This post updates my initial posting here on 3/6/2019 about Amarin Corporation PLC ADR (AMRN), a foreign bio-tech pharmaceutical company that is a public limited company incorporated under the laws of England and Wales, with its principal offices located in Dublin, Ireland…
https://discussion.fool.com/amarin-q4fy-18-results-34151142.aspx…
BACKGROUND
I first learned about and made my initial investment in Amarin back in August 2018, thanks to my first referral visit with a cardiologist who in reviewing my cardio management/maintenance regimen (medications, diet and exercise) mentioned and explained a promising newly FDA approved product Amarin’s Vascepa that would be an add-on to statin treatment and might be suitable for patients with triglycerides of 200 mg/dL to less than 500 mg/dL. Thereafter, I thoroughly researched Vascepa and conducted my initial due diligence on Amarin Corporation.
In September 2018, after a major study revealed that Vascepa reduced the risk of major adverse cardiovascular events by 25% in patients already taking statin drugs compared to those receiving a placebo, the stock price skyrocketed upward 314% in one day. [On Friday 9/21/18, Amarin stock price closed at $2.99. On Monday 9/24/2018, AMRN opened at 10.44, up 249% and closed at 12.40 for a one day whooping gain of 314%!]. Analysts estimate that Vascepa with approval of a broader label expansion in the U.S. could generate up to $2 billion in sales.
This explosive spike in stock price, in turn, caused drastic substantial changes in market cap, EV/EBITDA, EV/Revenue and P/S among others. Market cap rocketed upward 650% from $800 million for Q2 2018 to currently $5.999 billion on 5/3/19. EV/Revenue and P/S are currently at nose-bleeding levels of 22.5 and 23.2, respectively.
Here’s the current 52-week performance of AMRN, crushing two of my favorite top performers TWLO and Carvana (CVNA).
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?..
and the YTD performance in 2019, showing excellent results for all 3 of my holdings with Carvana (CVNA) crushing the other two thus far.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?..
Here are answers to the question “Why Amarin?” that are provided comprehensively in the following two excellent sources that I highly encourage and recommend taking the time to look at:
1. Investor Presentation April 2019
Amarin Leading a New Paradigm in Cardiovascular Health Management
https://investor.amarincorp.com/static-files/dcec962f-5bf3-4…
Problem: cardiovascular (CV) disease is an enormous and worsening public health burden
Unmet Need: urgent need to help more patients with CV disease; lowering cholesterol alone is not enough
Solution: Landmark positive CV outcomes trial results of Amarin’s Vascepa® shows it can effectively and safely lessen this enormous CV health burden
Current Label: Vascepa is already approved for important niche market of treating patients with very high triglyceride levels >500 mg/dL
Large Need for CV Risk Reduction Beyond Controlled LDL
~65%-75% residual CV risk beyond current standard of care
• Controlled LDL-C does not eliminate CV risk
• Remaining residual CV risk high even with controlled LDL-C
Cardiovascular Disease: #1 cause of death in the U.S.
• >800,000 deaths each year attributable to CV disease; more than all cancers combined
• Annual treatment cost $555 billion; expected to double within twenty years
• One death every 38 seconds
No FDA approved therapy exists for treating CV risk in dyslipidemia patients beyond LDL-C
• ~38M patients in U.S. are on statin therapy
• >25% of adults in U.S. have CV risk factors beyond LDL-C (e.g. ~50M to 70M adults in U.S. have elevated triglycerides levels >150 mg/dL)
? ~12M of these patients are already on statin therapy
2. November 10, 2018 Vascepa® (icosapent ethyl) 26% Reduction in Key Secondary Composite Endpoint of Cardiovascular Death, Heart Attacks and Stroke Demonstrated in REDUCE-ITTM Supports 25% Overall Reduction in Five-Point Major Adverse Cardiovascular Event Primary Composite E
https://investor.amarincorp.com/news-releases/news-release-d…
Landmark Cardiovascular Risk Reduction Benefits Demonstrated in REDUCE-IT Are Largest of Any Major Cardiovascular Outcomes Study of a Drug Intended to Address Residual Cardiovascular Risk Remaining After Cholesterol Management
(1) Cardiovascular Death Reduced by 20%
(2) Fatal or Nonfatal Heart Attacks Reduced by 31%
(3) Fatal or Nonfatal Stroke Reduced by 28%
(4) Urgent or Emergent Coronary Revascularization Reduced by 35%
(5) Hospitalization for Unstable Angina Reduced by 32%
• Number Needed to Treat (NNT) was 21 for the first occurrence of major adverse CV events (MACE) in the 5-point primary composite endpoint.
