In this episode of Industry Focus: Wildcard, Jason Moser chats with Motley Fool analyst Brian Feroldi about three promising healthcare stocks that he personally bought. Discover their innovative products, which facilitate easy and quick diagnosis of peripheral artery disease -- plus, a "medical device" to treat cancer, as well as noninvasive pain management. Learn about their business strategy, financials, competitive edge, growth potential, and much more.
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This video was recorded on July 22, 2020.
Jason Moser: It's Wednesday, July 22. I'm your host Jason Moser. Today it's a Wildcard Wednesday. Of course, this week we're chatting with Fool analyst Brian Feroldi a bit about a few healthcare stocks that he recently actually added to his portfolio. This is his real money; he's got some skin in the game here. And listen, this guy knows healthcare, so when he's putting his money behind it, you got to at least listen.
Brian, good to see you, how is everything going?
Brian Feroldi: Jason, going awesome. And I love that this Wednesday is a Healthcare Wednesday. I miss the regular weekly Healthcare episodes, so good to bring it back.
Moser: Yeah. And I feel like the more and more we've done this Wildcard Wednesday, I've enjoyed it for a lot of reasons, every once in a while, you get some freedom to go one way or the other. But I do agree with you, healthcare is such a big market opportunity, it reaches so many different directions, to not have a weekly show on it is probably close to a sin. So, we're going to at least try to make sure, if it's not every week, we're going to do these Wildcard Wednesdays as often as we can on healthcare, because we know our listeners out there like hearing about it. And so today -- go ahead.
Feroldi: I was going to say, as they should. There are so many attractive aspects to the healthcare industry, it's recession resistant, it's got growth tailwinds behind it, there's barriers to entry, the margins are good. There's a lot to like about investing in the healthcare sector.
Moser: You're right. And today we're going to talk about three healthcare companies that you have purchased yourself. So, let's just dive right in here, because I like this, this is a neat eclectic bunch here. And stock No. 1, you've got Semler Scientific (OTC:SMLR). Now, this is an over-the-counter stock, so it's not something you would find on the New York Stock Exchange or Nasdaq, that doesn't mean anything necessarily good or bad, but just, if you're trying to look for the ticker, folks, that SMLR, it is over-the-counter.
Brian, talk a little bit about Semler Scientific and what drew you to it?
Feroldi: Yeah, sure. This is a company that I actually found about on Twitter. So, shoutout to Twitter for coming up with great ideas. Actually, two of the stocks that I bought, I first learned about on Twitter. But Semler is a $335 million market cap company. So, kind of small. It's one I've talked about on the show before, but what I love about this company is they make diagnostic products for people who are at risk of heart attack or stroke. So, their product is specifically geared toward people who have peripheral artery disease, which is when the arteries gradually become blocked due to the progressive buildup of fat.
Now, that market, there are millions of Americans, tens of millions of Americans, who have peripheral artery disease, however, only about 25% of them know it. Seventy-five percent of people with peripheral artery disease, literally do not know that they have it. And a big reason why is, there's no fast, easy way to diagnose peripheral artery disease.
So, that's a problem that Semler has tackled head-on. They launched an innovative product called QuantaFlo, which is a little clip that's, kind of, looking like an oxygen sensor. And during your normal physician annual screening, they put this little clip on your finger, both of your fingers, both of your hands, and both of your feet, and it measures blood flow to each of your extremities, and within five minutes of putting this little clip on, a report is produced that shows you how blood is flowing to your arms and legs. And right from there, a doctor gets a visual back saying, hey, three of these limbs are fine, but one of them, blood flow is restricted, which is a major indication that there could be peripheral artery disease going on. And it allows the physician to take action, either surgery or with drugs, to take that patient and significantly lower their chances of having a heart attack or stroke down the road.
So, that's the business here. These guys are the only ones that are doing what they're doing. But what really attracted me to this company, Jason, is that they're not playing this technology on the hardware side, it's a software play. They sell access to the reports, so that makes the company's financials far better than if it was just a hardware company.
Moser: Yeah. Well, I mean, and you know, when you are focused maybe on the software side of it, probably they are able to maybe protect, what David Gardner will call their "secret sauce," maybe you can protect that secret sauce a little bit more, because you know, you can't see necessarily behind the curtain there. They're giving a report, there's a lot of value.
