Good afternoon, ladies and gentlemen. I would like to welcome everyone to the Lantheus Holdings Second Quarter 2015 Earnings Conference Call. This is your operator for today’s call. Please note that all lines have been placed on mute to prevent any background noise. This call is being recorded for replay purposes. A replay of this call will be available approximately three hours after conclusion of the live call through August 18th. I would now like to turn the call over to your host today, Murphy. Please go ahead.

Thank you and good afternoon, everyone. Welcome to Lantheus Holding’s second quarter 2015 earnings conference call. We appreciate you joining us. I’m Meara Murphy, Director of Investor Relations and Corporate Communications for Lantheus. With me on the call today are Jeff Bailey, President and Chief Executive Officer and John Bakewell, Chief Financial Officer. Please note that earlier this afternoon, we issued a Press Release reporting second quarter 2015 results. We are also filing with the SEC our Form 10-Q for the quarter ended June 30, 2015. You can find both of these documents in the Investor Relations section of Lantheus’ website at lantheus.com. The agenda for this call will include an opening summary from Jeff, a review of our financial results from John, then followed by a business update from Jeff, before moving into our question-and-answer session. Before we begin, I would like to remind you that remarks during this call may include some forward looking statements, including statements about our outlook for 2015 and other predictions or estimates regarding the future of our business. Matters addressed in these statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectation. The forward-looking statements made in today’s call, speak only as of this original date and except to the extent required by law, we do not undertake any obligation to update any forward-looking statements. We caution you against placing undue reliance on any forward-looking statements. Additional information regarding forward-looking statements appears in the Safe Harbor section of today’s press release. Information about our specific risk and uncertainties is contained in our SEC filings including our prospectus dated June 24, 2015 and filed with the SEC on June 26, 2015 and in our quarterly report on Form 10-Q, which we are filing today with the SEC. Copies may be obtained at sec.gov and on our website at lantheus.com On today’s call, we will also discuss certain non-GAAP financial measures with respect to our performance. We use these non-GAAP indicators for financial and operational decision-making and as a means to evaluate our performance. The definitions of EBITDA, adjusted EBITDA, operating income as adjusted and net income as adjusted along with other reconciliations to GAAP metrics are set forth in our earnings release, which was filed today on Form 8-K. Copies may be obtained at sec.gov and on the Company’s website at lantheus.com. Please note that unless indicated otherwise, all of our commentary on today’s call will make reference to as adjusted results. With that introduction, it is now my pleasure to turn the call over to our CEO, Jeff Bailey. Jeff?

Thank you, Meara and welcome to everyone joining us today on our second quarter 2015 earnings call which is our first time reporting financial results since our initial public offering on June 25, 2015. As Meara noted, I’ll begin our discussion today with some opening commentary. As today’s press release reflects, during the second quarter we continued to make excellent progress, driving our business toward greater efficiency and profitability, both operationally as well as with the execution of our IPO and the concurrent refinancing of our outstanding senior notes. Our second quarter 2015 performance reflects the continued strong performance of DEFINITY which grew 21% annually and posted its 12th consecutive quarter of sequential growth. It also reflects the progress we’ve made toward achieving better customer balance within our nuclear medicine portfolio. The net result, the reduced levels of total revenue for that aspect of our business but significantly improved profit margins. Second quarter 2015 revenue totaled $73.3 million representing a decrease of 3% as reported and 1% on a constant currency basis year-over-year. While the anticipated lower sales volumes and higher average selling prices driven by a customer specific change earlier this year reduced our overall levels of revenue. We expanded our adjusted EBITDA margin 300 basis points, driving our adjusted EBITDA margin to 24.5% of revenue in the second quarter. Our second quarter 2015 adjusted EBITDA totaled $18 million, increasing by 10% from $16.3 million in the same quarter last year. Altogether, we’re quite pleased with our second quarter performance and the progress we’re making with our key initiatives. At the same time, we ended the second quarter with completion of our initial public offering and the refinancing of our debt. These are significant milestones and a further advancement of our business. We’re excited to have brought our investment opportunity to the public equity market, at the same time meaningfully reducing our overall levels of leverage and our go-forward borrowing cost. On behalf of the Board and the executive team, I’d like to take a moment to thank the 500 plus employees of Lantheus who’ve made our success to date possible through their continuous focus on quality, efficiency and customer service. At this time, I’ll hand the call over to John for a detailed review of our second quarter financial results after which I’ll be back to take you through the rest of the agenda. So, with that, John, it’s all yours.

