IPO Candy Presentation Transcript

Amwell (American Well Company) IPO Roadshow September 2020

Ido Schoenberg, MD, Chairman & CEO

I am Ido Schoenberg, the CEO of Amwell. Together with me, today, is Keith Anderson, our chief financial officer and head of M&A. Together we are thrilled to tell you the story of Amwell.

When Roy and I started the company 15 years ago, the very notion that digital care delivery would transform healthcare was a novelty. Today, it's very much a reality.

The mission of Amwell is simple. We aim to connect and enable the key players in healthcare (providers, insurers, patients, and innovators) to deliver greater access to more affordable, higher- quality care. Our main focus is on improving financial and clinical outcomes and if you could do that with less visits, that's perfectly fine.

At the high level we are a technology company. We take great strength from the huge number of key players (providers, payers, consumer aggregators, and innovators) that are already using our platform and rely on it day by day.

In 2019 we had $149 million in revenue. Eighty-nine percent of it was recurring in the first half of this year. In the first half of this year 38% of the operating income came from platform subscriptions; 11% from software, hardware, and services; and 51% was related to visits that went up in an unusual way because of COVID.

We have done more than 5.6 million visits, but our number one KPI is not revenue or visits; it is active providers. We have 57,000 active providers on our platform today. We have our own network of about 5,000 affiliated providers and we see that network as an augmentation, and not replacement, to the 57,000 active providers.

The company is relatively small (with a little over 680 employees) and very passionate about the user experience -- both providers and consumers -- with an average NPS over 56 and 4.8 over 5.0 in star ratings.

On our cap table you are going to find many very sophisticated financial investors. In addition to that, we grew the company with many strategics. You are going to find on our board the likes of Allianz, Anthem, Teva, and Philips, [all of whom] have contributed much to the success we have today.

When you think about the transformation in healthcare, it's nothing short of a revolution. If you need a headline, "Care is Moving Home." All of us are going to emit signals continuously from our bodies into the cloud, where this information is going to be collected, analyzed, and compared, and based on what happened and the best practices, there is going to be a coalition of newcomers (like retailers) and older players (like providers and payers) that are going to work together in order to offer the most efficient, most convenient, most effective intervention at the most convenient location, which typically is the home, but can also be a retail pharmacy or the workplace. It's like a giant loop that begins and ends at the home.

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Unlike most of our competitors, we don't aim to create an alternative to care. Rather, we see our main goal is to strengthen and enable the sacred bond between patients and their existing, trusted providers. We don't compete with doctors, patients, health plans, health systems, and government, but rather see our main goal [as one that enables all of these parties] to work together to realize this new model of care.

At our core, we are a technology. Think about it a little bit like Oracle, a giant piece of technology that nobody really cares to fully understand. It's very complicated, but many pe0ple would want to rely on it. Think about it like a giant switchboard of clouds or participants (for example, a cloud of patients and a cloud of providers -- doctors, nurses, and others). We use different types of business tools and clinical roles in order to create the best match between supply and demand.

The "home" part of our platform is connecting consumers or patients to providers and the "hospital" part of our platform is connecting one point of care to another, one provider to another provider.

Outside the main hub -- the main circle -- we have pieces of technology that address very specific use case or need like telestroke, teleICU, and telebehavioral health. And in the outer tier, we have different screens: different browsers, different mobile apps, televisions, cards, kiosks, and so on.

When you think about our penetration to date, we have quite a big market share inside the United States. In providers, we power more than 2,000 hospitals in 150 health systems. Our health plans cover 150 million lives and already give our platform the coverage benefits to 80 million Americans. Totaling 55 payers, these include Anthem (a board member), United, Cigna, 30 Blue Cross Blue Shields, and quite a few government entities, including the US Navy. To them indirectly we offer our services to 36,000 employers and we work with many consumer aggregators including Google, Apple, Samsung, and so on.

When we talk about healthcare innovators, we're really talking about organizations that also focus on improving financial and clinical outcomes. These include pharma companies, disease management companies, and medical device manufacturers (the likes of Philips and TytoCare).

When we built our technology, there were two things that we had to think about. Number one, we made the decision that the users should not come to us, but we should rather embed our technology and connectivity into domains that they already are in. Think about it a little bit like Google Map. You don't really need to understand the technology, but you can very easily embed it inside your website to provide directions for your clients.