• Patient Years of Study Support Favorable Benefit/Risk Profile in REDUCE-IT
• Affordably Priced Vascepa Positions Amarin with Potential to Help Millions of Patients
Vascepa is affordably priced and is a low-cost drug. The majority of patients covered by insurance who obtain prescriptions for Vascepa pay a monthly co-pay charge of $9.99 or less. A patient with commercial insurance can pay as little as $9.00 for a 90-day supply prescription of Vascepa.
AMARIN Q1 2019 RESULTS
Key Amarin achievements in Q1 2019 include the following:
https://investor.amarincorp.com/node/16711/pdf
• Revenue growth: Net total revenue of $73.3 million in Q1 2019 as compared to $43.9 in Q1 2018, an increase of approximately 67% primarily reflecting increased Vascepa prescription growth.
• sNDA submission: On March 28, 2019, Amarin submitted a supplemental new drug application (sNDA) to the U.S. Food and Drug Administration (FDA) seeking an expanded indication for Vascepa® (icosapent ethyl) capsules, based on the positive results of the landmark REDUCE-ITTM cardiovascular outcomes study which, assuming approval, will facilitate considerably broader promotion of Vascepa in the United States.
• Total events analysis presented from REDUCE-IT study: New data presented in March 2019 at the American College of Cardiology 68th Annual Scientific Session showed that Vascepa provided a statistically significant 30% risk reduction in total (first and subsequent) cardiovascular events compared to placebo in the statin-treated patient population studied in REDUCE-IT demonstrating approximately one fewer major adverse cardiovascular events (MACE) per six patients treated with Vascepa (or 159 fewer MACE per 1000 patients) over a five year period. This new data was concurrently published in the Journal of the American College of Cardiology1.
• American Diabetes Association® guidelines updated: The American Diabetes Association (ADA) updated its 2019 Standards of Medical Care in Diabetes2 to incorporate findings from REDUCE-IT recommending that “in patients with ASCVD (atherosclerotic cardiovascular disease) or other cardiac risk factors on a statin with controlled low-density cholesterol (LDL-C), but elevated triglycerides (135-499), the addition of icosapent ethyl should be considered to reduce cardiovascular risk.”
John Thero, Amarin’s president and chief executive officer. comented:
“Initial reaction from the medical community to REDUCE-IT results has been very encouraging, including the updated guidelines from the ADA. Our expanded sales team is off to a good start and we are optimistic regarding the potential results of pharmacoeconomic analysis expected later this year, We remain very early in the process of introducing Vascepa to healthcare professionals and we remain limited in what we can say about Vascepa, particularly to consumers, until the label for Vascepa is expanded. We are confident in the robust results of the REDUCE-IT study and we look forward to interacting with regulatory authorities in their review of these Vascepa clinical results in conjunction with the expanded labeling we seek for Vascepa.”
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Commercialization Progressing Well in Second Phase of Four Phase Plan
Following positive clinical results from the REDUCE-IT cardiovascular outcomes study, Amarin commenced what it described previously as the second of four phases of its commercial evolution. In this second phase, Amarin more than doubled the size of its U.S. sales force to begin 2019 with approximately 400 sales representatives plus their managers in the U.S. while in parallel not renewing its prior co-promotion agreement for Vascepa. The new sales representatives were fully trained and deployed by mid-January 2019. Amarin also significantly expanded the number of healthcare professionals it calls on for Vascepa education to approximately 55,000 healthcare professionals and expanded various other marketing and medical education programs.
Amarin reported that there was encouraging evidence of commercial progress in the first quarter despite the majority of Amarin’s sales representatives being new and despite the label for Vascepa not referencing the results of the REDUCE-IT study. During the first quarter of 2019, shipments of Vascepa to customers increased, driven by increased levels of Vascepa prescriptions. Such increased prescriptions were derived from both past prescribers and new prescribers of Vascepa. Many of the new sales representatives hired by Amarin have already demonstrated positive contributions.
