David Coman: Well, we will provide more detailed guidance when we come to the next quarter’s earnings call, what we can tell you as we throughout the year, the RFP volume increased for us. We can tell you that between the third quarter and fourth quarter qualified pipeline increased for us over 33%. And so that foreshadow is a good future for us in terms of bookings growth, which ultimately will have an improvement in revenue as we increase throughout 2024. I don’t know if you have any more color to add on to that, Mike.
Mike Zaranek: No, I think that you said it well.
David Coman: Okay.
Christine Rains: Great. Thanks. And then I was hoping you can talk about relative bookings and cancellations by customer size and development phase in the quarter.
David Coman: I don’t know if we have any specifics that we can share on that. I do think that what we have shared is some of the COVID risk mitigation work that we had pointed out as an area of risk. As we said earlier, that was – it’s about $7 million of our studies at risk. Most of those are within large pharma. The remainder that we discussed is a cross section, I think across most – all different customer types in therapeutic areas.
Mike Zaranek: And as David said earlier in the prepared remarks, the level of projects on the watch list has decreased. He talked about going from $8 million on the COVID mitigation down to $7 million, and then the $25 million going down to about $17 million on the other stuff. So, we are continuing to monitor that. And as we discussed previously, a single study or two can have a material impact on the results.
David Coman: Yes, but it’s going in the right direction.
Mike Zaranek: Going in the right direction, for sure.
Christine Rains: Great. Thanks for taking our questions.
David Coman: Thank you.
Operator: Our next question comes from Frank Takkinen from Lake Street. Frank, please proceed.
Nelson Cox: Hey. Good morning. This is Nelson Cox on for Frank. Just quickly, a lot of my questions have been answered here. So, thank you, but I want to just ask broadly speaking, any pockets of particular strength or weakness that points out in relation to your customers as we move into 2024, anything that you can just point to and just that would be helpful.
David Coman: I would say I would take it back to our value proposition. We made a strategic shift about this time last year to focus on the Metasite. It’s a tech-enabled clinical trial site in order to be able to take advantage of a larger market, be super focused in terms of our ability to deliver. I think we are starting to see some traction on that. And frankly, it’s a bigger market. If you look at what’s being spent, U.S. sites alone, it’s about $9 billion versus DCT alone, which is about $3 billion. If you take into account Europe, that’s another – that’s $17 billion. So, I think we have left to a much larger market opportunity. And I think we are being recognized now as a site, which is ultimately the value proposition that we have put in place and is resonating with our sponsors.
We just became members of the Society for Clinical Research Sites, I think which is a testament to the direction that we have gone and the acceptance of this model as being something a bit different from a traditional clinical trial site, but can offer speed and access to patients that no other site can actually provide, which makes us a great complement to a traditional site network.
Nelson Cox: Got it. Thank you.
David Coman: Thanks a lot for the question, Nelson. Operator? I am going to assume that there is no further questions. And thank you everybody for your time.
Operator: This concludes our question-and-answer session. I would like to turn the floor back over to David for closing comments.
David Coman: Okay. I would just like to thank everybody for joining us today. Thanks for the questions today and appreciate another good quarter.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