The second decision we made was that any user of Amwell -- any enterprise user -- should be able to trade services and information with anyone else, and it doesn't really matter if you're a provider, an employer, a health plan, a device manufacturer, and so on. In way of an example, the fact that we use our software development kit to embed it in sites like hospital apps, in health plans' apps, and in many other places means three important things.

One, the user got a really rich experience. If connectivity is embedded into the main app of, say, Cleveland Clinic, I can also see my bill. I can see my latest lab results. I can schedule a physical appointment with my doctor and get online connectivity.

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The second thing is when we did it this way, we were less accountable for the customer acquisition cost. We connected to a place that has huge followers already there.

Most importantly, by working this way we made sure that we never compete with our clients in the mindshare of consumers. It's their brand. It's their site. And in healthcare, trusting your own doctor is far easier than trusting a third party.

When you think about providers, it's even more important. Unlike our competitors, we are not asking providers to come to our app or website and sell their time. Rather, we built it in a way that embedded our services into the screen they are familiar with and use every day; namely, their electronic medical record (their EMR) or their practice management system.

We have relationships with many EMR and practice management systems including Epic, Netsmart, and others; but, I'd like to emphasize a very important one we have with Cerner. This is a very deep strategic relationship. Cerner operates 25% of the hospitals in the United States and together we worked to create a totally seamless experience for their clients that allows everything to be built in very streamlined connectivity into the very large ecosystem which is already connected to our platform.

When you think about a technology that allows any customer of ours to connect to any other customer (that we call Exchange), I'd like to give you one example. Anthem is a client of Amwell. They cover 40 million lives in 800 national accounts. And Cleveland Clinic is an enterprise client of Amwell. They are one of the best brands as it relates to cardiology care in the United States and maybe the world. By using Exchange, both those enterprise clients were able to virtually see each other and be connected to one another. That meant that any user of Anthem (say someone that works in Google, for example) can log into the Anthem service that we power and can get all the services of Anthem. In addition to that, [they] can see a boutique store of Cleveland Clinic and directly subscribe to their services.

Think about this a little bit like going to Neiman Marcus and entering into the boutique of Louis Vuitton or Chanel. [These are brands] that you immediately recognize and can offer you several unique services. For the doctor in Cleveland Clinic, they only offer [00:11:07], their EMR. In addition to seeing their client, they see members from Anthem.

For the health plan, it's an opportunity to turn to all their clients of national accounts and others, and really enrich, dramatically, the type of services and the brand trust of all they offer. For a hospital, it's a way to completely transform how they think about their business model, go well beyond their catchment area, and sell their expertise to many more people that, in many cases, are fully covered for their services. This is, yet, one example of many potential business interactions which are possible [within] the entire ecosystem that we power.

But we took it one step further. If you think about digital connectivity, you should not necessarily limit yourself only to digital services. You can also make available physical services alongside. This year we're coming out with a new portal called Virtual PCP. If you have this product under your insurance plan and you go to your doctor directly, you're going to spend a fortune. You have to go online.

When you go online, you're going to get service instantaneously from a robot, an AI-driven experience, which is very personal and very quick. The next one after that are real people that are very empathetic and together, the bots and the people are going to help you navigate to the right service that is

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IPO Candy Presentation Transcript available for you to get. We can, of course, connect it to a different type of primary care providers, specialists, programs, and so on and so forth.

But in addition to that, later this year people will be able to connect to a lab to order an MRI or a CT scan, or to also order a physical visit with their doctor next Thursday at 4:00 p.m. The entire spectrum of care is available to people from their sofa.

This is, of course, a phenomenal experience for the member, but it's also enormously effective for the payer. It's a little bit like HMO in their own network. Everything that is available on Virtual PCP can be prenegotiated, making it enormously effective financially.

So when you think about it, we didn't try to create a portal for doctors or hospitals, a portal for employers, a portal for payers, a portal for device manufacturers, and so on and so forth. From day one 15 years ago, we built one unified platform for the entire ecosystem, and that's huge. And the same codebase that is available on all these hospitals, employers, and so on is also available anywhere around the globe, even in Israel.

So if you think about it, there is clear differentiation between Amwell and many of our so-called competitors. Most telehealth companies offer you an opportunity to connect to someone who is not your doctor in a way that is fairly limited. You can go online and find someone to give you primary care services. A psychologist you may not know. A second opinion from an entity that may not be familiar with you. Or begin to manage a condition like blood pressure or diabetes in a way that is not necessarily connected to your own doctor.