I love the diagnostics nature of this business; it makes me think of two things. No. 1, that's a pretty staggering number there; 12 million Americans undiagnosed, essentially 75% of cases. Folks out there who have it, they don't know they have it, sounds a little bit kind of like what we're [laughs] going through today to be honest with you. And it does seem like a lot of that ties back to testing and diagnostics, right, that just, we haven't really done that great of a job on that front. And so, it just goes to show you the value in that testing and diagnostics. You know, not human healthcare, but still very valuable healthcare in animal healthcare, Idexx Laboratories, a very similar style business and just really owning that diagnostics market. It sounds like that's the case here too with Semler.
This is a stock that's done really well. I like seeing businesses, even if that absolute revenue number isn't huge, and it's not right now, but it's growing fast and this is a profitable business too.
Feroldi: Yeah, that's exactly right. And again, that's what really drew me to this company. I always like finding interesting technology. And to your point there, the nice thing about the diagnostic space is, with Semler, they can make the very real argument that spending a little bit of money upfront to screen patients better can lead to enormous cost savings down the road. I mean, how much does it cost when somebody has a heart attack or stroke? You're talking about tens of thousands or even hundreds of thousands of dollars. If Semler can prevent just a few of those, that more than pays for the implementation cost of the technology.
But let's get into the finances a little bit. In the first quarter of this year revenue grew 39% year-over-year. That's a pretty healthy growth rate. But to your point, Jason, small still top line, $9.4 million in quarterly revenue. So, really, not that much top line at all. However, if you dig into the rest of the income statement, boy! Are there some attractive numbers. Gross margin here, Jason, gross margin on that $9.4 million in sales was 91%. Ninety-one percent! And amazingly, with revenue growth of 39%, their cost of goods sold declined year-over-year. I don't know if I've ever seen that before, where that kind of growth, plus a decline in the actual dollar amounts of cost of the product.
Now, take that down the income statement, we saw pre-tax net income grew 86%. So, faster than revenue due to some margin enhancements. There were some wonky things going on with taxes, so earnings only grew 24%. But I see strong top-line growth, I see incredible margins, I see a net income of positive already. And the balance sheet looks pretty good here too, Jason, $11.2 million in cash $0 debt, as of March 31.
Moser: Yeah, you definitely like to see that. And, man, I tell you, when I saw that gross margin number, and I thought, you know that reminds me of a few businesses that certainly -- I know you like at least one of these in Autodesk. But Autodesk, Adobe, another company called Ansys, these powerful software companies that can really just generate these amazing margins over time if they build something special. It sounds like Semler might be on the road to that same thing now.
Now, in regard to the business itself, where do we stand? So, I see the name Semler involved in management and on the Board and ownership there. We like to see skin in the game, so to speak. What's the founding culture? What's the management setup? How does that look?
Feroldi: So, it was founded many, many years ago. And the original founder himself was a physician. He's no longer involved with the company, but his son does own about 9% of the stock. The CEO here, Dr. Douglas Murphy-Chutorian, has really been the driving force over the last couple of years. And he, himself, owns 12% of shares outstanding. So, between those two, you're talking about more than 21% of shares outstanding owned by the management team.
And that's pretty exciting, because the potential of this technology is massive. Semler believes that 80 million Americans -- just Americans, not including the rest of the world, Jason, just Americans -- should be screened with this technology annually. That's the number of people that are over age 50, that could potentially be at high risk of developing peripheral artery disease. And that represents about 300,000 doctors' offices that are potential customers out there.
So, we don't have the exact penetration rates, but with only $9 million in quarterly revenue, I can't imagine that it's all that high. And when I see that, I think that this company has a tremendous growth runway ahead of it.
Moser: Yeah, it feels like it. You know, I mean, everything comes at a cost, right? As much potential as the business has, what do you see as some of the potential bigger risks for a company like this today?
Feroldi: To me, the biggest risk is, customer concentration. The company's two biggest customers represent 46% and 21% of sales outstanding. Customer concentration is a common issue, especially for smaller companies, where one or two big customers, if they were to not become customers any longer, could seriously dent this company's top-line growth.
And when you're talking about a small company too, you're also even more dependent on a great management team. So, if I saw the CEO all of a sudden step away, or if I saw one of their major customers no longer decide to buy from Semler, that would blow a hole in the thesis here. And as you pointed out, the stock also trades over the counter, it doesn't trade on a major exchange like the Nasdaq or the New York Stock Exchange (NYSE). So, that makes its stock illiquid. But even factoring in those potential negatives, I like enough of what I've seen to take a small position in the company.