Thanks Jeff. Good afternoon, everyone. As we get started, let me reiterate than unless otherwise noted, all of today’s discussions regarding our sales growth rates refer to our constant currency growth rates and our results of operations refer to our as adjusted results as referenced by Meara during the introduction to our call. The tables to today’s press release, as previously noted include the reconciliations of our GAAP results to the as adjusted performance I’ll be covering with you today. Of particular note, those tables include reconciliations of our GAAP, net income to adjusted EBITDA, which is a metric we consider to be particularly relevant at this time and which will be referencing in our guidance outlooks going forward. Let me also mention before we begin that you may find today’s financial commentary to be more detailed than that of a typical quarterly earnings call, considering this is our first call with public equity investors, we want to be sure we’re providing adequate direction and insight to those of you modelling our outlook. So, today I’ll be favouring an approach that provides a little more detail in certain areas than what will be the norm going forward. As Jeff noted, second quarter 2015 revenue totaled $73.3 million, decreasing by 1% on a constant currency basis. Looking at our revenue results on a product line basis DEFINITY continued its strong performance with revenue growth totalling 21% year-over-year. DEFINITY has now grown to represent 39% of our worldwide revenue mix, increasing from 31% of our mix in the second quarter of 2014. Our second quarter results for the balance of our product portfolio reflect the anticipated outcome of customer specific changes that were initiated at the beginning of the year with Q2 reflecting a full quarter’s effect of the associated lower volumes…

Thank you, John. I’ll start my business update today with a focus on our lead product, DEFINITY. As noted previously, DEFINITY continued to perform strongly during our second quarter growing by 21% annually, and posting its 12th consecutive quarter sequential growth. As the overall echo market represents a large underpenetrated addressable market with literature suggesting at approximately $6 million or 20% of all echos are deemed suboptimal. Our strategy remains focused on driving the overall appropriate use of contrast imaging in echocardiography by heightening awareness of the clinical value of contrast and how the appropriate use of DEFINITY can improve the diagnostic quality, the suboptimal echos. To gauge the quarterly growth of the use of contrast, we track contrast penetration rate, which is the percentage of all U.S. echocardiography studies performed with an imaging agent of any kind, with a dedicated sales team, 100% focused on driving the appropriate use of contrast echocardiography as well as medical societies and key opinion leaders providing a growing voice that contrast penetration rate has continued to increase as more physicians and sonographers recognize the value of contrast. I am pleased to share that we exited the second quarter with a three-month average, U.S. contrast penetration rate of 4.5% marking 10 quarters of continued contrast penetration growth. On the nuclear side, on June 19, 2015 we announced a new commercial supply agreement with Triad Isotopes in which we supply Triad with Xenon, Neurolite and Cardiolite products and beginning of 2016 TechneLite generators. The agreement runs through December 31, 2017. It specifies pricing levels and certain minimum purchase requirements. While Triad had previously purchase purchased certain products from us, we are very pleased to have a long-term supply and more expansive agreement in place with this valued customer. As I shared during last quarter’s call,…

[Operator Instructions] Our first question comes from the line of Matt Keller of Credit Suisse. Your line is now open.

Hey guys. Thanks for taking the question and congrats on the quarter. Just on the margin guidance for the year, 2Q EBITDA margins were higher than we were looking for and it looks like your full year guidance implies a second half range, 22% to 24%, a little bit below what was on the second quarter. So I guess, any drivers of that and why you think margins might be a bit lower in the second half?

Hi Matt, this is John. We did indeed come in a little bit better than we may have expected to here originally in the second quarter. The main reason for that is the sales and marketing expense and advertising and promotional programs that we had anticipated would fall in Q2 that now appear to be timed for later in the year and what we’re expecting at this point, it’ll be in Q4. So, that’s going to dampen a little bit the back part of the year. In addition to that, I mentioned in our commentary that when you take a look at the revenue profile for Q2 within the nuclear medicine product, you can pretty much extend that forward for Q3 and Q4 and get a pretty good picture of how that’s going to roll through the rest of the year. There’s one small exception to that and that would be in the other product line. We do expect to see a little bit more decline in Neurolite. When we look at our Q2 run rate, we would expect that, when we get into Q3 that we’ll see our Neurolite run rate decline by about another $400,000 per quarter, and that should hold through the remainder of the year and into next year. So, the combination of those two items are what dampened just a bit, the second half of the year, but our guidance would still indicate that we’re very much on track for a full year performance that’s consistent with where we had expected to be.