As an industry benchmark, it is generally accepted that it requires at least 5 sales calls before most physicians change prescribing behaviors. For Vascepa, this may require fewer visits to some doctors due to the robustly positive REDUCE-IT results and the lack of an alternative proven treatment option to address the risk evaluated in REDUCE-IT. Conversely, it may also take more visits to some doctors for them to begin prescribing Vascepa as the label for Vascepa has not yet expanded, and because prescribers have not had a practice changing new therapy for preventative cardiovascular care in many years beyond cholesterol management and diabetes therapies. As of the end of March 2019, consistent with previously communicated projections, Amarin sales representatives called on approximately 75% of our target physicians two or more times with the published results of the REDUCE-IT study. However, only slightly greater than half of these physicians had been called on three or more times.
The first quarter of each year historically was difficult for Vascepa prescription growth due to seasonal factors such as beginning of the year deductibles under patient insurance coverages. These factors are independent of Vascepa. In the first quarter of 2019, such seasonal factors, which curtail patient refill prescriptions, were largely offset by new prescriptions. Based on data from Symphony Health, new prescriptions (NRx) of Vascepa increased by approximately 80% in the first quarter of 2019 compared to the same period of the prior year. In addition, refill prescription rates were approximately 3% to 5% higher in the first quarter of 2019 compared to the same period of the prior year. These increases in the first quarter of 2019 were partially offset by a decline in Vascepa inventory levels reported by independent commercial wholesalers. Such channel inventory levels at wholesalers were in the normal industry range. Calculated on a days-of-sales outstanding basis, channel inventory levels also declined in the first quarter of 2018.
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Prescription Growth
Normalized prescriptions for Vascepa (prescription of 120 grams of Vascepa representing a one-month supply) increased by approximately 58% and 55% in Q1 2019 compared to Q1 2018 based on data from Symphony Health and IQVIA, respectively. Estimated normalized Vascepa prescriptions, based on data from Symphony Health and IQVIA, totaled approximately 618,000 and 553,000 in the first quarter of 2019.
As described more fully in Amarin’s Quarterly Report on Form 10-Q, Amarin recognizes product revenue when its customers, consisting mostly of independent commercial distributors, take possession of the product which they order from us and we ship to them. Amarin revenue is not recognized when individual patients fill prescriptions. In each of the three months ended March 31, 2019 and 2018, based on product shipment information available to Amarin, it appears that Symphony Health and IQVIA may have understated the rate of growth in Vascepa prescription levels.
Symphony Health and IQVIA collect and report estimates of prescription information. There is a limited amount of information available to such companies to determine the actual number of total prescriptions for prescription products like Vascepa during such periods. Data reported by Symphony Health and IQVIA is rarely identical. Their estimates are based on a combination of data received from pharmacies and other distributors, and historical data when actual data is unavailable. Their calculations of changes in prescription levels between periods can be significantly affected by lags in data reporting from various sources or by changes in how pharmacies and other distributors provide data. Such methods can from time to time result in significant inaccuracies in information when ultimately compared with actual results. These inaccuracies have historically been most prevalent and pronounced during periods of time of inflections upward or downward in rates of use and less prevalent and pronounced over longer periods of time such as annually. As such, the resulting conclusions from such sources should be viewed with caution. Amarin cites such third-party information as a courtesy to its investors and because Amarin does not have direct access to prescription information.
The prescription levels and changes in prescription levels reported above are based on information made available to us from third-party resources and may be subject to adjustment and may overstate or understate actual prescriptions. For example, it is Amarin’s understanding that in March and April 2019 Symphony Health had been working to fill gaps in data sources and that they may issue “corrected” data at some point in the near future. Amarin is not directly aware of the details related to such source issues, or the precise timeline for corrective data or the degree to which estimated Vascepa prescriptions, as reported by Symphony Health, may change upward or downward if such corrections are implemented.
5/1/2019 Earnings Call Highlights
https://www.fool.com/earnings/call-transcripts/2019/05/01/am…
John Thero, President and CEO, commented:
• We announced earlier this week, regulatory submission was recently made to Health Canada seeking approval for Vascepa in Canada, based upon the result of REDUCE-IT, with such review granted priority review status by Health Canada.
