Peter Carlson: I think they very much want to understand what is going on. And the thing that’s important for people to understand about our device is, this is a closed loop AI. It is not an iterative AI so it does not have some of the risks and concerns you have with a different approach to AI, such as some of these chat bots or things like that. Said a different way, our artificial intelligence tool is running an algorithm against a closed database. And it is making an instantaneous assessment considering millions and millions of data points within that database. And that’s what the power of the algorithm is. So this is helping practitioners see what the human eye cannot see. But again, it’s within a closed, I call it closed loop.
I don’t think that’s the most technical term. But within a finite amount of data and there is not iterative learning where the device starts going different ways. There is iterative learning from adding additional data into the database, but it is still a closed environment. That being said, I do think, to your point, the regulators very much want to understand what is going on. And it’s even where there’s really an approval process needed per indication because they want to understand as we understand it now, they want to know what’s going on with each data set in each indication.
John Vandermosten: And I wanted to also ask about the — how sales will go forward. As I understand it, there are BARDA sales and then there are non-BARDA sales in the U.S. related to burn. Maybe you can explain that I just want to understand a little bit better. I assume that there’s probably certain hospitals that they would target first, and then you could expand out from there to other locations that might also be appropriate candidates for buying. Is that how it works? Or is there another methodology that you expect to apply when it’s approved and ready to be deployed and sold?
Peter Carlson: You’re generally on point, John, what I would say is it’s a partnership working together with them. Yes, this next phase, next option of the PBS contract has revenue that you would think of as a commercial sale because it would be for deployment of a device and for annual license fees. We will work together with BARDA on what centers and which emergency departments, the devices would go. So they will have a significant say in where we get that first wave and the sites for which they’re paying. But again, the goal is to get this — have this penetrate across the 5,000 emergency departments in the U.S. in a significant way. That’s what BARDA wants us to do, and we’ll be working with them even if it’s not through a direct funding situation, we would be working with them to strategize on the priority locations and to leverage their contacts in those locations.
And we sort of have a warm lead across the emergency department population is the way we think about it.
John Vandermosten: Okay. And would you sell all of the, there may be some capacity constraints. Would you sell all the incremental units to the BARDA contract targets first and then go to the other ones that aren’t included as part of the contract? Or would you kind of do them in parallel? I mean, there could be, I guess, capacity constraints that might limit you to do that. What is your sense on how that might play out?
Peter Carlson: We don’t see any capacity constraints relative to getting these devices out. We think we can work with our — well, we know we can work with our manufacturing partner to produce the devices needed to not only distribute to the locations anticipated within the BARDA contract, but to others, I do think it would be something relatively parallel. — whether there’s a lead time where we work exclusively within the BARDA deployment for a quarter or 2. But overall, I think it would be a parallel process.
John Vandermosten: Okay. And last 1 for me is on the IT subsidiary. I think you alluded a little bit to this in the call that there wouldn’t be any cash, I guess, exchanging hands. So will that entity, I guess, raise cash separately after it spun off or — or will they allocate any cash to you maybe in terms of debt or something like that? I just was wondering how the cash flow might work between the 2 entities when it spins off.
Peter Carlson: Yes. So we’re being — we don’t anticipate any cash flow between the 2 entities, it is looking to be self-funding, and it’s demonstrated that through $1 million funding from an affiliate of Erich’s, our large shareholder. And as part of the work he will do as CEO is he would also secure additional funding for the activities of that subsidiary. That would be separate and different sources than we would go to for capital for our organization. And no, we don’t see that there would be cash flow going between the two entities.
Operator: The next question is from Christopher Recouso from Partner Cap Group.
Christopher Recouso : Good afternoon, Peter and Vincent, I have a couple of, I think, brief questions. The first one, apart from the efforts that you’ve obviously made in the United States and U.K., can you comment on any efforts in other regions of the world? I know that you’ve done — you’ve spent a fair amount of time in the Middle East. If you could characterize how those efforts are going and any timing in terms of potential yield, so to speak, on those efforts? Also, I know that you’ve given guidance for full year 2024. Is it possible to look out beyond that? And if not citing nominal numbers at least what your aspiration is in terms of company growth rates over the next few years in terms of your revenues?
Peter Carlson: Chris, we’re good to talk. Thanks for the questions. You’ve got a couple of different ones in there. First, as far as geographies, we are focused on the U.S. and the U.K. primarily here. That being said, we do have interactions going on in the Gulf Council countries. I don’t know that I’d characterize it a significant amount of time, but we have interacted with parties there. We have attended some conferences and we do think that’s a situation where there’s an opportunity to get some devices in the field and begin some testing and understand what the market opportunity might be. That environment, the Gulf council countries generally will look to a U.K. approval like this CA mark that we have for the regulatory.