Great. Thanks for taking the question.

Thank you, and our next question comes from the line of Raj Denhoy of Jefferies. Your line is now open.

Hi. Thanks for taking the question. Wondering if I could start with DEFINITY, you made a couple of comments around your views at a competitor coming into the market as the year progresses and I’m curious if you have any updated thoughts on how impactful that new competitor might be, what you’d consider in terms of what might be the pricing as well as share in the market.

Raj, it’s Jeff. How are you?

Good, good. Thanks.

So, we take a look at –it’s been pretty quiet out there with this –the new competitor [indiscernible] you take a look at not too much really to record a period in a market place. They were approved back in October 2014 and we’ve seen during the time period since the approval that DEFINITY can continue very strongly, right through the second quarter. As far as –let me step back and take a look at the overall market. It’s a pretty unique situation where times we’re having a competitor out there, creating more noise in this marketplace to continue to grow this market to be viewed very much as a positive, but right now, we just haven’t heard much about them in the marketplace and also impacting the marketplace, hasn’t been there as of yet. I’m going to go ahead and –the price question, I’ll let John go ahead and on that portion of it, but, Raj, as far as just overall, there’s nothing too much to look forward on a new entry.

Yeah Raj, this is John. Let me just start –by kind of quantifying our expectations for Q2 was consistent with expectations and we think we’re tracking really well with how were expecting the full year to play out. We’ve been assuming all along that at some point, we would see some competition from a new market entrant that when that competition arrived, for the sake of the conservatism we’ve assumed, we’ve acknowledged that, that will bring with it some pressure as it relates to market share and that ASPs might also see some pressure. So, in the fourth quarter, we would continue to assume that we would see through your four points of share decline, if indeed this new entrant does establish a competitive threshold and at the same time we are annualizing right now, some year-over-year declines in ASP for DEFINITY. Those are largely the result of programs that ran –competitive programs that ran a year ago that we’re still annualizing, but Q2 we saw on 29% volume growth roughly an 8% volume decline. We’d expect to see that again next quarter as we continue to annualize. Then that’ll lighten up a little bit. We still think something in the low to mid-single digits in terms of overall ASP pressure might come along with some competitive pressure from a new entrant.

Okay. So, just so I’m clear. The pricing environment generally that was you anniversarying these –roughly 8% price cuts last year, you’ll anniversary them in the second half and after that, you would expect a more normalized kind of low single-digit decline?

Yeah, that’s correct.

Okay. Two others questions if I could, in terms of the nuclear contracting situation with the Cardinal loss and the Triad gain, is there any way you can sort of net those two things out for us? If you think about ‘16, when you come back –when the Triad contract kicks in a bit more, how should we think about those two things playing out?

Yeah. So, Raj. We’ll not get into ‘16 guidance today. I can tell you that we’ll have a meaningful increase in our TechneLite revenue in 2016 as that business comes into play. 2015 is really all about a transition right. We’re transitioning the product mix, the customer mix is all transitioning and off of ‘15, we’re –our anticipation is we’re on to our investment thesis at that point of overall mid-single digit top line growth driven by DEFINITY and other growth within our nuclear medicine portfolio and some better than that return on the bottom line. We’d expect to see a good contribution from Triad on the TechneLite line of our revenue line, 2016. In 2015, we did give up a little bit economically with the addition of Triad, but it’s not significant or noteworthy enough to call out, and so consequently there’s no offset to the Cardinal decline in 2015.

Okay. That’s fair, and just one last one if I could. You know, in terms of the deleveraging that’s taking place, you mentioned 4.7 times at this point. As you think about the coming years and the cash generation of the Company, do you have a target for where you want to take that leverage ratio and over what period of time and also, when you think about uses of cash for the Company, how do you prioritize putting cash into deleveraging or debt pay down versus other uses of it?

Well, and we’ve said this before. Any of you who are familiar with us from the roadshow have heard us say that deleveraging is clearly our priority. At the same time, we’re going to be mindful of opportunities that might be out there from a business development point of view, but first and foremost, unless there’s a compelling reason to do otherwise, we would look to delever our balance sheet. I mean, we aim to see leverage get below 4 times as fast as we can get there, whether that’s with cash flow or perhaps with other means, we’ll be opportunistic including consideration of further capital market events even if conditions are attractive but we would like to see our leverage continue to decline and you can count on us working hard to get below 4 in as little amount of time as we can possibly manage to do that.