• Outside of North America, we continue to make progress via our existing partners in China and the Middle East. In China clinical study of Vascepa continues. In the Middle East approval has been obtained in Lebanon and the United Arab Emirates. Work continues to get approval for Vascepa in other countries in that region.
• With respect to Europe, our aim remains to submit for regulatory approval before the end of this year. We are working through such submission plan as well as through pricing analysis in other forms of market evaluation. As we have discussed in the past, while we have received expressions of interest from companies regarding European rights to Vascepa. We have not decided, whether who is best to partner in Europe before derisking the regulatory process or if it is better to wait. There are pros and cons to both approaches. Our near-term priority remain the US opportunity.
• The opportunity for Vascepa in Europe appears to have improved recently as the European Medicines Agency or EMA confirmed that low doses of omega-3 fatty acid mixture products that contain DHA, as studied in recent outcome studies such as VITAL and ASCEND are not effective in preventing further heart problems after a heart attack. Such determination relegate EMA designation of such mixtures as only agents for lowering very high triglyceride levels without any indicated use for cardiovascular risk reduction.
CFO Michael W. Kalb commented:
• We continue to guide $350 million as our estimate of net revenue for 2019. This amount reflects an increase of greater than 50% over 2018 results. Such guidance assumes that the approved label for Vascepa is not expanded by the FDA during 2019. While we are encouraged by our progress in Q1, we remain very early in our promotion of a Vascepa, and we have witnessed quarterly variability in the past. We are proud that our revenue growth in Q1, 2019 exceeded 50% growth over Q1, 2018, but we also note that Q1, 2018 results were by far the lowest results from last year and that our hurdles ahead are high. While we are confident in our outlook, we believe that our prior guidance remains the most appropriate.
• We grew our field sales force from about 150 representatives for most of 2018 to about 400 in 2019.
CORPORATE FINANCIALS
The following corporate financials for AMRN show the following:
• Explosive market cap growth of over 650% from $800 million in Q2 2018 to currently $5.99 billion on 5/03/19.
• YoY net total revenue growth of 67% to $73.3 million in Q1 2019 from $43.9 million in Q1 2018.
• Explosive share price increases: over 507% from $2.99 on 9/21/18 to $18.14 on 5/03/19; over 480% over the recent 52-week period; and 38% YTD.
• A projected 52% increase in guidance revenue of 350 million for FY 2019 that will significantly reverse a downward trend in what I consider excellent YoY gains in annual revenue of 59%, 39% and 27% for FY 2016, 2017 and 2018, respectively.
• No positive annual and quarterly net income and earnings.
• Excellent gains in annual gross margins, i.e., from 65.9% in 2015 to 76.2% in 2018. For Q1 2019, gross margin was 76.6%.
• EV/Revenue jumped from 6.41 for FY2017 to 18.02 for FY 2018 and currently is at 22.8; P/S currently is at 23.2; all this resulting from the explosive spike in stock price back in September 2018.
• A solid capital structure.
**AMARIN**
**5/03/2019**
GICS SECTOR Healthcare
SUB-INDUSTRY Biotechnology
MARKET CAP $ 5.99 B
Employees 530
52-WK HIGH 23.34
PRICE/SHARE 18.14
52-WK LOW 2.35
Price Y-T-D change 37.8%
Price 52-wk change 480.4%
S&P 500 52-wk change 9.5%
EV/EBITDA (mrq) -54.3%
P/E (ttm) N/A
Fwd P/E 86.38
EV/Revenue (ttm) 22.8
P/S (ttm) 23.2
**MARKET Sequen- NET Diluted Closing**
**AMARIN CAP REVENUE YoY tial INCOME EPS Price**
**FY/QTR ($ B) ($ M) Change Change ( $ M) ($) ($)**
**FY 19 est 350.000 52.7% 52.7%**
**Q1 '19 6.837 73.278 66.8% (5.1%) (24.431) (0.07) 20.76**
**FY 2018 4.435 229.214 26.6% 26.6% (116.445) (0.39) 13.61**
Q4 ‘18 4.435 77.330 43.6% 39.8% (33.670) (0.11) 13.61
