Welcome to the IRRAS Audiocast with Teleconference Q3 2021. For the first part of the call, all participants will be in listen-only mode, and afterwards there'll be a question and answer session. Today, I'm pleased to present Will Martin, CEO. Please begin your meeting. Thank you very much. Good morning, everybody. I'm Will Martin, President and Chief Executive Officer of IRRAS, and I'm pleased to welcome you to the Q3 2021 report. I'm pleased to share ongoing progress and results from our continued commercial efforts here at IRRAS. Moving forward to slide two, I just like to note that I will make a standard disclaimer that I'll be making traditional forward-looking statements throughout this call. On slide three, significant recent events as outlined in the report that was released this morning. Q3 2021 was the fifth consecutive quarter of revenue growth for us here at IRRAS. SEK 6.1 million of Q3 revenue was posted. That's 190% growth from the third quarter of last year, just under 20% quarter-over-quarter growth. Thus far, through three quarters of 2021, SEK 15.2 million of revenue have been posted, up 210% from the same period in 2020. Taking one step beyond that, not only are we continuing to show top-line revenue growth, the underlying metrics continue to move in the right direction as U.S. Commercial Systems and our global IRRAflow install base both showed noticeable increases from the second quarter of this year. Not only are we growing in the right direction on the top line, you continue to see improvement on the bottom line as well in terms of earnings per share and on EBITDA, as a company, from the third quarter of last year to the third quarter of this year, noticeable growth in the right direction. One of the key things I wanted to highlight from the Q3 report was, for the first time, a positive gross margin. We've mentioned over the last several quarters, the impact on manufacturing cost of goods sold from our newly opened IRRAS in-house manufacturing facility. As a result of those cost improvements, during our recent audit process, we were able to take an adjustment in our standard cost of inventory, and that adjustment has moved us into the black for the first time in terms of gross margin. Another meaningful step forward that highlights our progress on the bottom line. Moving forward to slide four, just to highlight the significant events during the quarter. As previously mentioned, we did sign a EUR 10 million non-dilutive loan agreement with the European Investment Bank. They'll be targeted for product development and clinical data generation efforts in the European Union. Our progress in publishing meaningful clinical data continued to move forward in the third quarter, highlighted by the ventriculitis case series, which was the first time in peer-reviewed literature that we've documented the ability of our IRRAflow system to directly deliver antibiotic medication into the intracranial space. Our focus on quality, the evolution of our quality management system, was further documented during the third quarter. We completed an in-house audit of our manufacturing facility that resulted in that facility being added to our ISO 13485:2016 certification and the expansion of our MDSAP quality management certification being extended for three years. As a reminder, that MDSAP certification now opens the door for us in the future to explore product approvals in key markets such as Brazil, Australia, Canada, and others. Further significant events that have happened after the quarter on slide five. We have received CE Mark certification of our next-generation IRRAflow catheter that's now being used to treat patients in Europe. Meaningful progress in terms of initial patient enrollments in the ARCH clinical study that's being headlined by the team at Helsinki University. Three patients have now been enrolled in the ARCH study, which is comparing IRRAflow with the use of clot-busting medication known as TPA versus traditional external ventricular drains. Our partnership with Aarhus University in Denmark has started with commercial usage of the product that will then be captured in their active investigator-initiated trial. Those head-to-head clinical studies will be pivotal pieces to document superiority of the IRRAflow system and further fuel our commercial growth in quarters and years to come. On slide six, highlights overview of the key financial data of the quarter. As I referenced, revenue in Q3 2021 of SEK 6.1 million with a positive gross margin. Earnings per share -34 per share. EBIT -27. Cash flow continuing to come down compared to previous quarters, leaving liquid funds of just over SEK 95 million at the end of the quarter. As I said earlier, on the top line as well as the bottom line, trending in the right direction to highlight our continued progression and strengthening as a company. As I transition on coming slides, I'll go quickly through some of the corporate overview that many of you are aware of and then focus most of the rest of this time on commercial highlights and clinical data highlights before opening things up to questions