So, is there a cash balance you look to maintain and above that you would aggressively pay down?

Yeah, as we get a little bit closer to year end, I think we’ll have some more color for you on that Raj. I think a minimum of $15 million and I think it’s going to be dictated to some extent, by what our strategic needs are, if we’ve got our gun-sight set on something that might use a little bit of cash but bring some return to the business. We’ll keep a little bit of cash on hand.

Okay. Great. Thanks for taking all the questions.

Thank you, and our next question comes from the line of Larry Johnson of Wells Fargo, your line is now open.

Hi. It’s [indiscernible] calling in for Larry, and thanks for taking my question. I have a couple on DEFINITY and then one on F-18. So, on DEFINITY, can you give us a market share either average for the quarter or end of the quarter?

This is John. On market share, I’ll be a little bit general here, but we’re quite consistent with what we saw entering the year and what we noted in Q1 which is a market share number that’s in the upper 70% range, and just by way of background this is not a metric that blends itself particularly well to a precise quarterly update. The data that we get on this reflects usage, not actual sales, there’s always a bit of a stocking variability on a three month number but, what we’ve seen in results for the second quarter would indicate, we certainly didn’t lose share, I mean, we grew sequentially $2.8 million from Q1 to Q2 and some of that was driven by improved contrast, so it looks like our market share did well during the quarter, continues to be in the upper 70s and as we move through the year and we kind of collect more than just a three month history, we’ll be updating that number a little bit more precisely.

Okay great and under next generation product, is there any color you can provide at this point or if you can give us some sense when might be the time –when might be like a good time that you would be providing a more clear update?

This is Jeff. As far as next generation, for those who are new to tracking our world, our current formulation of patent runs until 2021, the last U.S. patent. We’ve been working on the DEFINITY next generation formulation and we’re not at a point yet to really go into a lot of details other than just to clearly convey it to you that the development’s been taking place. We believe that this could extend the IP beyond 2030 and that, as we get –later this year, maybe into early next year, we’ll start to provide more detail regarding this important asset as we get closer to it.

Okay great. And then last one on DEFINITY. Is there any update you can provide in terms of your partnership with Double-Crane in China? What’s going on the regulatory or the clinical front?

Yeah, good question. As far as our clinical trial application, which is at the –the CTA is currently in the queue for review by the Chinese FDA, so Double-Crane’s been delivering on there and we’ve delivered on our end and so that’s the point we’re at and of course, we are pursuing two clinical indications, abdominal which of course are liver and kidney disease and also for echocardiography. We take a look at –bottom line, we just met with our Double-Crane partners at ASE, the American Society of Echocardiography meeting that took place recently in Boston and we’re tracking towards approval end of ‘17, maybe early 2018. This is really all dependent on the Chinese FDA review process. So, I’m pleased to report that the deliverables put through by Double-Crane and our self, have teed up. It’s really about this –the Chinese regulatory process at this point.

Okay, so you’re still waiting for the Chinese FDA to approve the application to start the study?

Correct. We’ve two small trials. As a matter of them opening up the file and seeing through it. It’s all teed up to them as we speak.

Okay, and then just last question on F-18, I understand you’re in active partnership discussions, but now that the deal’s done, any new thoughts on kind of going forward on this by yourself versus sharing with the partner especially since the opportunity path on your roadshow seems pretty attractive.

Yeah, we’re really excited about the progress on flurpiridaz where we see this could go. Our focus right now is very much on having these thorough conversations with the partners. We’re really viewing this as, right now, the process of being –putting together a [indiscernible] with different partners that have come to the table, some are interested in functional roles, such as development, commercialization, manufacturing and others are focussing on geography, which is really about the specific countries, and so, we really see that there’s the interest there and that’s where our primary focus is on the partnering effort and then see where this takes us, but we also feel like we need a fill in the hole picture within the mosaic to be able to take that next step as far as the phase III, the second phase III study, but is one where, we’ll keep you apprised of all the future developments with this, but we’re in an exciting time right now with this.

Okay, great. Thanks so much for the questions, you guys.

