 2024 was a big year for Valeo. We not only saw revenues hit new all-time high by a significant percentage, but we also instituted many cost-cutting and operational measures with a view to profitability in the near-term future. Our key products continued to deliver on their growth potential, and we firmly believe that our top and, more importantly, bottom line results will improve dramatically in the year to come. Our overall full-year revenues hit CAD 54 million this year, a 94% increase from the prior year. Were it not for one-time charges and allocations exceeding CAD 1 million, our fourth quarter revenues of CAD 13.1 million would have delivered an 8th consecutive quarter of revenue growth. We have instituted changes and controls to mitigate the type of charges that affected our fourth quarter and the additional adjustments and write-offs, which affected our fourth quarter EBITDA. Our adjusted gross profits for the year rose by 80% to CAD 16.9 million, while our full-year adjusted EBITDA loss reduced to CAD 10.9 million, 25% lower than the previous year. During the last two quarters of fiscal 2023 and continuing into the first quarter of fiscal 2024, Valeo has reviewed and assessed all of its operations and commercial programs with a view of improving efficiency and reducing costs. As you may know, Valeo has seen revenues grow by over 350% over the last 24 months, and employment has grown fourfold, fivefold, excuse me. We will continue to maintain cost rationalization and vigilance in the coming quarters and expect to see the benefits becoming increasingly evident as our new fiscal year progresses. Our CFO, Pascal, will provide more details and color on both the full year and Q4 results later on. While Valeo has 10 commercial products spread across its three business units, there are a number that stand out among the rest and are or will become leaders in their class. As we progress through 2023, our mantra has become focus on our key drivers. Focus on a select number of innovative products whose differentiation and therapeutic value place them in advantageous positions in treatment protocols and will help drive Valeo's revenue performance in the coming quarters and years. Placing at the front of the class are our two advanced asthma therapies, Enerzair Breezhaler and Atectura Breezhaler. We continue to feel that Enerzair will be a leading revenue driver for Valeo for years to come. Enerzair is a first-in-class fixed triple therapy, while Atectura is a best-in-class fixed dual therapy. Both demonstrated strong, clinically beneficial symptom control when compared to existing lead asthma therapies in clinical trials. As you may know, the Canadian asthma market is now valued at over CAD 800 million annually, and the market is dominated by several established brands relying on more conventional inhaled dual therapy. The advanced triple therapy solution provided by Enerzair is challenging these established brands and gaining increased physician adoption through our dedicated 60-person commercial team, which engages in over 45,000 physician interactions, visits per year. As a result of their strong therapeutic value and our ongoing commercial activities, Enerzair and Atectura continue to demonstrate significant monthly prescriber and prescription growth. At the end of the fourth quarter, prescribing physicians reached 2,967. As of today, we're well over 3,000. That 2,967 represented a 19% growth from the end of the prior quarter and a 161% increase over the prior year. This increase was seen across both specialty and primary physicians, as we focus on ensuring physicians are educated on the unique benefits that Enerzair fixed triple therapy provides. Increased physician adoption has driven total prescriptions for the last twelve months to over 67,000, an increase of 179% year-over-year. Another leading indicator of market penetration is NBRx market share, which measures new to brand prescriptions. Enerzair and Atectura ranked second amongst more established peers with a 17% market share, meaning that close to one out of every five first-time prescriptions are for these products. There are no shortcuts when introducing innovation. The type of innovation that Enerzair provides, physician education is needed to change established prescribing practices and is one of the primary challenges that our commercial team faces on a daily basis. The clinical benefits demonstrated by Enerzair are now being complemented by the daily benefits that patients are reporting as they embark on this new course of therapy. We are very pleased with our rapid prescriber and prescription growth and expect that Enerzair's adoption rate will continue to climb for many quarters to come. As we've said from the outset, we continue to forecast that these two asthma therapies have expected peak revenue potential in excess of CAD 100 million, putting them on a par with many of its peers in the class. We continue to believe strongly in the future of our Ophthalmology business unit. Our dedicated ophtha team's commercial activities have yielded positive product growth impact that validate Valeo's view that product detailing and support at the physician level can improve revenue outcomes for mature brands. Our glaucoma drug, Simbrinza, is the cornerstone of our Ophthalmology business unit. Our activities have led to calendar year sales growth by over 10%. That