at the end of the call. On slide seven, just a reminder that we are a unique Swedish-American medical technology company initially focused on innovative products for neurocritical care, headquartered in Sweden, with a significant presence in Southern California, with direct sales presence not only in the United States, but key markets in Europe, Germany, Holland, and the Nordic markets. Now, beyond those direct sales presence, we use a global network of distribution partners to further drive commercial growth. On slide eight, reminder of the sizable market opportunity that we're focusing upon. Previously, we focused primarily on the $1.6 billion opportunity in neurocritical care, $1.25 billion focused on intracranial bleeding, and another $400 million focused on traumatic brain injury. For the first time, now that we have documented peer-reviewed literature showing that IRRAflow can be used for targeted drug delivery across the blood-brain barrier, and we will be seeking label expansion in the future for these applications. I think it's important for investors to realize the market potential. It's estimated that the addressable market opportunity for intracranial drug delivery is north of $4.5 billion. Now, that's driven by certain subsets, epilepsy, Alzheimer's, Parkinson's, and so forth. Our first areas of opportunity will be as discussed, thrombolytic medication delivery, antibiotic therapy. This is a meaningful opportunity that we'll talk in much greater detail in coming quarters as we map out our regulatory strategy to target this exciting new opportunity. To focus on neurocritical care, on slide nine is a reminder two key elements of our product portfolio. IRRAflow, the world's first irrigating intracranial drainage system, and the complementary product Hummingbird, which is the next generation of advanced neuromonitoring, one to assess the impact the extent of traumatic brain injury, and then one to therapeutically treat it, across the entire spectrum of neurocritical care. We have a product portfolio that matches up nicely with competition and also delivers the most innovative products in the space. Led by IRRAflow, as we've talked about many times before, the world's first irrigating intracranial drainage system. It's a true razor blade model, small piece of capital equipment that's reused. Two elements of disposable products that are used in a single patient fashion. An intelligent digital pump that controls irrigation and drainage, and a dual lumen catheter that's placed inside the brain to remove unwanted toxic material. On slide 11, we can talk about the versatility of the IRRAflow system. We've documented in published peer-reviewed literature and in many case series that we've talked about in these presentations with investors the broad versatility of the IRRAflow system from chronic subdural hematomas, intraventricular hemorrhage, collection of blood in other parts of the intracranial space, as well as brain infections such as ventriculitis and abscesses. I'm excited now for the first time moving forward, please, to slide 12. A couple of new case studies that we have not yet shown to the investor community. On slide 12, you can see a case study that was performed and is now being prepared for publication by the team at WVU Medicine. It's an intraventricular hemorrhage that again shows the capability of IRRAflow to deliver thrombolytic medication into the intracranial space. The image that you see on the left here is the collection of blood in the patient's ventricle. The bright white dot that is seen is the IRRAflow catheter that's been placed directly into the clot. Irrigation was started by the neurosurgeons at West Virginia University, and on the fourth day, more than 90% of the collected blood had been removed. At that point, the surgeons decided to go in and do an endoscopic evacuation. It was an open surgery to remove the persistent clot in the other part of the ventricles that IRRAflow was not placed to treat. In doing so, going in with an endoscope that has a camera on the end, as you can see on the right side of the slide, these are actual in vivo pictures that confirm the mechanism of action of the IRRAflow system. This is a catheter placed inside the patient's ventricle that's been sitting in heavy clot burden for four consecutive days, clearing out blood without clot forming. You can see clearly open patent drainage holes that actually have debris being drained out through them during this surgical procedure. We've confirmed the mechanism of action of IRRAflow many times in a variety of benchtop models. Now these images are the first in vivo during patient treatment images that confirm the ability of the IRRAflow system to remain patent in heavy clot burden. Furthermore, on slide 13, an additional new case study that we're sharing with investors now for the first time. This is a poster that was presented at the recent Congress of Neurological Surgeons annual meeting that was held in person in Austin, Texas, a couple of weeks ago. This is a series of five intraventricular hemorrhage cases that were treated at Helsinki