Q3 ‘18 4.099 55.323 16.8% 5.1% (24.471) (0.08) 16.27
Q2 ‘18 0.807 52.643 16.4% 19.9% (34.210) (0.12) 3.09
Q1 ‘18 0.874 43.919 26.8% (18.5%) (24.095) (0.08) 3.01
**FY 2017 1.084 181.104 39.2% 39.2% (67.865) (0.25) 4.01**
Q4 ‘17 1.084 53.866 39.2% 13.7% (22.465) (0.08) 4.01
Q3 ‘17 0.983 47.360 44.7% 4.7% (10.825) (0.04) 3.50
Q2 ‘17 0.950 45.241 36.6% 30.6% (13.634) (0.05) 4.03
Q1 ‘17 0.925 34.637 35.6% (10.5%) (20.941) (0.08) 3.20
**FY 2016 0.839 130.084 59.1% 59.1% (86.350) (0.41) 3.08**
Q4 ‘16 0.839 38.696 (27.453) (0.10) 3.08
Q3 ‘16 0.602 32.734 (15.772) (0.08) 3.19
Q2 ‘16 0.390 33.111 (13.354) (0.07) 2.16
Q1 ‘16 0.276 25.543 (29.771) (0.16) 1.53
**FY 2015 0.345 81.756 50.8% (149.590) (0.83) 1.89**
**FY 2014 0.174 54.202 (56.364) (0.36) 0.98**
In the above table, corporate guidance for FY 2019 revenue of $350 million is shown.
Amarin CFO commented in the recent earnings call:
• Amarin’s total revenue for the first quarter of 2019 was $73.3 million, compared to total revenue for the first quarter of 2018 of $43.9 million. Product revenue represents the vast majority of Amarin’s total revenue.
• In the first quarter of 2019, net product revenue was $72.7 million, representing an increase of 66.8% over the same quarter of 2018. The core driver of this period-over-period increase was volume growth in Vascepa sales, supported by new and recurrent Vascepa prescriptions.
• The net selling price of Vascepa declined slightly in this period compared to the same period in 2018, due to an increased portion of the prescriptions in 2019, derived from patients with certain lower net paying Medicare insurance coverage.
I’ll reiterate here two significant points.
First, the first quarter of each year historically was difficult for Vascepa prescription growth due to seasonal factors such as beginning of the year deductibles under patient insurance coverages. These factors are independent of Vascepa. In the first quarter of 2019, such seasonal factors, which curtail patient refill prescriptions, were largely offset by new prescriptions. Based on data from Symphony Health, new prescriptions (NRx) of Vascepa increased by approximately 80% in the first quarter of 2019 compared to the same period of the prior year. In addition, refill prescription rates were approximately 3% to 5% higher in the first quarter of 2019 compared to the same period of the prior year. IMO, this is not an anomaly, but instead portends a strong run in revenue growth for prescriptions.
Second, Vascepa is affordably priced and is a favorably low-cost drug for a branded medication. The majority of patients covered by insurance who obtain prescriptions for Vascepa pay a monthly co-pay charge of $9.99 or less. A patient with commercial insurance can pay as little as $9.00 for a 90-day supply prescription of Vascepa.
[My note: At present, Vascepa is not covered by my Medicare advantage plan and not listed in the VA formulary (I’m a Vietnam War U.S. military veteran, disabled by exposure to the` Agent Orange defoliant chemical). A customer service rep for my Medicare advantage plan related that my primary care physician can submit a special request to their Pharmacy unit and most likely get approval at their Tier 6 level at which I would pay 33% of their contracted rate.]
Margins
Amarin has realized vast improvements in gross margins to 76.2% in FY 2018 from 65.9% in FY 2015. Operating and profit margins were improving and trending upward from FY 2015 to 2017, but fell substantially in FY 2018. For Q1 2019, while gross margins continued to improve upward to 76.6%, operating and profit margins have returned to favorable improvements, showing (31.0%) and (33.3%), respectively.
**AMARIN**
**MARGINS GROSS OPERATING PROFIT**
Q1 '19 76.6% (31.0%) (33.3%)
FY 2018 76.2% (47.2%) (50.8%)
FY 2017 75.2% (25.2%) (37.5%)
FY 2016 73.6% (50.5%) (66.4%)
FY 2015 65.9% (120.1%) (140.9%)
CAPITAL STRUCTURE
Amarin has a solid capital structure in place as of Q1 2019.