represents a 23% market share for branded fixed-dose combination drugs, and we expect revenues will continue to increase in the quarters to come. During the year, it was publicly announced that Bausch + Lomb Corporation had acquired the global rights to Xiidra, another of Valeo's ophtha brands. As of today, Valeo continues to support Xiidra in Canada, and indications are that we will continue to do so well into the third quarter of fiscal 2024. Our contractual agreement provides for compensation at the end of this term that we would expect to redeploy towards other revenue-generating ophtha assets. Our corporate product licensing acquisition activities are strongly focused on building our Ophthalmology franchise, and we are engaged in the review and negotiation of a number of target products, which would move Valeo closer to our stated goal of being one of the leading prescription ophthalmic companies in Canada, with a strong healthcare professional and patients focus. We expect to have more to report on these initiatives in the coming quarters. Another one of our leading brands, Redesca, a hospital-based anticoagulant, is the number one low molecular weight heparin biosimilar in Canada. The Canadian low molecular weight heparin market is undergoing dramatic change with the introduction of biosimilars. The Canadian provinces have moved quickly to favorably open their markets to biosimilars, which provides significant cost savings, as well as ensuring product availability for this important class of drug. Ontario, which represents approximately 45% of the overall market, have been slow in introducing a biosimilar adoption policy. However, there are strong signals that this adoption is underway, and Redesca is well positioned to be possibly positively impacted as the transition unfolds in mid-2024 and into 2025. For the last two to three years, Valeo successfully focused on building scale through products, revenue, and people. As we positioned ourselves as one of the leading mid-tier pharma companies in Canada, we have now turned a strong eye towards generating profits and cash flow. We recently announced cost reduction measures, and I'm happy to announce that we have exceeded our initial objectives in this regard, all the while maintaining our strong commercial focus and objectives. Valeo has a diverse and innovative drug portfolio. I cannot overemphasize the value that they bring and the revenue potential of our key drugs. We have a dynamic commercial team and an experienced and committed management team. Sales of our key brands are in a strong positive uptrend and positioned to do so for many quarters to come. Organic revenue growth is our backbone, and we will demonstrate improved and accelerating financial performance in the quarters to come. I would like to wind up my portion of this call by paying tribute to the entrepreneurial women and men whose daily efforts make Valeo one of the fastest-growing healthcare companies in Canada. Valeo brings innovation to Canadians. Innovation means better healthcare. With that, I'll turn over the financial portion of the call to Pascal. Thank you, Steve. So, as a first-timer, please be kind with me. Let's review quickly our Fourth Quarter 2023 Results. Our revenues for the quarter were in the vicinity of CAD 13.1 million, compared to CAD 12.6 million prior-year comparable quarter, representing roughly a 4% increase. The Valeo revenue growth momentum temporarily was affected by adjustments to carrying provisions for rebates and sales returns. It's a one-time element that we're expecting to come back to a more normal type of momentum in the future. Associated adjusted gross profit were CAD 2.6 million for the quarter, slightly down from CAD 3.6 million comparable quarter prior year, 29% decrease. Obviously, this is directly impacted by the adjustments to the carrying provisions and to a lesser extent, some unfavorable mix, products, which is being addressed as part of our focus on accelerating our path to profitability. Net loss for the quarter was CAD 9.2 million, roughly, aligned to same quarter of 2022, preceding years, so 1% decrease in net loss. Mainly again, trickling down from the, the gross profit negatively, impacted, and partly offset by a, a depressed debt devaluation. Finally, Adjusted EBITDA loss was at CAD 4.5 million for the quarter, 2.9, year-over-year, 56% increase. Once we start looking at our cash positions and cash burn for the quarter, so the cash from operating activities, which is the element that we derive from as a proxy to free cash flow, sitting at a CAD 5.7 million loss for Q4 2023, improvement of about CAD 400,000 versus comparable quarter the year before. If we move over to the full year, obviously, Steve has already mentioned that we reached just short of CAD 54 million for the twelve months ended 2023. That's a 94% increase year-over-year, which was sitting at CAD 27.7 million. Adjusted gross profit for the same period was CAD 16.9 million in 2023, up 80% versus the CAD 9.4 million that we had for the exercise completed in 2022. Net loss of CAD 27.8 million, and that compares to a CAD 25.7 million for the year before. Roughly, the 8% variance is predominantly due to increases in financial expenses and an increase in sales and marketing expenses to support the new business unit, which were only partly offset by gained sales tractions and gross