Thank you. Our next question comes from the line of Glenn Novarro of RBC Capital. Your line is now open.

Thanks and good afternoon guys. First question is regarding the Cardinal contract. I wonder if, Jeff you can elaborate a little bit more on one discussions that may be going on with Cardinal and the reason I’m asking is because, it seems like you’re managing just fine without this contract. So, I was just wondering, is this a contract that really needs to be renewed? Thanks.

Thanks Glenn. So, first of all, for those getting –that are newer to following us, following extended discussions throughout 2014, we entered 2015 without a written supply agreement with Cardinal. Our discussions have not yet resulted in a supply agreement and we are currently accepting and fulfilling product orders for Cardinal. These of course are at non-contracted prices. So, they’re higher prices. We continue to be interested in reaching a mutually acceptable agreement with Cardinal. Having said that, in the front half of 2015, we’ve seen a shift that has happened, and I think plays to your point, we’ve seen a shift in volumes amongst our pharmacy customers and reached agreements with new customers as we picked up on the Triad et cetera. This resulted in a more balanced customer mix for our business. So, diversification in a lot of ways is a real positive for us. So, that answers your question, but that’s where we are right now. We’d love to enter in an agreement and hopefully that some where does come into play, but we think we’re in a good place.

Yeah, and I would imagine this probably puts you in a better position if, Cardinal ever wants to enter into another agreement given the fact that you’ve got a more diversified business and maybe a little bit less reliant on Cardinal, but that’s just me speaking. Let me ask you on a DEFINITY in Europe. Is there any thought or timelines as to maybe when you’d want to DEFINITY in Europe?

A good way to think about that is going to be, by the end of this year, early next year, right now we have the in different areas of Europe, we have the JHS, the approval for this produced products, as far as over in Europe, so that’s a good thing. When it comes to our partner in Europe, we’re in active discussions as we speak. So, by the time we get together again next quarter, hopefully I’ll have more detail for you on that one, Glenn, okay?

Okay, and then just one last question. The push out of that marketing spend as it relates to DEFINITY, is that because in the –[indiscernible] appears more in the fourth quarter, therefore let’s put more of that spend into the fourth quarter? Is that what the thinking is behind the spend?

Yeah, that’s correct Glenn. We moved out due to just plain old lack of necessity here present day. So, we will time that spend with market activity and market presence if that doesn’t need development later in the year.

Okay great. Thanks for taking the questions.

[Operator Instructions] Our next question comes from the line of Jeff Johnson of Robert Baird. Your line is now open.

Thank you. Good afternoon guys, can you hear me okay?

Yes Jeff.

Great. So, Jeff, I guess, let me just ask you one last DEFINITY question here. Just for my understanding, how does typically a new product in the space roll out? Is that something where you need to go to the hospitals and get annualized contracts with them so the [indiscernible] product would be more of a 2016 or is that something where hospitals could start using it outside of any kind of annualized contracts at this point so we could see more of them mediate? I’m just trying to figure out if the timing of not seeing them now is as good a sign as it sounds, or if that’s just we would’ve expected kind of a few quarter delay anyway.

Yes, I mean, it varies very much on the situation of the individual hospital, GPO contracts, important in the space, but some institutions it’s the individual contract that could come into play. The individual institutions, they have protocol, they have formulary committee, and in that world to be able to work through –it’s going to vary. There’s some that would be a longer time line to get up and going, there’s some that could be relatively short. So, it’s, the answer Jeff really is that it varies but it’s back to the protocol.

All right, that’s helpful. Then just my only other question was really on Xenon. It seems like that was coming in a couple of million dollars hotter than we were looking for it seems like, and John if I take your comments on the percentage of revenue and carry those forward the rest of the year, they’re coming in maybe $5 million or even a little more above, then we were thinking as a full supplier of that, obviously the customer mix stuff shouldn’t be impacting much there. So, is it more on the pricing side there? Is the end market use for Xenon picking up maybe a little more than expected? How should we read kind of the upside we’re seeing in Xenon at this point?

Jeff, it really all gets back to the mix that is settling out following our customer status change at the end of the year and we –our expectations, were initially that we would hold on to more TechneLite business, possibly just a small amount of TechneLite business and then we would see perhaps more pressure on the Xenon line and we were pleasantly surprised on the Xenon line and we have in fact seen lower levels of TechneLite purchases. So, that’s reflected in Q2 and that’s now our –kind of our new expectation going through the rest of the year. In terms of margin contribution, it’s just about a net neutral. It’s really not enough to adjust either Q3 or Q4 from a margin perspective as a result of that trade.

