Cade Cruz: This is Cade Cruz on for Paul Choi. Our question is how are you thinking about potential shifts in strategy? And has the new board provided any comments or directional guidance on a new strategy? Thank you, so much.
Karim Mikhail: Thank you. So, first of all, I mean, the new board members, it’s still very fresh. I mean, the meeting was yesterday. Today is day one. We’re in very early stages of onboarding. But I mean, for the moment our strategy is very clear, right? Shareholder value creation is about expanding and launching and succeeding in Europe while maintaining the profitability in the US because that’s necessary for us to make it there. So, these are the key priorities for the moment. We have not had any shift in strategy, but as management, we have always been very open to reevaluate what’s happening in the market and what we need to do, because if you look at what happened in the market over the last two to three years, things have developed and evolved significantly.
So, we stay very open to the market, to the situation and to adapt our plans and our strategies accordingly. But for the moment, I believe, we have a clear path to the future and moving ahead. Thank you. Thank you again for the question.
Operator: Your next question for today is coming from Naresh Chouhan at Intron Health.
Lisa DeFrancesco: We can’t hear a question.
Operator: Just one moment. Naresh, your line is live.
Naresh Chouhan: Thank you. Can you hear me now?
Karim Mikhail: Yes.
Naresh Chouhan: Great. So, three questions, please. Firstly, on G&A. Can you help us understand what’s in here? So, 25% to 30% of sales. Trying to get a sense of what’s in there and where we should expect that to go overtime. And on COGS, they were quite a bit higher on our estimates, about 300 basis points higher than consensus expected in Q4. Is there some underlying cost inflation here or is this more one-off and how should we view this for the rest of the year? And then in the UK, the price agreed with NICE was a good strong price, but obviously each customer then requires a further discount. So, given you have done such a good job now in terms of getting access to the local level. Just trying to get a sense of whether or not those secondary discounts are material and we should be considering those? Or if you are pretty close to the pricing, set by NICE? Thank you.
Karim Mikhail: Thank you, Naresh, for the questions. I’ll let Tom handle the G&A sort of overview and the COGS. And I’m going to deal with sort of the price, net price and potential discounts and so on. Tom?
Tom Reilly: Sure. So, Naresh, thanks for the question. So, in general, in the G&A, what’s in that line item, it’s our corporate expenses to support the organization in there as well. We have legal based expenses. We have insurance charges are related to our overall programs from a program management, from a risk perspective. So that’s what’s in our G&A. And your question related to cost of goods and the increase on margins of approximately 0.3. It really comes down to a sales mix. So, it comes down to U.S. product sales versus mix of some of our product revenue that we have with some of our collaborative partners. So overall, I think the root of your question was, were there any inflation impact, and short answer to that is no, there was not an inflation impact.
And on the positive side, from the working capital perspective, we bring down quite a bit of inventory, giving overall supply negotiations that we have taken and continues to onboard with. Karim, would you like to answer the last question please?