University. Looking at each vantage point of the CT from the top of the head, from the front of the head, and from the side of the head, the bright white that you see is collected blood. The case that you see the representative images of on the screen, this was a case that was treated for 47 hours, less than two days, with IRRAflow being irrigated with 2.4 mg of tPA. In the legacy clinical study, CLEAR III, that also looked at the treatment of IVH with traditional drainage, a patient of this magnitude would receive up to 8 mg of tPA in order to maximize the impact of potential blood removal. With IRRAflow here, instead of 8 mg of TPA, this patient was treated in a shorter period of time with only 2.4 mg of TPA. The five cases that were presented at CNS all showed 90% blood removal within 72 hours, and all cases were completed in approximately five days. Significantly shorter treatment time compared to traditional drainage. This type of clinical outcome is what we're documenting, seeing documented more and more in published clinical literature. We're excited to continue to build that evidence base moving forward. At the same time, moving forward to slide 14, it's important to note the complementary nature of Hummingbird. While we continue to lead with IRRAflow, Hummingbird is an important part of our strategy moving forward. The most accurate intracranial pressure monitor with its air bladder mechanism of action. Over time, the accuracy of that reading does not drift because the system automatically calibrates itself, and can be troubleshot after insertion. It's the only multi-lumen intracranial pressure monitoring bolt that incorporates drainage and sits very nicely in the portfolio with IRRAflow. As we continue to grow, and as we receive CE Mark for Hummingbird, this will become a bigger and bigger part of our global commercial strategy. Now, digging into that global commercial strategy in more detail on slide 15. Let's break down the quarterly revenue in a little more detail. As we referenced, quarterly revenue of SEK 6.1 million, as seen on slide 15. That 20% quarterly growth was heavily driven by revenue out of the United States, particularly disposable reorders from our established commercial customers in the U.S. The light teal bar graph that you see took a significant step forward in the third quarter, compared to Q1 and Q2, as we saw increased adoption at our key commercial customers in the U.S. I also want to highlight the fact that the small yellow bar there showed that, after a slow couple of quarters due to COVID restrictions, our forward progress in commercial growth in Germany with the addition of multiple three new German hospitals beginning to evaluate the system was a welcome return to our revenue contribution. It's important to note that year-to-date through three quarters of 2021, we spent the same amount on commercial expenses as we have in the previous two years to maintain our cost consciousness. We've now more than doubled our revenue that we posted for the entire year of 2020, both in local currency as well as US dollars. Looking at the underlying metrics on slide 16. As we've shown in previous quarters, the global capital equipment footprint for IRRAflow grew again during the third quarter. Slide 16 shows the growth from 98 systems globally to 122. That's the largest quarterly growth we've seen in terms of capital equipment system installations, system footprint on a quarterly basis. 24 additional systems were shipped to customers during the third quarter. Five new systems were shipped to support new U.S. evaluations. Four systems were converted to commercial usage in the United States. Between direct customers in the Nordics as well as these new German accounts. 7 systems were shipped to European direct customers. Between addition of new distribution partners and growth of our existing network, eight systems were shipped to distribution partners during the course of the quarter. Each bucket that drives our commercial growth showed forward progress during the third quarter, and our strategy and our plan are for that growth to continue in all buckets moving forward. Now, looking beyond the system placements and moving towards the usage of the razor blade, if you will, of the disposable products that will continue to drive revenue growth moving forward, we can see on slide 17 the continued growth in the U.S. system installation. Not only are we continuing to grow the number of systems that are being evaluated, but we're continuing to convert those systems from evaluation to commercial usage. Slide 17 shows growth of commercial systems from 22-26 as Mount Sinai, one of the top 10 neurosurgical hospitals in the world, is coming on board as a commercial customer that will document their use at their two facilities in Manhattan for potential publication. We're very excited about the partnership with Mount Sinai and hope in the near future to give more detail about some of these investigator-initiated clinical programs that will flow out of this partnership. The previously announced partnership in a similar fashion with Aarhus University