Moser: Yeah. Final question and we'll move on to the next stock there, but just out of curiosity, when you see a company like this. Clearly, a lot of potential. It seems like they're really fighting a relevant problem. What are the chances, you think, of a business like this listing itself on the Nasdaq? Probably it would be a Nasdaq listed, but it could be the New York Stock Exchange too. At some point, do you feel like this is a company that will try to graduate up to one of the big leagues there, that gives you a little bit more credibility? Of course, there are some costs that come with it, but you think that's something you'll be looking for?
Feroldi: Yeah, as you pointed out this has been a fantastic stock over the last five years; it's really gone up a lot. And even today, after all that appreciation, it's still not even $500 million, it's still [laughs] pretty darn small. So, it would not surprise me, in the future, as the company continues to grow and its market cap continues to increase, if it did decide to up-list, but that's not a major part of the thesis, that would certainly increase liquidity and increase the number of investors out there that could potentially purchase its stock, but that would be a catalyst ahead of this company, Jason.
Moser: Yeah, this is like one of those little tiny gems. For any of you who remember our way back, you know, a long time ago, our small cap investing service Hidden Gems. And one of my favorite features of Hidden Gems every month was Tiny Gems, featuring little companies like this, had a lot of potential. And you know, it's neat to find them and get involved when they're just babies, right, you get to watch them grow up. [laughs]
Feroldi: If all goes well; if the thesis works out, yes, it would be great to watch this company grow up. [laughs]
Moser: If it works. If it works. Well, let's talk about one that maybe looks like it is working a little bit more obviously, at least just based on the size of the company, it's about a $6.5 billion market cap. But this is Novocure (NASDAQ:NVCR). This is ticker NVCR. Now, Novocure, this is a cancer company. I mean, immediately you just know that's a massive market. You look for companies that are doing special things. What was it about Novocure that piqued your interest?
Feroldi: Yeah, this is a company that I've pitched on this show numerous times and with good reason. This is a company that I think is tremendously exciting. So, Novocure is a medical device company that, as you said, is focused on cancer. Now, most companies that focus on cancer are drug makers, Novocure is a medical device company. That alone makes it extremely weird. I mean, this is a weird company in a good way.
Moser: Well, it caught my interest when I saw "medical device," I thought, huh! That's a little different.
Feroldi: It is. So, what they have developed is what they believe is a brand-new modality of treatment. So, by modality, I mean, the way that we've treated cancer historically is with chemotherapy, surgery, and radiation. Novocure literally believes that it has developed a fourth modality, a brand-new treatment category that it calls Tumor Treating Fields. Now, Tumor Treating Fields is when a device emits low-dose electric fields on the skin, and those electric fields inhibit cell division in cancerous tumors. This technology sounds like magic, it sounds crazy, but it works, it actually works. Their initial indication was in brain cancer, it's called glioblastoma multiforme. And this looks like a swimming cap that you put on your head, and it has some electrodes coming off the back to a generator. Those electrodes literally create electric fields that make it so the microtubule spindles inside a cancerous cell cannot line up to divide. This is very similar to how cancer drugs work. So, it's just doing it with physics as opposed to chemistry.
Now, when I first learned about this, I thought, crazy. These guys are full of it. However, fast forward, I've been following them for several years, they've made believers out of thousands of physicians and insurers. And I'm talking Medicare. Medicare literally covers this technology; if that's any indication for, does it work? And they've produced scientific study after scientific study that shows adding Tumor Treating Fields alongside the standard of care treatment extends survival rates and fights cancer better.
Moser: And when you get buy-in from the big insurers and the government providers, I mean, you know that you've gotten over a big hurdle there. I mean, that's a big hurdle. That expands your audience in a big way. And the way that you put it, though. Like, I understand why. I mean, you've put it very well there, in that, you're not fighting cancer via drugs, you're fighting it via physics. And all of these commercials that you watch with a new medicine for whatever it may be and the list of side effects that just goes on and on and on, you know, I mean, it makes me think of that old Simpsons and Viagra-Gain. If you remember that episode from back in the day. But if you can avoid medicines, drugs that offer those types of side effects -- I'm assuming that physics might not necessarily introduce the same types of side effects; is that a reasonable assumption?