In our case, we took the long road of making sure that we integrate with the people you know and trust in your community and make them available to you both in person and online. And as such, we're not offering a limited number of use cases. In fact, we're offering the entire care continuum (hundreds of use cases) anywhere from prevention all the way to catastrophic care and acute care.

When you look at the future, we have a number of ways to grow.

First, many of our clients are not nearly as penetrated as they can be. For example, our payer clients only gave us as a covered benefit to 80 million Americans, but they, themselves, cover 150 million; so, there is a lot of room to grow within our install base just by sheer size.

In addition to that, we can offer them more modules and programs as we continue.

And then, the success of our clients is not lost on new customers and we're seeing new ones joining us every day.

We partner with more and more innovators that are able to offer us new technologies that make our offering even more unique, more comprehensive, and allow us to reach many more territories and audiences that we didn't reach before.

In Amwell, we already acquired two companies -- Avizia and Aligned Telehealth. We plan to continue our efforts to add more technologies and more reach as we grow to offer an act that is going to be hard to follow in the way of comprehensiveness.

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A lot of the value that we've created is relevant not only in the United States, but truly universally, and this year we're going to significantly enhance our penetration into worldwide markets beyond the United States.

Our partnership with Google Cloud is an important case in point. It has many facets, but three come to mind as really important.

Number one, Google has a long list of technologies that could greatly enhance and improve what we are doing today. It's not only Search or Map. It's also innovation in AI, in machine learning, in analytics, and many more devices, programs, and technologies that could truly add much value to our ecosystem.

In addition to that, Google is obviously a global company that reaches every place on Earth, and we are planning to use their huge sales force and local presence in order to reach many more people around the globe. With Google, we're planning to invest together in order to begin to greatly expand what digital connectivity has to offer.

COVID obviously changed many things. It's a horrific disease and it was surprising to everybody. The beginning wasn't easy. When we started, we saw a tsunami, a tidal wave of demand for our technology and services. We had to ramp up our technology very quickly and we were faced with enormous, unprecedented demand for the services that we and our providers are offering. So we went from 5,500 visits a day in February of this year to 40,000-50,000 visits a day in March and April of this year.

The beginning was very tough. As we ramped up our services and technology, we went from a 10- minute wait time all the way to a 75-minute wait time. Our consumer rating went from 4.75 to 4.51, the lowest we ever had. And then, we leveraged the fact that we [were] already installed and connected in 2,000 hospitals. We were able to ensure that while we ramped up our technology our clients ramped up significantly more supply to the huge, unprecedented demand. In April, we were able to report that the wait time went down to three or four minutes. Our consumer ratings were a historic high of 4.8 while doing the highest volume we ever had.

The story of Amwell is not a story of technology or even healthcare. It's very much a story about people. What you see in front of you are the three pillars of our culture.

During COVID, "customer first" became "community first," and one team did not only mean the people in Amwell. It also meant many of our customers and partners. We worked together around the clock, through very tough conditions, in order to make sure that people who were locked in their homes could get the care that they needed and together we were able to deliver awesome.

And now I'm happy to introduce Keith to show you that this is not only a very important mission. It's also a very lucrative growth opportunity -- Amwell financial and operational metrics. Keith?

Keith Anderson, Chief Financial Officer

Thank you, Ido, and good morning. I would first like to go through a couple of high-level aspects of our model before we dive deep to give you a perspective as we go through the various components. The overarching theme -- and one of the biggest differences between our business model and other business models out there -- is that our platform captures the full virtual care telemedicine opportunity.

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The primary reason of that is we are a platform. We are a technology platform. Our revenue streams are both diversified and balanced. A significant component is the technology subscription. The other component is deeper service visits.

Last year our visits made up 30% of our total revenue. This year for the first half they're about 50%. Given this dramatic unmet need that was created by the COVID crisis, health systems and health plans in a greater capacity needed our doctors, as the plan and hospital system's doctors didn't have the technology or wherewithal to deliver their care virtually to their set of patients. It's balanced. As I just said, our two primary target customer groups (the health plans and the health systems), our revenue is balanced between both of those groups.

A robust growth rate. Last year we grew 30%. Period over period, this year we're growing greater than 70%. One of the primary reasons of that is, like I said earlier, the diversified and balanced components of our revenue stream.