profit. Adjusted EBITDA loss at CAD 10.9 million for the year ended 2023, compared to the year before at CAD 14.5 million, so roughly 25% improvement. Cash used by operating activities for that same period, so CAD 15.7 million burn for the year 2023 versus CAD 28.5 million for the year ended 2022. For now, I'll stop it here, and I'll conclude the financial review part of the questions later on. So for now, I'll hand it back to Steve for remarks. Thank you. Steve? Thank you, Pascal. We are now ready to open the call for questions. Although this portion of the call is reserved for questions from financial analysts, we invite any and all of our shareholders or any other interested parties to contact us directly, whether it's Pascal, myself, or Fred, with any questions that you may have, and we will try to get back to you as quickly as possible. Operator, you may now proceed with the questions part of the call. Thank you. Ladies and gentlemen, should you have a question, please press the star followed by the one on your touchtone phone. If you'd like to withdraw your question, please press the star followed by the two. Again, to ask a question, press star one. One moment, please, for your first question. Your first question comes from Scott McAuley from Paradigm. Please go ahead. Morning, gentlemen. Happy New Year. Just wanted to get some more details on the kind of one-time provisions and inventory write-offs. Is that kind of related to access inventory that had expired from kind of launches of some of the products? Or, or what else was kind of going on there? Yeah, Scott, thanks. Thanks for being on the call. Thanks for your question. Happy New Year to you, too. And Pascal, you would be in the best position to answer that. Pascal, please. Sure. So nice meeting you virtually. Happy New Year to you, too. Thanks for joining the call. So let me try to be fairly simple on this one. So some of our launch brands always come with their own market dynamics and volatility versus the organic growth. In essence, what's going on in there is that, yes, we've incurred some elements that were part of a sales mix, consumption and demand for certain brands. So obviously affecting a bit our rebates. We've so maybe, you know, CAD 333,333, give or take. Then we have returns. Some impact from prior launch brands a few years back, but we've also taken a position, and you'll see this part of the MD&A, where there's a discussion with regards to the right carrying reserve for returns, for a specialty pharma, so kind of an industry type of benchmark. So it's simply establishing or reestablishing or bringing to the right level that type of return provision. That last piece would not be something that will be a recurring event in the future. Rather, it's going to be a more of a one-time element. And in the grand scheme of things, that's the bigger impact to what we call our gross to net, so the commercial conditions adjustment. So that's the first piece. With regards to write-offs, I would say that we have one brand that has caused us a few headaches over 2023 and continues up to now in 2024. That is the one that has triggered the inventory write-off for roughly CAD 1 million. So that's the one that we're still biting our tongue on, but we don't expect that recurrence to happen again. I think, Scott, you're the point that Pascal is making, is sometimes on product launches, especially for products that don't have a consistent runway already established, so newer products, it's hard sometimes initially to forecast what the take-up demand will be. And that we're erring now on the side of more conservatism rather than optimism. And as Pascal mentioned, a CAD 1 million-dollar write-off was painful and should have been avoided and will not be repeated. We're gonna be much more conservative on the demand growth for certain products. So it's. But these are not. You know, the. When you look at the returns or the write-offs, they almost represent 3% of our top line. That number should be well under 1%. So that's what we're targeting for this year. Got it. That's great. I guess on the prescription growth, I mean, it's been great to see kind of the quarter-over-quarter, month-over-month growth in prescribers, prescriptions, and, you know, targeting, especially these kind of NBRx numbers, seeing, you know, you guys go up as, as Symbicort goes down. But, you know, in terms of the actual revenue numbers, we're not really seeing that, you know, correlation reflected, in, in kind of the income statement. So could you talk a bit about how you see, you know, the- these growth in prescription numbers and how you see that flowing, into, into revenues, and kind of what our expectations can be kind of going forward as we see these, you know, prescription revenues continue to rise, and obviously hoping that the, the revenue numbers rise along with it? Yeah. Well, exactly. Well, there's a direct correlation. Sometimes when we talk overall prescription numbers, the combination of the Enerzair and Atectura, so you now have Atectura, which is a much lower priced drug than Enerzair. But where we're seeing really the strong end of the prescription growth is on Enerzair, which is our leading product, with the best, the best margins of any product that we have in our portfolio. So definitely a major contribution for last year. That number is expected to grow significantly this