Cash & equivalents (mrq) $ 211.089 M
Working Capital $ 193.515 M
Current Ratio (mrq) 2.20
Long-Term Debt (mrq) $ 69.563 M
Stockholders’ Equity (mrq) $ 140.871 M
LT Debt/Equity (mrq) 49.4%
Stock-Based Compensation
FY SBC/Revenue ratios are acceptable as long as these remain less than 10%.
**AMARIN SBC Revenue SBC/Revenue**
**($ M) ($ M)**
Q1 '19 6.883 73.278 9.4%
Q4 ‘18 4.770 77.330 6.2%
Q3 ‘18 6.650 55.323 12.0%
Q2 ‘18 3.620 52.643 6.9%
Q1 ‘18 3.490 43.919 7.9%
FY 2018 18.800 229.214 8.2%
FY 2017 13.960 181.104 7.7%
FY 2016 13.610 130.084 10.5%
FY 2015 13.880 81.756 17.0%
=====================================
CORPORATE GUIDANCE
Amarin CFO reaffirmed its corporate guidance for FY 2019.
Amarin reaffirms that such earlier guidance has not changed, including its guidance regarding its planned sNDA and expected 2019 revenue as follows:
• sNDA Submission: Based on the unprecedented results from the REDUCE-IT cardiovascular outcomes study, Amarin intends to submit a supplemental new drug application (sNDA) to the U.S. Food and Drug Administration (FDA) seeking labeling for Vascepa which reflects the cardiovascular risk reduction results demonstrated in this landmark study. Amarin remains on-track to submit this sNDA before the end of the first quarter of 2019 (i.e. before the end of March 2019) with a normal 10-month regulatory review period assumed prior to a PDUFA date. While priority review for this sNDA is not currently assumed, after the sNDA is submitted, consistent with FDA practices, Amarin will seek to clarify whether priority review by the FDA is possible for this important submission. Amarin’s sNDA will consist of over 200,000 pages of data, all of which is undergoing extensive medical, statistical and quality review.
• 2019 Revenue: Net total revenue for 2019 is anticipated to increase by more than 50% over 2018 to approximately $350 million, mostly from U.S. sales of Vascepa. Amarin believes that continued quarterly variability in revenues is likely. This guidance assumes that the timing of the expanded label for Vascepa which Amarin is seeking, subject to FDA approval, will not be available until late 2019 or early 2020 such that the expanded label has little or no impact on revenue growth in 2019.
SUMMARY
Amarin Corp is another one of my diversified holdings and is a keeper in my family’s accounts.
In spite of strong quarterly results, Amarin share price realized an slight decrease, which did not bother me at all since I am in for the long haul. I accumulated more AMRN shares during several pullbacks, after I sold all of my Align Technology (ALGN) holdings in October 2018 when the ALGN share price continued to fall more than 25%. I bought more AMRN shares in December 2018 and January 2019 when share prices dropped to $13 and below. I also accumulated more shares of other holdings, e.g., TWLO at prices in the 60s and 70s in October and November 2018; ZS in the mid-30s in October; Carvana (CVNA) when prices dropped below $30 in December, and StitchFix (SFIX) when prices dropped to the mid teens in December 2018. Since I still had high confidence in the ALGN business model, I used cash set aside from my ALGN bailout in October ’18 to re-invest in ALGN at $184 in early January 2019.
So far, in comparison with my holdings in TWLO (Y-T-D up 46%) and ZS (up 72%) that are highly preferred at this board, I’m very pleased with Y-T-D performance of my aforementioned diversified holdings, i.e., AMRN (up 38%), CVNA (up 121% wow!), ALGN (up 58%)and SFIX (up 62%) that are outside of this board’s current norm/sandbox.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?..
As an investor who conducts deep dive due diligence, these and my other diversified holdings are far far easier for me to research, understand and follow than SAAS companies and the likes of MongoDB, that is, unless and until someone absolutely brilliant comes along with a rare talent like a CMF_muji, a self-named "Data Architect”, who can step out of the technical forest and cogently and concisely explain what MongoDB is and does and how it fits in the overall big picture, for example, his brilliant 4/29/19 technical deep dive post “MDB Goes Mobile.”
https://discussion.fool.com/mdb-goes-mobile-34194422.aspx
As always, conduct your own due diligence and decision-making.
Regards,
Ray