Operating leverage. This is a significant focus of the management team. We just hired a new CTO that is laser focused on different aspects of our costs -- mainly hosting. The biggest component of costs are provider costs, [so] there was a conscious decision to focus on specialist care. That costs more money and there are significant economies of scale opportunity, there, as we expand the volume of these specialists.

Lastly, the technology platform lends incredibly to simply adding on more modules and more programs. Expanding the geographic footprint and integration will be aggressive given that everybody operates off of the same platform.

In terms of growth, we've had a strong track record of growth. As I said, last year we grew 31% period over period. This year -- the first half of last year, first half of this year -- we grew north of 70%. The primary reason for that is we have a large, recurring revenue base. At the first half of this year it's around 90%. It's 89%. That's coming from 40% subscription revenue and about 50% coming from visit revenue. That will expand as we add more logos. As we expand members with our 55 health plan customers. But one of the most impressive aspects -- one that is a KPI of the company -- is active providers on the platform, because that shows us the number of providers that have been [embracing] telemedicine and delivery of care virtually to their patients.

And this shows in the visit numbers. Last year, we did one million visits for the entire 12 months. For the first six months of this year, we did close to three million; so, in six months we did 3X what we did all of last year and we see that trajectory continuing.

Now, it's important to understand the flywheel within our business to go deeper on how we contract, because how we contract really favors the expansion and the technology subscription fees and it's important to understand how we contract with our health plan and our health system customers. So everybody [00:24:48] system subscribes to the enterprise platform, so the plan is based on a per- member, per-month. As they add on more programs to deliver care virtually to their members, that increases the per-member, per-month fee. Visits, right now, are predominantly fee for service. We see, over time, that changing to more subscription as the health plans utilize their doctors on an increasing basis to deliver care to their members.

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As we showed in the S-1, over the past three years we've monitored our customers on the health plan side as the expansion of the programs that they subscribed to. In year one, they all subscribed to one or two programs. By year three, 90% have more than two and about half have three or more.

In terms of the health systems, the same thing. Everybody subscribes to the technology platform via subscription, but as Ido said in his part of the presentation, the focus on the business, the vision of Ido and Roy, is to facilitate, enable, and give doctors the tools to deliver care virtually to their patients. So we can't go in and just have it be on a per-member, per-month basis. That doesn't make sense. We also don't want to compete against the doctors. We want to align our incentives.

So when we initially go into a health system, we look at the number of affiliated doctors, we look at the net patient revenue, and we look at the total number of beds for the entire health system. That gives us an indication of what the total potential is for consultations being delivered on our platform by their doctors. So we set the technology subscription based on those different metrics.

As they add modules, modules bring in more affiliated doctors and bring in different clinical workloads. That increases the overall subscription. As the health system doctors perform more consultations on the platform (the platform is like a cell phone plan) they set the number of consultations that their doctors can perform on the platform. Once they pierce the upper threshold, during the next measurement period it goes to a different level. Given the number of minutes, that's analogous to the number of consultations that that health system can perform.

And then in terms of backup care, as I said earlier, we made a conscious decision to focus on specialists, so in terms of telepsychiatry, we acquired Aligned Telehealth last year. Phone psychiatry is one of the biggest specialist components that we provide to health systems. There's dramatic unmet need, there. That is charged on a fee-for-service basis.

Similar to the health plans, as we represented in the S-1, we also have a graphic that shows the expansion of health systems using their modules. In year one, about half have one or two, but by year three, similar to the health plans, about 90% have two or more and roughly half have three or more modules.

Let's go a level deeper, because this is where you now have a base understanding of our contract and how the flywheel works. On the health plans, they subscribe to the overall platform with a technology subscription based on a per-member, per-month. As the membership expands, that revenue will increase because simply by math the increase of the number of members. Last year we absorbed the engagement utilization division of Anthem called LiveHealth Online. That has been a fantastic strategic move because Anthem being a Blue, it's allowed us to greater penetrate the other Blue customers that we have using the similar engagement utilization programs for Anthem members to the other Blue customers that we have. We've had great success with that.

And then the addition of programs. The flywheel, there, is as engagement utilization increases and as the programs increase, the membership expands and then many of the plans are increasingly using our care points. Anthem is a great example. They have care points in many of the airports in Indiana as well as for those employer customers. We have 36,000 employer customers. They are putting care points into different employer settings. Rather than having a clinic, they'll have a care point, feeding in our doctors or that plan's affiliated doctors. So you can see the flywheel there. All those different components increase the overall technology subscription.