year, possibly up to a double from what it was last year, and maybe we can surpass that. We're starting to see that exponential kind of curve that we had at a lot of drugs that are initially launched for Enerzair, I suppose, at one point in time. Which is where you have not only increasing doctor or physician engagement, but you actually have increases in the number of prescriptions that these physicians write. So there's not a direct, let's say, static or linear relationship between one doctor equals so many prescriptions per month. What you actually start seeing is a doctor prescribes 1-3 per month, then 3-5 per month, and then 7-9, as they become more comfortable with the drug. As they identify, which is a very key portion of what a lot of the work we're doing, as they actually identify the patients that should be switched to our medication. So these two factors are gonna combine to increase our revenue growth this year, I think, significantly. And as I mentioned, our target for these two drugs is still CAD 100 million. As I mentioned, on NBRx, almost one out of every five now, I think we're getting closer to that, actually being one out of every five is our drug. So you have that long, big established base of drugs for of the patients, for drugs such as Symbicort and Advair, against which Advair, as you know, the clinical trials that Novartis conducted for Enerzair and Atectura were specifically against Advair, demonstrated significant benefits. But we're starting to see that, that increase, that now we're number two as far as NBRx is concerned. And just anecdotally, what I'm hearing, we just had our national sales meeting last week in Montreal, which was the first ever for the company, and very well attended and strong, I guess, appreciation of where Enerzair sits. And what doctors are starting to see is patients are now coming back and saying: I'm feeling a lot better on this drug. My symptoms are a much. So that's kind of anecdotal information that physicians receive is key, is critical. It actually helps drive sales as much as the clinical data does, because these are real-life patients that are now expressing their satisfaction. So overall, you know, the focus, Enerzair, I can't be more excited to talk about the drug as one of the key drivers for Valeo for this year and for years to come. Got it. That's good to see. I guess switch a little bit to the balance sheet. So CAD 7.5 million in cash, and there's the operating line of credit. You know, do you see that as being sufficient to getting, you know, on the path to profitability? And I know, you know, there's that convertible debt that's due kind of at the end of this year, and I know a lot of it's friendly. You know, IQ holds a big chunk of that. So have there been any discussions on pushing that out or coming up with a solution there? As far as cash flow is concerned, you know, with these costs that we've undergone a significant cost savings and cost reductions, a real rationalization of our operating structure. And you would expect to see that after a company has grown very quickly, and then it, when you finally, you know, grown not just from revenues, but from a people and a spend perspective, where you kind of take a step back and you kind of take a look at the overall picture and say, "Okay, where did we maybe, were we a little too aggressive? Where did we grow a little too big? How can we get the operations to be more in sync with our goals?" But that will provide cost savings. We expect as our revenues grow this year, to start moving towards cash flow positive, along with, you know, the potential for, reimbursement of some of our Novartis, the obligation with Novartis through the contract with Xiidra. So based on our cash flows, we feel good, pretty good about our cash throughout the course of this year. But we'll always be looking for, you know, new ways or innovative ways to, to solidify and to improve our balance sheet and to reduce our debt, for that matter, which, you know, is a big factor in terms of our big contributor, in terms of our operating loss. As far as the venture that's due December 31st, 2024, yes, there have been discussions. It's although it's 11 months away, we're treating it as if it was a much shorter time away, so we do want to get some resolution there. There's a number of different options that have been, are being looked at or have been discussed with some of the lenders. And you're very correct in saying that not only is Investissement Québec, CAD 10 million, but insiders and friends of insiders represent almost CAD 5 million. So it's almost 15 of the 25, we've had discussions with, as well as some of the third parties. So we expect that, sometime, late Q2 or beginning of Q3, we'll have more to... more information on that. But clearly, our intention is to make sure that that debt is taken care of and does not become a hindrance to Valeo going forward. And that would be either by way of sort of partial or full repayment, or refinancing or extension. So these are a number of the options being looked at. That's great. And I guess lastly, I don't want to hog the horn too much. In terms of, you obviously focus on profitability, both kind of EBITDA and cash flow, is a big target. So is it - do you still expect, you know, by kind of end of fiscal 2024, to have hit those, you know, one or both of those targets? Yeah, I think that's