Feroldi: That is the thing that attracted me to this company the most. You have surgery, boy! There are side effects; you take chemotherapy, boy! There are side effects. The No. 1 side effect with this technology is skin irritation. That's the big side effect to having this. So, there is no systemic toxicity with this.
And to your point, what I really like about this, is it's an additive technology. They're not trying to replace chemotherapy; they're trying to use this alongside chemotherapy to make chemotherapy better. So, it's synergistic. So, there's no competitor out there saying, don't go with Novocure, use me. Every other company out there is saying, yeah, use my product and Novocure. That's a big reason why this company has grown as fast as it has.
And let's get into the financials for a quick second here. So, last quarter, during the pandemic, revenue grew 39% to $102 million. So, different scale, 10 times bigger than Semler, Jason. Gross margins expanded 76% now, it was 73% last year. And this company just flipped to profitability. So, last quarter, $4 million in net income. In the year ago period, they had a $12 million net loss. So, pick a number, it looked good.
Moser: Well, you're right. I mean, looking through all of your notes on the business, the different types of markets that it tackles. I mean, it seems like that technology could have so many different applications here, just given how big of a world, unfortunately, cancer is. I mean, like, there are just so many different types, it seems, these days. And a technology like this, it feels like, would have really long-lasting impacts there.
Feroldi: Yeah, to that point. Right now, they are really focused on brain cancer, and they also recently won a second indication for mesothelioma. Both of those are pretty small markets. Brain cancer is about 13,000 patients in the U.S. Mesothelioma is about 3,000 patients annually in the U.S. The reason I bought the stock last week was because of the pipeline and the potential of the pipeline. In the next five years, they believe that they'll be able to get label expansion claims to use this technology on brain metastasis, non-small cell lung cancer, pancreatic cancer and ovarian cancer. If they can nab those additional indications, their total addressable market literally goes up by a factor of 15.
Now, the reason that I think that that's going to happen is because of the factors I talked about before. There's no systemic toxicity, it works alongside other cancer treatments, and they've already got this device through the FDA twice on two separate indications. So, there's risk that those other indications might not pan out, but I think the chances of it getting through is very high.
Moser: Yeah. And I like that thinking there. And I like your point that this is additive; you're not replacing something. Honestly, it makes me think a little bit of telemedicine back in the day, as I understand this isn't a replacement, it's something that's trying to make the system better. And you have that same dynamic here. I mean, this is clearly a bigger business; like I said $6.5 billion market cap. When you look at what they're doing today, what do you see as some of the bigger risks that investors need to at least be aware of?
Feroldi: No. 1 risk is that those additional indications do not pan out. If you look at the valuation of this company today, it is clearly pricing in continued success in those other indications. It's trading for about 17 times sales and 103 times forward earnings. Another risk that I could potentially see is pushback from insurers. This is an expensive product. It's very expensive to use. And they bill on a monthly basis. If they can't produce the clinical results that prove the clinical effectiveness of this technology when compared to the cost, they're going to get a lot of pushback. So, if, for example, the next indication they're going to go after is brain metastasis, which is a massive market, if insurers all of a sudden see the bills that they're paying for this thing, and they say, well, we don't think we're getting enough clinical benefit from this, and they pull back on that, that would really damage the thesis here.
Moser: Yeah, that could be a problem indeed. You know, I was thinking just real quick, before we go on, the mesothelioma, like, that's the commercial you see on TV [laughs] all the time, right? I mean, that's law practices out there just trying to cover that market from front-to-back for any potential lawsuits there. I guess, those still probably go on for a while, given they're asbestos-related.
Feroldi: Yeah. And the sad thing is, in the U.S. there's only about 3,000 diagnoses every year, and it is caused by exposure to asbestos. In emerging markets, such as China, where asbestos is far more used for far longer than it was in the U.S. before it was banned, those rates are much, much higher sadly.
Moser: Yeah, I can certainly believe that. Well, let's take a look at stock No. 3 here, because this was another one that, when you look at it on its own, it seems like it has a pretty general, sort of, application there in treating chronic and acute pain -- it could go a number of different ways there -- but it's Zynex, ticker for this company is ZYXI. Another small cap; the market cap is just a little bit under $1 billion, so kind of in the middle between the other two companies we talked about today. But talk a little bit about Zynex and what attracted you to this business?