in Denmark during the third quarter not only initiated their clinical study work but also transitioned their usage into commercial usage with both capital and disposable orders being seen in the third quarter. Again, across the board, increased contribution both from U.S. customers, but also growing activity commercially in Europe. We're also excited to see in-person participation at key customer events returning. The CNS conference I referenced, Neurocritical Care Society, the dropping of travel restrictions between most European countries has allowed our team to have a broader presence in person with customers than we've seen in the past seven quarters, and that will continue to translate into commercial activity and commercial growth. Finally on slide 18, a snapshot of the key contributions during the quarter. I referenced the growth of the global distribution network earlier. We added a new distribution partner in Switzerland. The other elements highlighted on slide 18 are Mount Sinai Hospital being that new commercial customer in the U.S. We generated disposable orders to start one new IRRAflow evaluation and an additional Hummingbird evaluation in the U.S. Much of our activity was driving usage and driving adoption at our existing commercial customers, but we always want to continue to grow the overall number of evaluations that are ongoing. That focus on the existing commercial customers continued to be reflected. The percentage of U.S. revenue that came from commercial orders and disposable reorders during the first quarter of 2021 was only 16% of our total U.S. revenue, as most revenue was still being driven by new evaluations. In the second quarter, that grew to 54%. In the third quarter of this year, 64% of our U.S. revenue came from orders from our existing commercial customers through disposable reorders. We have seven U.S. accounts reordered during the quarter. One international distributor placed disposable reorders, and we continue to opportunistically drive revenue as well. Throughout the quarter, the third quarter really was the height of the Delta variant impact in the U.S. and other countries. I feel that our team navigated that impact very well. We're continuing to watch the possibility of hotspots, but whenever we possibly can, business as usual is resuming wherever possible. We're seeing that now as our distribution partners are able to grow and able to engage more with their customers locally. We've gotten orders from distributors over the last several quarters, but now it's exciting to see first patient treatments happening with distributors in Portugal, in Greece, in Italy, in North Macedonia. Across the continent, distribution partners that we've trained virtually during COVID, we can now go and support. We can now go meet with customers. We can now go and support initial patient treatments. This is all fueling our optimism for future growth because the next wave of countries is also now being trained, Spain, Poland, other markets throughout Europe and the Middle East. This will all contribute to our forward progress in coming quarters. On slide 19, even with all of this work that is ongoing, even with the fifth consecutive quarter of growth, you can see that we continue to do so in a cost-conscious fashion. Until we are able to have a financing strategy that financially de-risks the company, we're being extremely conscious in how we spend our money. You can see the dark blue bar. We're spending comparable amounts on sales and marketing as we did at the beginning of 2019. But even in spite of that, revenue continues to grow and the ratio of operating expenses to sales continues to move in a positive direction. That's ultimately what's contributing to our improvement on the bottom line as well. Shifting gears now on slide 20. It's important to note we've talked extensively about the need for impactful clinical data to support the commercialization of IRRAflow. I'm pleased to report that during the third quarter or since our last earnings call, four new pieces of clinical evidence have been published. Two of them highlight for the first time the ability of the system to directly deliver antibiotics. The team in Helsinki published their case series for the treatment of aggressive brain ventriculitis that showed the ability to change the composition of cerebrospinal fluid to a fluid that's now antibiotic impregnated that allows the infection to be treated without harming the surrounding brain tissue and while also controlling pressure and pH. That was then followed up by a case study that was documented by the team at Buffalo General, one of the leading neurological centers in the world that showed IRRAflow placement after surgical removal of an abscess, showed safety of that and continued decrease in the size of the abscess following surgical drainage, hypothesizing that direct irrigation of antibiotics allows for higher antibiotic impregnation into the thick material that oftentimes makes up bacteria colonization. Very excited to see these two clinical experiences documented for the first time of how the system can be