our objective, and I know you've heard us say it before, and I, I think that there's a, there's certainly more realism now as we start to really understand where our revenues are coming from, and where, you know, the, the margins that they're going to contribute and the cost reduction that we've undergone. And as I mentioned, we far exceeded the original expectation of our cost reductions without affecting our commercial activity. So the objective is still, you know, and certainly that's what our, our budgets and forecasts are, positive EBITDA by Q4. But, you know, positive EBITDA is a very interesting objective to attain. But really our number we want to get to is positive cash flow, and, and that's, that's, to us, our holy grail. No stone unturned. We will do everything we can to get there sometime, either late Q3 or during the course of Q4. And as you know, we have an October year-end, so that puts us not that many months away from it. That's great. Thanks, gentlemen. I'll hop back in the queue, and again, good speaking to you and Happy New Year. Yeah. Thanks again, Scott. Ladies and gentlemen, as a reminder, should you have a question, please press the star followed by the one. Your next question comes from Stefan Quenneville, from Echelon Capital Markets. Please go ahead. Hi, guys, thanks for taking my question. Could you give maybe a bit more precision on the cost cuts? You said you've exceeded the CAD 2 million you guys announced it in November. Could you give a little more precision on where you're at in terms of the cuts? Yeah, we're probably north of 3, 3.5. So, just to give you broad strokes, you know, the head office, as we relooked at all of our operations here, combining positions, making cuts, management stepping in to do even more activities, and so almost less manage, more do. So that's where a lot has come about, pushing off programs into fiscal 2025. So things that we might have CapEx or other expenditures that we expected to make this year, to delay them or downscale them. And the same goes for some of our commercial activities. Just looking at, I guess, in some cases where you have you know a larger budget, and then there's a tendency to spend up to budget, and then it's for us to bring those budgets back and say: Where are we really getting the most bang for our buck? And looking back over the last 24 months, we've been able to identify things such as some of our ad boards, OLAs, which yield good results, and let's say some other activities which were less impactful. So we've cut back on those activities and kept our foot on the gas as far as the commercial spend that drives revenues, that drives information to doctors, that drives performance and behavioral change within our physician community. So it's been across the board. It's sometimes easier, rather than just to pick one area and cut on, but just to trim on many different areas. Then certainly, as I mentioned, there were some bigger programs out there that were more obvious ones just to downscale or to basically delay. It was the pain was felt and is being felt, you know, kind of by everybody in the company, and I think that's the way it should be, and it's going to make us a stronger, nimbler company. But the important part, Stefan, was we did not, you know, want to impact on sales growth. And you do have to have the people in the field visiting the physicians. You have to support by way of samples. We've done some innovative things in trying to reduce our sample costs, especially in the ophtha biz in the ophtha area, where we've come to an agreement to reduce sample costs there. So I think we'll be every bit as efficient and as effective in the market, but just at a lower dollar value. Great. And maybe also just on Xiidra, maybe a couple of precisions there. In terms of you guys, you know, there's been no official announcement of, you know, the timeline for you guys giving back the rights, and perhaps, you know, return of your upfront payment for those rights. Did I understand that, you know, would it be upon announcement of that that you would get a return of your, you know, partial return of your upfront payment? Or would it be when you've stopped distributing the product sort of in the middle of next year? Like, when would that cash repayment show up? Okay. Well, we're just finalizing our agreements, with our separation agreement on this product with Novartis. So what's important to remember is that the initial deal was for our two products, Simbrinza and Xiidra, and but it's only Xiidra that's being impacted, and that was impacted, of course, by the sale of Xiidra to Bausch + Lomb. So where some of our activities have been curtailed, as we speak, in terms of our support of Bausch + Lomb, we expect there's going to be some ongoing support into sometime in the third quarter. And then, with the timing of that, the repayment and the amount of the repayment, still not finalized. It's a All I can say is it's very amicable discussions between ourselves and Novartis to come to the proper resolution on that front. Good. Great. And my last question is just on business development. You talked obviously, you've been talking for a while about looking for new products. You have the sales force in place and the therapeutic areas that you guys care about, so, you know, that makes sense. Just looking at your balance sheet and maybe walk us through, you