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Similar to the health plans. Again, the health plan initial contract is set on number of affiliated doctors, number of beds, and net patient revenue. They try to assess the total potential of consultations performed on our platform by that health system's affiliated doctors. Now, as the health system adds care points, it is going to allow more of their doctors to deliver care. I don't know where you are located, but as you read in the paper, in major metropolitan areas, at the peak of the crisis, many of the hospital systems were adding or setting up remote emergency rooms so that there could be a physical barrier to their doctors, as well as just greater care to a greater number of people. They were putting our care points into satellite emergency rooms and then either beaming their doctors in or beaming our doctors in. That is increasing the consultation count.

Now, to use that part you need a module. To deliver telepsychiatry, you need a module. To deliver embedded within different EMRs you need a module. To bring in different clinical workflows (those specific doctors), you need an additional module. That increases the overall subscription fee for the health systems.

So in terms of the TAM -- and this is really important -- the $35 billion is the total addressable market of our current product and of our current geographic footprint. What we plan to do in the year at our first Investor Day is to show you all the additional programs and modules that we will have rolled out since this IPO and show what that does in terms of increasing our TAM, as well as different therapeutic areas, as well as different geographies. Every Investor Day, we will increase our TAM based on the organic and inorganic strategies that have happened over the past year and show you how our addressable market has increased. So again, the $35 billion is just the product module -- the geographic footprint program that we currently have on the platform.

The next page is critical because the vision of Ido and Roy 15 years ago was fully realized during the crisis and further differentiates Amwell from the rest of the virtual care telemedicine providers. I want to go really deep on this case because this really embodies one of the biggest differences both of our company and then really what our ultimate goal is in terms of our strategy within virtual care.

On the upper left, those are the total visits performed on our platform by month. On the lower right, active providers, a very important KPI for our company because it shows the number of doctors/providers in the United States that have our tools and are delivering care on our platform regardless of whether it's our doctors or not our doctors.

For example, on the upper left, in June of 2019 78,000 consultations were performed on our platform. At the peak of the crisis in April, 912,000 visits were performed on our platform just in that one month.

Active providers. So going back to June of 2019, we had 6,000 active providers on the platform delivering care. One-third of those were our doctors and two-thirds were the health system or the health plan doctors. Go up to April of 2020 and [there were] 47,000 active providers on our platform delivering care.

Now, this is really important. In June of 2019, of those 78,000 consultations 75% of those consultations were performed by our 2,000 doctors. Roll forward to April 2020 and [there were ] 900,000 consultations. Seventy-five percent of those 900,000 [consultations] were performed not by our doctors, but by our customers' providers (the health system affiliated doctors, the health plan owned or affiliated doctors).

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So the vision of Ido and Roy to enable, to provide the technology, to provide the platform for your doctor to deliver care to your patient or you was realized during the crisis. What we were modeling for utilization (an embracement of virtual care in telemedicine over the next three years) was accelerated to today. When you look at our R&D costs, when you look at our opex, that will come out there, as well. So the vision of the platform -- the strategy of the platform -- was realized with the massive explosion of specific doctors delivering care to their specific patients using our technology.

As I said, I want to go into our gross margins and our operating expenses. If you look at our gross margins; again, this is a significant focus of the company. Last year, before we bought Aligned, we would have been in the 50's%. Aligned is focused on fee for service. It's a telepsychiatry platform. Visit margins, overall, are less than technology margins. That, coupled with the conscious decision to focus more on specialist backup, there, brought our margins down to 48%. In the first half of this year they're 37%, but as you saw the explosion of business in the first half, then, for the remainder of the year, our margins are overshadowed by the visit margins versus our technology margins. As you saw on the S-1, in adjusted EBITDA there is a line there for COVID-related expenses. The far majority, greater than 90% of those expenses, are COGS, so if you add those back to the cost of goods sold, we get back into the 40's%. So there were a lot of costs that were anomalies that are one-off, nonrecurring that are captured in that one line of adjusted EBITDA.

If you go over into operating expenses, as we said, utilization trends that we are using to map out the rollout of different products was accelerated through today, so utilization has gone through the roof. Everybody was delivering care virtually to their patients during the crisis. We believe that's going to set. So if you look at R&D, you will see heightened R&D levels for the remainder of this year and that is going to stay until the products that we were looking to roll out have been rolled out.