used to deliver antibiotics. On slide 21, the partnership with University of California, Irvine continues to document itself in clinical literature. They published a case report of the first time they treated bilateral chronic subdural hematoma at the bedside without having to take the patient to the operating room simply through a burr hole and showing that IRRAflow can help with its fluid irrigation to remove the collection of air known as pneumocephalus after evacuation of a chronic subdural. They also published their long-term follow-up on the chronic subdural case series that we've talked about before, documented in print the reduction in treatment time by more than 50%. We were most excited about the graph that you can see there on the chart. Across all of the patients, the time from the surgical procedure to the time of discharge to the time of 30-day follow-up, the hematoma size continued to reduce, showing the impact of continuous irrigation, allowing IRRAflow's mechanism of action to prove its impact even after the patient leaves the operating room. These four peer-reviewed manuscripts being published now give our global team that much more ammunition to document the impact of the system. We're not stopping there. We're now in the final stages of planning for the launch of our next generation IRRAflow control unit. We've referenced this in the past, and we're finishing up the verification and validation testing for what we're calling IRRAflow 4.0. It has upgraded software that makes it easier to train nurses on the system. It adds a new way for the drainage bag to be mounted to the system to give more versatility and flexibility in how the patient is treated. This is a result of feedback through the first 18-24 months of patient treatments now being incorporated into this next generation IRRAflow system. We're excited in coming months and quarters for this to become our workhorse product across the world. That leads us on slide 23 to what we're really focused on in the last 12-18 months, or the next 12-18 months. That is continuing what we've shown the ability to do over the past five quarters. Demonstrating continued commercial adoption, growing revenue, taking our small focused team and continuing to extract more commercial value and growing revenue quarter- over- quarter. Enrolling the ongoing clinical trials that should document IRRAflow superiority. Receive Hummingbird's CE mark. We've received the first round of questions from our notified body that we've responded to. We're working our way nicely through the Hummingbird CE mark process, which will set us up for another significant European revenue stream in the new year. Much like we're doing with Hummingbird, we will then upgrade IRRAflow and its CE mark to the newest European standards, which will allow us to launch this upgraded control unit in Europe as well. All projects that are very much underway, and all will be things that continue to drive value in coming quarters. Because at the end of the day, on slide 24, the IRRAS investment thesis remains strong. The significant and growing market opportunity for us that we are addressing with innovative products that treat patients in a way that no competitive products can. Commercial adoption is growing. We're seeing that confirmed with increasing reorder rates of disposables both in the U.S. and Europe. Those systems continue to grow globally as commercial activity returns to normal post-COVID. Regulatory and quality approvals are in place that will allow us to keep adding markets to drive revenue. We're continuing to listen to our customers, putting the product in their hands that they ask for, and working now to deliver clinical evidence to prove superiority and position our products as standard of care. All in all, the investment thesis remains stronger than it has been at any point in our recent history, and we're excited to continue to deliver this type of forward progress for investors in coming quarters. On slide 25, we welcome you to connect with us through our online social media channels, led by IRRAS Academy app on both the Apple App Store, as well as Google Play and Android, our IRRAS Radio podcast series and our active presence across all social media platforms LinkedIn, YouTube, and Twitter. Please follow and keep up with our exciting progress, because we're always excited to share the happenings that are ongoing on a regular basis, not just once a quarter as we do here. With that, thank you for your time this morning. Thank you for your interest in IRRAS and our Q3 2021 report. I will now hand it back to the moderator to open it up for questions. Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name is announced, you can ask your question. If you find your question is answered before it's your turn to speak, you can dial zero two to cancel. There'll be a brief pause now while we register your question. Okay. We currently have one question in the queue. That's from the line of Christian [Bergman of Redeye. Please go ahead. Your line is open. Oh, sorry. Hi, guys. Good evening, Will. Hi. Hello? Yeah. Yeah, please go ahead. Oh, sorry. Sorry about that. I got a couple of questions for you today. I'll be quite brief. I know it's kind of late in the U.S. First off, I was wondering if you can give some sort of OPEX guidance specifically on what revenue growth you can manage at the current baseline, specifically for admin expenses. Is that the only question? Oh, no, sorry. I've a couple of more questions. If you want to, you can take it one by one, or I can go through them all. Sure. No problem whatsoever. Of course. You know, our earlier projections going back pre-COVID had us with more feet on the street than we currently have at this point. Because of COVID and the uncertainty of the impact there, as well as our current share price and what we've been able to raise in our two most recent offerings, we've adjusted our focus away from just top line revenue growth to making sure that we're doing the right things for both top line growth and bottom line. We will begin to grow our team. We're doing so in a cost-conscious fashion, adding more nurse educators to support growth both in U.S. and European product evaluation. That growth in the commercial team is being offset by ongoing cost consciousness, you know, in other things that we do, making the right decisions on other investments. We're bringing manufacturing in-house, which has driven 30%+ out of the cost of goods sold, which has allowed us to keep the overall operating expenses flat for the past couple of years, even though our total headcount as a company has grown, you know, by 15 to 20 heads. That will continue. We'll continue to invest appropriately as market demand warrants, both in the U.S. and Europe. I can't give you a specific guidance on what our team and our operating expense projections can support. I can tell you that we're well positioned to continue growth as we've seen and even slightly, you know, more rapid growth with the team that we currently have in place. All right. Okay. I think the other key takeaway there is so many companies at our stage fuel their top-line growth by adding significant numbers of feet on the street. For us over the last five quarters, we've grown based on the underlying increasing health of our business as opposed to just throwing more headcount at it as other companies do at an early stage. Right. Are you possibly more confident in providing a sales guidance in the near future, or do you prefer to wait a more stable development of Corona before doing so? We're not ready yet. I don't think that any of us feel that we truly have the coronavirus pandemic behind us. Like many companies, I think we're wanting to make sure that the U.S.-Europe travel restrictions will remain open for a period of time. Now, I'm excited to come back to Stockholm for the first time in almost two years later this quarter. I'm happy that our team can now kind of strengthen our bridge across the Atlantic. We're still watching it closely. Mm. Then the other key element to that is, we need to get a little more clarity on when we can project Hummingbird CE Mark. Now, that process, that review, has been delayed with our notified bodies, because of COVID-19. We should have more clarity within the next quarter on exactly when we can expect the Hummingbird CE Mark. That will play a key role in our future revenue estimates, and we wanna make sure that we plan that accordingly before communicating things to our investor community. All right. I mean, in this quarter, you saw some positive operating results. When do you expect the cost of sales to decrease in such a way that we can see even greater operating results? It's an ongoing trend. I wish I had a crystal ball to say, "This is, you know, when you'll see significant step forward in those operational results." I think the underlying elements for the strength of our business are in place across every aspect. We now have a clinical evidence foundation that we're building upon aggressively. You know, we're getting updates from Helsinki and other places about patients that they're enrolling, and we're excited about what that's going to lead to in terms of further comparative clinical evidence. We're seeing very strong trends at our key commercial customers in the U.S., and now we're excited to replicate that more in Europe. Everything that we're doing so more efficiently and that's driving our bottom line in the right direction as well. All of these things are coming together to strengthen the overall IRRAS story. All I can say at this point is that our projections and our plans are to continue that forward progress in coming quarters. I only have two more questions for you today, Will. Of course. The first one, the first tranche of the EIB loan, is that something we could expect- Yeah ... to be exercised by the first half of next year, or what does the timeline look like there? We haven't decided upon a timeline. It's good to know that the funds are available. We'll have our first update meetings this quarter with EIB to discuss our proposed projects and how we would potentially allocate some of the funds. You know, these are non-dilutive funds, but they're