Feroldi: Yeah, this is actually a company that I learned about from one of our regular Motley Fool Live viewers, ProShopGuy, Mike. He is the one that pinged me on Twitter and said, Brian, you might want to check this company out. And I did, and I bought shares, if that gives you an indication for whether I liked it or not.
So, Zynex has three distinct FDA-approved business units. The first and the most important for now, is the noninvasive electrotherapy pain management market. So, this is a medical device that is used for people that have chronic pain. So, the pain management device is used to reduce or eliminate the need for people to take opioids by using electrotherapy to reduce pain in their body. What's attractive about that is, first off, it's a massive market; second off, it's easy to get behind a company that's reducing the use of opioids; and third, the business model for this technology is very attractive.
So, Zynex sells both the device itself as well as a number of consumables that are used alongside the device. So, the business model here, for 90% of their revenue so far, is a razor-and-blade model. And we'll go into the financials later, but let's just say, business is good.
Secondly, their second device is for incontinence. So, they recently launched a product here that is a nonsurgical way to manage incontinence. And similar business model here, great margins and another market where the consumables are the significant portion of revenue.
Third is NeuroDiagnostics. So, this is a product that helps people to recover from strokes, spinal cord injuries or brain injuries. So, it's stimulation to help people retrain their muscles and increase their range of motion.
And then finally, they just recently got FDA approval for a noninvasive blood volume monitor, and this technology produces zero revenue today but it's going to be used in operating rooms to detect blood loss and internal bleeding. So, this is a brand-new business line that has opened up. And when I read that, I immediately thought, well, they seem to have a great core market, and wow! Are they innovative, because they have already entered a number of new markets that are generating zero revenue right now. And that's what I call optionality, and we all know that I like optionality, as do you, Jason.
Moser: Well, yeah, I think we all do. And I love the razor-and-blade business model, any time you can find one like that. I mean, I'm not saying they're all gold, but a lot of them are really good. And I mentioned Idexx earlier, Idexx is a good example, you know, they get their diagnostic equipment into veterinarians' offices and they use consumables to make that diagnostic equipment work. Another good example in human healthcare, Masimo, reminds me a little bit of similar, I guess, just in the -- you know, you talked about the blood oxygen monitoring, they're very similar to Masimo's business there. But when you have a business with that type of a model, it can be so powerful. And again, this generates strong gross margins, strong growth, particularly profitable growth. And I see here you noted, that they've been profitable for 15 quarters in a row. You cannot dismiss that.
Feroldi: Yes. And again, this technology has been around for a long time. This company was founded by a guy named Thomas Sandgaard in 1996. He's still the CEO today. So, 24 years later, he is still the CEO of the company that he founded. And their technology has been used to treat more than 400,000 patients since day one. So, that tells me that it's the real deal, it's out there, it's making a difference in people's lives. And I love that the founder is still calling the shots.
Now, I teed up before that this is a razor-and-blade model. And you can see that shine through when you look at the financials. Revenue growth in the first quarter was 66% to $15.2 million, 78% gross margin, and net income of $2.9 million. So, again, another one like Semler, Jason, where not a ton of revenue, $15 million, but almost $3 million in net income. That's impressive. And the balance sheet is also squeaky clean, about $15 million as of the end of the quarter and no debt. And just a few weeks ago they raised another $28 million through a common stock offering to help get them through the crisis. So, the financials here are gold.
Moser: Yeah, absolutely. I mean, you can't hold that against anyone. And you're hearing cash conservation in every press release in every earnings call, you know, that's good to know that they were able to raise a little money just to put themselves in a good position to get past this. And it really does sound like technology that can reach a lot of different markets. I love that inside ownership. You know, it's a small company, $750 million, I understand that's a risk there. But what do you think are some of the more obvious risks for a business like this that investors need to at least keep in mind?
Feroldi: Well, there's a couple. None of these companies are risk-free, as is no stock. So, first off, let's start with the market that this company operates in, pain therapy. The pain therapy market historically has been rife with abuse and fraud. I'm not, by any stretch, saying that that's what Zynex is doing, but I have seen the pain therapy market, in the past, come out with some unscrupulous players that do things that juice their revenue and juice their earnings, but they're not right.