know, what kind of firepower you have to execute on the business development front, and maybe, you know, any color you can give on how those discussions are going. Yeah. Well, discussions are going very well. As I'm, as I mentioned in my portion of the call, that I expect something in the coming quarters, and, and obviously, we'd like to see that happen, earlier. On ophthalmology, it's not the only area, but certainly the ophtha area is, is one, and clearly having that, that team and Simbrinza as the, as virtually the only product they have currently, although that is still makes the, the business unit profitable, but we'd like to expand the number of products, and, and they certainly have the, the bandwidth to be able to do so. So we, so that's. But in, in, and so, yeah, there is, you know, when you're acquiring or in-licensing products, there is, kind of two basic schools. One is huge money upfront and improved margins. The other is, significantly reduced money upfront and maybe more back-end payments, or lower margins. And clearly, given our balance sheet and really given our risk profile, we prefer the latter over the former. So what we would. So we have the firepower, I feel, in our balance sheet right now to make the types of in-licenses that we're currently discussing. What's important, too, is that they are, they would be immediately accretive, and they would plug and play with our business unit. In other words, it would not require any changes in staffing, would not require, you know, hiring or a significant A&P spend over above, and above what we've already got budgeted. So you know, we are looking for products which can help us get to cash flow quicker, cash flow positive quicker, and we believe the products we're discussing right now not only have value as drugs, I mean, they're actually significant value to patient populations, but but would generate that cash. One thing that's important that we demonstrated with Simbrinza, which was a drug that hadn't been promoted for four or five years when we in-licensed it, is when you put the education and the sampling and the patient support programs behind drugs, you can actually stem the decline in sales and actually start to grow the drugs. And Simbrinza was a case in point where I think last year we grew about four or five market share points. The sales increased by over 10% overall, and we continue to see those increases this year. So that's a, it's a very nice case study to apply to other drugs, to be able to say, you know, these drugs that are, have not, that still have value, that have not been genericized, that maybe have not had the luxury or the benefit of the promotion or detailing, that when you do apply that promotion detail, you can actually start to increase sales. It's important that physicians feel that you're supporting the drugs that they prescribe, and they tend to drift away up on those drugs when that support stops. So this is really one of the compelling reasons for someone to do a deal with us, is not just the money up front, but the fact that we can actually stem the decline, and in many cases, actually reverse the decline into an increase for drugs. And everyone wins then. We win as Valeo with better margins and better contribution, and the licensor wins by having a drug that can continue to generate revenues for many years to come. Thanks for that. That's it for me. Thanks again, Stefan. There are no further questions at this time. I will turn the call back over to the CEO, Steve, for closing remarks. Yes, thanks, everyone. Thank you, operator. Again, thank you for attending the quarterly conference call and results. We appreciate your time and an opportunity to provide more details and color to you. We're certainly pleased about the top line growth this year. CAD 54 million, it really puts us amongst the top in our peer group in terms of revenues in Canada. Our core products, I can't overemphasize the value that products such as Enerzair, Atectura, Simbrinza, Redesca, these really are amongst our core brands, and the ones that have significant, you know, upside potential from a revenue generation point of view. And we will see that continue on for many quarters. That's on the organic side. Clearly on the inorganic side, we'd like to see complementary products that have the profile I just mentioned, immediately accretive. The cost cutting, you know, it's been not that, you know, it's never fun. It's necessary. I have to hand it to the people at Valeo, you know, who are gonna, in many cases, take on additional responsibilities. They will probably log in a few more hours on a weekly basis as a result. But it's, I think it's something that's making us more nimble now, where we had kinda gotten potentially a bit complacent with growth and adding costs so and have you. We have to sort of weed out that complacency and really get back to being where every dollar has to be scrutinized as to how it's spent. So again, thanks to our viewers and our listeners, and thanks to our people. Look forward to keeping you informed of activities in the months to come. Press releases certainly available to talk at any moment's notice if you have other questions following this call. Operator? Ladies and gentlemen, this concludes your conference call for today. We thank you for joining, and you may now disconnect your lines. Thank you. Thank you, operator.