also funds that have a cost associated to them, so we wanna make sure that we spend them judiciously. You know, the available liquid funds that are referenced in the report do not include any of the EIB funds. With the projects we have ongoing, both with Helsinki and Aarhus University, for clinical data generation, these are projects that would fit very nicely within that EIB program. As we get more clarity on when certain expenditures will be due, then we'll make a decision on the appropriate time to draw down that first tranche. I think it's just very important for us as a company to know that EUR 10 million is sitting there for us to spend in a way that can further accelerate our company's progress. If we look at the global expansion of the IRRAflow system. Yeah What insights do you have in the international distributors' processes of actually placing the systems at customer locations? It varies by market, but I think the fact that we're starting to see reorders from distribution partners, whether it be Kuwait, whether it be Latin America. Our Latin American distributor has expanded their IRRAflow system install base multiple times to support the launch in Mexico, where a couple of quarters back we got regulatory approval. We're now applying for tenders in a variety of markets that as they get experience and get exposed to the IRRAflow system, we're working to carve out commercial revenue-generating opportunities. The fact that we're now seeing the first wave of distributors placing reorders, both for more capital equipment and for additional disposables, bodes well for our future growth. It's not just a one-time stocking order and then move on to the next country. As our distributors are seeing positive commercial feedback, they're wanting to make sure that they have more inventory in place to support evaluations, and that's now being translated into increasing patient treatment. By the way, have you noticed any changes in the time for the evaluation process for any of your markets at this time? I think we absolutely have. When we get the opportunity to move into an evaluation, particularly in some of the key U.S. hospitals, we've progressed nicely in our ability to talk with the physician champions, map out what a successful evaluation will look like. I think we're able to move through the evaluation process faster in terms of patient treatments. Now, where we've run into challenges more recently is just the U.S. hospital hesitation for making the actual commercial purchase. Over the last several quarters, there's been a noticeable uncertainty within the U.S. hospital system of what the long-term implications will be from the COVID pandemic. You know, during the second quarter, as numbers seemed to be moving in the right direction, the Delta variant popped up, and there was a return to uncertainty. Now, hopefully, that we've navigated our way through the uncertainty related to the Delta variant, we'll get the hospitals focused back on growing their overall footprint and growing their ability to attract patients. That's been the biggest thing. We're moving through the patient treatment portion faster at our key evaluations than we ever have before. Every hospital is different in terms of their desire and their willingness to spend their money because of the ongoing COVID uncertainty. Hopefully now in Q4 and beyond, the worst of that will be behind us, and that will start to speed up as well. Of course. Just a final question before I get back into the queue. To what degree do you think that, let's say, the German clinics are impacted on the basis of the progress in the U.S.? I guess another way to phrase the question is the progress in the U.S. How much do German clinics look at the advantages of using IRRAflow in their decision-making? Well, it certainly doesn't hurt. I will tell you that. Our German team works very closely with our U.S. team to learn clinically from what's working from a sales messaging standpoint. The growing base of clinical evidence helps to support decisions of the German customers. We've had peer-to-peer influence where relationships and experience in the U.S. has opened doors for us in multiple European and German hospitals. They're directly linked. Now the German hospitals and the German surgeons need to make their own decisions and need to, you know, evaluate the product in their own facilities. Without a doubt, our U.S. experience has better prepared us for acceleration in all of our European markets. Okay. Well, thank you. I will get back into the queue. Of course. Thank you. Thank you. Once again, if there are any further questions, please dial zero one on your telephone keypads now. Once again, any further questions, please dial zero one. Okay. Currently, we don't seem to have any further questions coming through on the line. Okay. Thank you very much, everybody, for joining us for the IRRAS Q3 2021 report. As I mentioned earlier, we look forward to sharing future updates in upcoming quarterly reports. In the meantime, connect with us through our various channels. Thank you very much, and have a great rest of your day.