So, that just means that this company could be operating in a bad block; it doesn't mean the company is doing anything wrong, and everything that I've seen so far suggests that the company is doing something right. But that alone is a risk here.
Another risk is, the company's growth strategy. So, the growth strategy is, add sales reps. They're adding about 20 to 25 new sales reps per month. This company is investing aggressively in its sales functionality to make its sales team larger and larger and larger, so it can rule out all of these products to more and more places. Growing that fast, adding that many people on, is a risk. What happens if you screw up the management of it, what if you hire the wrong people or what if -- you know, that's a growth strategy that has worked historically, but it's not guaranteed to work.
And then finally, the company itself isn't exactly cheap. None of these stocks are cheap. We're talking about 14 times sales and 69 times earnings. Management just raised capital, so that could tell you that [laughs] they think their stock is dearly priced right now. But given what I've seen so far, the financials here, the story here, and the opportunity here is large enough that I thought it was worthwhile to take a small bit of my capital, become a shareholder and start to follow the story.
Moser: Yeah. Well, to your credit too. I mean, yeah, I guess valuation is always a risk, but I mean, 16 times, 17 times sales. And I love the fact that there are actually earnings to mention, right? You've got earnings. This isn't some newfangled SaaS business or cloud business that may be growing revenue really, really quickly, but is just as much a cash incinerator, right; you got to take a longer-term view on that. It's nice to see, you get some of these companies in the healthcare space growing like this, and actually bringing some of that down to the bottom-line, it's kind of refreshing in this day-and-age, you just don't see that as much anymore, right?
Feroldi: All three of these companies, Jason, are growing revenue over 39% quarter-over-quarter, have strong gross margins, have tremendous growth opportunities and are profitable; all three of them. That's the real reason -- that combined with the other factors, are the reasons that I decided, I'm adding to my position in two of them, and I started a new position in Zynex two weeks ago.
Moser: Okay. Well, now, as we wrap up this week's show, and this is my tribute to my colleague that I just don't get to see as much anymore given that we're all working from home, Mac Greer. Mac has this, the desert island question, which is always fun, you know, it typically involves some companies that are a bit more desperate, maybe the answer is a little bit more obvious, but I'm going to present you with Mac Greer's desert island question here, Brian.
If you are stranded on a desert island for the next five years, and you can choose one of these companies that you've pitched today, I understand that you already own them all, Zynex, Novocure, Semler Scientific, what stock are you going with as your desert island pick?
Feroldi: To reiterate, I bought all three. So, this is more of a basket approach, obviously, but if you're forcing me to choose one, Mac Greer, I'm going to pick Novocure, NVCR. It's the biggest, it's the most mature, I believe it has the widest moat of the three of these companies, it's what I've been following for the longest, it's someone I have the most confidence in over the long-term.
But if I had to pick which one is going to be the best stock performer, I would probably pick Semler.
Moser: Interesting to see that. Well, yeah, and I mean, we just like having fun with those questions; that's just a tip of the cap to Mac Greer, and I'm always just interested to see if there's any conviction there, higher conviction on one or the other. But yeah, I love to see -- you know, listen, you like these businesses, you got all three of them in your portfolio, I think our listeners are really happy to have had the opportunity to listen to you pitch these companies for them today and explain why they look like they could be great opportunities.
And you know what, Brian, this Wildcard Wednesday thing, I love doing the healthcares, so let's keep that trend going next time we get the chance, OK?
Feroldi: How about we do Idexx, Massimo and Teladoc; three Jason Moser healthcare stocks next time?
Moser: [laughs] Well you had me at Teladoc; but I think that was the third one you said. Anyway, I like them all and own them all. So, yeah, I'm down. Let's do that for sure. I'll make sure and drop you a note next time I'm on the schedule.
Feroldi: Sounds like a plan, bud.
Moser: All right, folks. So, that's going to do it for us this week. Remember, you can always reach out to us on Twitter @MFIndustryFocus, or drop us an email at IndustryFocus@Fool.com. You know, tell us about the stocks you're buying, ideas you have in the healthcare space or other spaces, we're always interested, always looking for new ideas for shows, and always happy to answer any and all questions that we can. But for now, that will do it.
As always, people on the program may have interests in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear.
A big thanks to Tim Sparks for all of his work behind the glass this week. For Brian Feroldi, I'm Jason Moser, thanks for listening and we'll see you next week.
can we use digits in the write-up?