Yeah, understood and it seemed like at some of the nuclear suppliers, maybe 6, 12 months ago, some costs were coming up and were rising and going to get pass through then from you and some others. What is Xenon pricing maybe ex-Cardinal or your other clients? Where has that pricing been trending here just recently?

Is that a cost of sales question or a --?

No, I’m sorry. More the pass through pricing –not the pass through pricing, but the customer price you are charging for Xenon to customers other than Cardinal.

Yeah, I’ll tell you. We’ll beg off on a customer specific answer to that. I think, you can think outside of Cardinal, it’s just a status quo, it’s a steady state.

Okay, very helpful. Thanks guys.

Thank you. Our next question comes from the line of Matt Keller of Credit Suisse, your line is now open.

Hey guys, thanks. Just two quick follow ups. First on flurpiridaz, can you remind or give us a sense of timing around when you expect to be able to announce something on the partnering front and just to confirm on interest rate, $7 million a quarter, so 8% is that about what we should be thinking going forward? Thanks.

So Matt, this is Jeff. I’ll take the first part of that. So, as far as timing with flurpiridaz partnering discussion, right now what I’d prefer to do is keep that a bit open. I was talking before about the mosaic. This is taking on a number of different forms and based on functional roles that some players are interested in and then geographical terms as well, so, it’s one where –I think by the time we get to the next call, we’ll probably be able to be a little bit more specific on how the timing is coming together, but right now, I’m not going to speculate on that just based on there’s a lot of activity at this point.

Matt, to your interest rate question, first just in terms of cash interest presuming that LIBOR stays beneath 1% floor, we would then be at a 7% cash interest rate, which is about $25.5 million per year and then of course, we’ve got the amortization of OID and deferred financing costs that come in there, so that our reported cash –sorry, our reported interest rate is exactly what you just noted. Roughly $28 million a year, just shy of 8% on a reported basis.

Okay perfect. Thanks for clarifying.

Thank you. Our next question comes from the line of Kevin Casey of Casey Capital.

Hey, can you talk about the competitive product and some of the advantages your product has with it and why they’ve been slow to come to market?

Hey Kevin, it’s Jeff, how are you?

Good.

So, when you take a look at –we can’t really speculate on why it’s slow to come to market or where they are [indiscernible] lot of information that’s flowing out there. When it comes to drug comparison versus our competitors, I really can’t go down that road, except to highlight the attributes of what DEFINITY is all about. What we see is are some clear advantages with more than 5.6 billion echos that we performed [indiscernible] and we really know that the customers have grown [indiscernible] trust DEFINITY and the images that are generated. We take a look at the expensive experience that comes with the play, so really understand the safety of DEFINITY. That really is a really important aspect for us in the marketplace. The consistent safety profile as the only [indiscernible]. I think also, it’s been engineered for performance with the small bubbles and we have a proprietary tool, which is a file mix, the proprietary device as far as when it comes to activating DEFINITY. We’re also the only agent that’s been studied in multiple care settings and across gender and race and also with outcomes data and that includes those that are over the age of 65, so the last thing I think is probably also important to management. We’re the only U.S. manufacturer of product. We think that’s an important aspect where we have a perspective on too. So, there’s obviously a lot of things that we like about DEFINITY. It’s performance is following, because of the attributes it has, and be really well established with customers, Kevin, it really does make a big difference.

Okay, and I think I might’ve missed this, the big jump up in G&A year-over-year, what’s the cause of that?

Kevin, you’re probably looking at the as reported results and inclusive and as reported results in the second quarter is $6.5 million paid for the termination of our sponsor management fee, exclusive of that, we’re actually on par year-over-year from a G&A standpoint.

Okay, so it’s one time. Got it.

Thank you. I’m showing no further questions at this time. I’d like to hand the call back over to Mr. Jeff Bailey for any closing remarks.

Thank you and I want to thank everyone for joining today’s call. As you can probably tell, we’re very enthusiastic about our progress that you’re seeing during the first half of 2015 and we will remain focused on execution throughout the remainder of the year. I very much look forward to updating you on our continued progress on the third quarter earnings call and really appreciate your interest and your support. Thanks everybody.

Thank you ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.