In terms of sales and marketing, embedded in there is the health plan program account management. The programs take a lot of work in terms of mapping out those members that would fit the criteria for those said programs and then working with R&D to map out the rollout based on those plans that have unmet needs based on their member population.

The increase in G&A is simply getting ready to go public, as well as here were a number of back grants that were granted in the first half of this year.

Going forward, we expect all of these to normalize to similar levels as our comps, but this year, in the year of going public coupled with the COVID crisis; some of these became increased.

So in terms of our long-term growth and operating model targets, as I said earlier our revenue gross targets are in the mid 20's%. Those are based on the current product, geographic footprint, and strategies that we have in place today. In terms of gross margins, we'll be greater than 50%. Last year, before we bought Aligned, we were in the 50's%. We expect to get back to there with more normalized levels of business. We're very excited about the Google Cloud partnership, the hiring of our CTO, and then just simply the economies of scale within our business, especially on the specialist side. Our adjusted EBITDA targets are going to be in the 20's%.

We have many levers to pull to drive long-term growth. The first one is to land new logos. That will happen more with the health systems. The health systems have massive opportunities to just expand for the remaining portion that are not currently our customers. If you go over to the expand, the expand

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IPO Candy Presentation Transcript really is happening with the health plans. The strategy, there, is expand and expand. Expand within the member base. Expand the subscription fee. Buy new programs. Similarly with the health systems, expand with additional modules. Care points. Going back to that flywheel will increase the subscriptions.

And then simply how to use modules and programs. When I joined the company two years ago, [in order] to try to establish what our inorganic strategy was going to be, as well as discovering and confirming our organic strategy, I met with our largest health plan and health system customers to understand what the most significant unmet need was and that gave us our M&A road map. Rising to the top was telepsychiatry. We already had our road map set for additional inorganic as well as confirming organic strategies. Given COVID, our customers want immediately certain functionality, certain programs, certain modules on the platform as their members, as their physicians, as their patients have shown that they are ready to embrace more and increasing aspects of having their care delivered virtually.

There's a number of adjacencies that we plan on going into. We have done a lot of work in pharma. As you saw with some of the strategic partnerships last year, clinical trials are just ripe to be delivered virtually. Given our platform, this is a significant opportunity. Remote patient monitoring is one that gets us very excited. If you read the press release on the Google Cloud partnership, this is one of the reasons why we chose them to be our partner in that area.

And then lastly, we do plan to expand internationally aggressively, and our platform is going to really help us as we pull the lever on inorganic strategies to be able to integrate those new partners quickly.

I'll leave you with certain summary investment highlights.

Our platform is very different. Just by the definition it's a platform, but it allows the plans, the health systems, and their affiliated doctors to deliver care to their patients, their members regardless of the setting. There are general urgent care, of course. That's been proven. That is a fantastic low-hanging fruit opportunity for virtual care telemedicine. But the crisis really highlighted extreme examples in opportunity of delivering care virtually in a high-security setting. People are still getting cancer. People are still having heart attacks. People are still having babies.

The pre-work and especially the post discharge follow-up; having that care delivered virtually steps those patients out of a medical facility where COVID was during the crisis (and probably is today) as well as people just getting the care. People have embraced and realized how easy it is to get care virtually after their discharge. We're seeing higher levels of people getting their actual follow-up care post discharge. That is a healthier patient.

TAM -- we discussed TAM. A multiple growth lever. That's one that gets us very excited because there's many levers that we can continue to pull to drive our growth.

An attractive financial model. As I said, it's both diverse and balanced. From a revenue perspective, it favors subscription technology fees supported by fee-for-service visits.

And then accomplished leadership. This is Ido and Roy's fourth company. They're both medical doctors, but they felt that they could make a greater impact on humanity through technology than simply opening up a practice. They proved that for their first three companies. This is their largest vision. They

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IPO Candy Presentation Transcript started the company 15 years ago. They focused on the areas that initially were harder. Delivering care via video is harder. It costs more, but it was proven during the crisis that it allows you to deliver care in the higher-acuity setting than simply just on a phone. This is their fourth rodeo. They're very successful entrepreneurs with the vision being fully realized during the crisis. They really hit that point home.

We look forward to talking with you on the roadshow and following up. Thank you.

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